Millennium Management LLC Buys 11,843 Shares of Popular, Inc. (NASDAQ:BPOP)

Millennium Management LLC increased its stake in Popular, Inc. (NASDAQ:BPOP) by 2.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 546,981 shares of the bank’s stock after buying an additional 11,843 shares during the quarter. Millennium Management LLC’s holdings in Popular were worth $48,370,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. AQR Capital Management LLC grew its stake in shares of Popular by 23.6% during the second quarter. AQR Capital Management LLC now owns 859,794 shares of the bank’s stock valued at $75,129,000 after buying an additional 164,270 shares during the last quarter. Caxton Associates LP purchased a new stake in Popular in the second quarter worth $219,000. Xponance Inc. lifted its position in shares of Popular by 22.6% during the second quarter. Xponance Inc. now owns 3,130 shares of the bank’s stock worth $277,000 after purchasing an additional 576 shares during the last quarter. Magnetar Financial LLC purchased a new stake in shares of Popular during the second quarter valued at $309,000. Finally, Ensign Peak Advisors Inc grew its holdings in shares of Popular by 7.1% in the second quarter. Ensign Peak Advisors Inc now owns 35,606 shares of the bank’s stock worth $3,149,000 after purchasing an additional 2,355 shares during the last quarter. 87.27% of the stock is owned by hedge funds and other institutional investors.

Popular Stock Up 1.7 %

Shares of Popular stock opened at $100.27 on Tuesday. The firm has a market capitalization of $7.25 billion, a P/E ratio of 14.88, 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. The company has a 50 day moving average price of $98.84 and a 200 day moving average price of $91.52.

Popular (NASDAQ:BPOP) last posted its quarterly earnings data on Wednesday, July 24th. The bank reported $2.46 EPS for the quarter, topping the consensus estimate of $2.08 by $0.38. Popular had a net margin of 12.20% and a return on equity of 11.73%. The business had revenue of $1.09 billion during the quarter, compared to the consensus estimate of $751.57 million. During the same period in the previous year, the firm posted $2.10 earnings per share. As a group, research analysts anticipate that Popular, Inc. will post 8.86 earnings per share for the current fiscal year.

Popular Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be paid a dividend of $0.62 per share. The ex-dividend date is Friday, September 13th. This represents a $2.48 annualized dividend and a yield of 2.47%. Popular’s payout ratio is presently 36.80%.

Insider Activity

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 transaction of $577,499.20. Following the completion of the sale, the executive vice president now owns 29,922 shares of the company’s stock, valued at $2,920,387.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 2.09% of the company’s stock.

Analyst Upgrades and Downgrades

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

About Popular

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.