Mackenzie Financial Corp Grows Holdings in Popular, Inc. (NASDAQ:BPOP)

Mackenzie Financial Corp increased its position in shares of Popular, Inc. (NASDAQ:BPOP) by 0.6% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 171,016 shares of the bank’s stock after purchasing an additional 1,023 shares during the quarter. Mackenzie Financial Corp’s holdings in Popular were worth $15,123,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Headlands Technologies LLC bought a new position in Popular during the first quarter worth $42,000. Mather Group LLC. bought a new stake in Popular in the second quarter valued at $44,000. Meeder Asset Management Inc. bought a new stake in Popular in the second quarter valued at $48,000. GAMMA Investing LLC lifted its stake in Popular by 16.8% in the second quarter. GAMMA Investing LLC now owns 1,259 shares of the bank’s stock valued at $111,000 after buying an additional 181 shares during the last quarter. Finally, Clear Street Markets LLC bought a new stake in Popular in the fourth quarter valued at $139,000. 87.27% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

BPOP has been the topic of a number of recent research reports. Royal Bank of Canada raised their target price on Popular from $90.00 to $108.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $120.00 target price (up from $110.00) on shares of Popular in a research note on Thursday, July 25th. Hovde Group raised their price target on Popular from $113.00 to $123.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. Piper Sandler assumed coverage on Popular in a report on Monday, August 26th. They set an “overweight” rating and a $112.00 price target on the stock. Finally, Barclays raised their price target on Popular from $115.00 to $117.00 and gave the company an “overweight” rating in a report on Friday. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $106.22.

Insider Buying and Selling

In related news, EVP Camille Burckhart sold 5,917 shares of Popular stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $97.60, for a total value of $577,499.20. Following the transaction, the executive vice president now owns 29,922 shares of the company’s stock, valued at approximately $2,920,387.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.09% of the stock is currently owned by company insiders.

Popular Stock Down 1.0 %

NASDAQ:BPOP opened at $98.58 on Monday. The business’s 50-day moving average price is $98.84 and its 200 day moving average price is $91.47. The firm has a market cap of $7.12 billion, a P/E ratio of 14.63, a PEG ratio of 0.68 and a beta of 0.78. Popular, Inc. has a 52-week low of $59.27 and a 52-week high of $105.01.

Popular (NASDAQ:BPOP) last released its earnings results on Wednesday, July 24th. The bank reported $2.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.08 by $0.38. The firm had revenue of $1.09 billion for the quarter, compared to analyst estimates of $751.57 million. Popular had a return on equity of 11.73% and a net margin of 12.20%. During the same period in the previous year, the company earned $2.10 earnings per share. Sell-side analysts expect that Popular, Inc. will post 8.86 EPS for the current year.

Popular Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be issued a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a yield of 2.52%. The ex-dividend date of this dividend is Friday, September 13th. Popular’s payout ratio is currently 36.80%.

Popular Company Profile

Popular, Inc, through its subsidiaries, provides various retail, mortgage, and commercial banking products and services in Puerto Rico, the United States, and the British Virgin Islands. The company provides savings, NOW, money market, and other interest-bearing demand accounts; non-interest bearing demand deposits; and certificates of deposit.