CIBC Asset Management Inc Purchases Shares of 2,127 Popular, Inc. (NASDAQ:BPOP)

CIBC Asset Management Inc acquired a new position in shares of Popular, Inc. (NASDAQ:BPOP) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 2,127 shares of the bank’s stock, valued at approximately $213,000.

Several other large investors also recently made changes to their positions in the business. Mercer Global Advisors Inc. ADV boosted its position in Popular by 3.0% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 4,087 shares of the bank’s stock worth $361,000 after purchasing an additional 118 shares during the period. Assetmark Inc. boosted its position in shares of Popular by 4.0% in the third quarter. Assetmark Inc. now owns 3,749 shares of the bank’s stock worth $376,000 after buying an additional 143 shares during the period. GAMMA Investing LLC grew its stake in shares of 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 in the last quarter. Wedmont Private Capital raised its holdings in shares of Popular by 9.5% during the 2nd quarter. Wedmont Private Capital now owns 2,987 shares of the bank’s stock valued at $278,000 after buying an additional 258 shares during the period. Finally, Financial Management Professionals Inc. acquired a new position in Popular during the 3rd quarter worth approximately $29,000. Institutional investors and hedge funds own 87.27% of the company’s stock.

Insider Activity

In related news, EVP Beatriz Castellvi sold 3,500 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $99.16, for a total transaction of $347,060.00. Following the completion of the transaction, the executive vice president now owns 25,115 shares in the company, valued at $2,490,403.40. The trade was a 12.23 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Adorno Denissa Rodriguez sold 1,825 shares of the company’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $97.71, for a total value of $178,320.75. Following the transaction, the vice president now owns 3,332 shares of the company’s stock, valued at approximately $325,569.72. The trade was a 35.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.09% of the company’s stock.

Popular Stock Performance

NASDAQ:BPOP opened at $98.96 on Friday. The stock has a 50-day simple moving average of $96.49 and a 200 day simple moving average of $94.24. Popular, Inc. has a one year low of $71.08 and a one year high of $105.01. The company has a market capitalization of $7.06 billion, a price-to-earnings ratio of 13.43, a price-to-earnings-growth ratio of 0.74 and a beta of 0.79.

Popular (NASDAQ:BPOP) last issued its quarterly earnings results on Wednesday, October 23rd. The bank reported $2.16 earnings per share for the quarter, missing analysts’ consensus estimates of $2.33 by ($0.17). Popular had a net margin of 12.36% and a return on equity of 11.35%. The firm had revenue of $736.56 million during the quarter, compared to the consensus estimate of $766.62 million. During the same quarter last year, the firm posted $1.90 earnings per share. Popular’s revenue was up 6.2% compared to the same quarter last year. On average, equities research analysts forecast that Popular, Inc. will post 8.46 EPS for the current fiscal year.

Popular Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 6th will be given a $0.70 dividend. This is an increase from Popular’s previous quarterly dividend of $0.62. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.83%. The ex-dividend date of this dividend is Friday, December 6th. Popular’s dividend payout ratio (DPR) is presently 38.04%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Royal Bank of Canada dropped their price objective on shares of Popular from $108.00 to $96.00 and set an “outperform” rating on the stock in a research note on Thursday, October 24th. Wells Fargo & Company dropped their price target on shares of Popular from $105.00 to $98.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 24th. Piper Sandler decreased their price objective on shares of Popular from $112.00 to $100.00 and set an “overweight” rating for the company in a research report on Thursday, October 24th. Finally, Barclays dropped their target price on Popular from $117.00 to $104.00 and set an “overweight” rating on the stock in a research report on Thursday, October 24th. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, Popular has an average rating of “Moderate Buy” and an average price target of $104.88.

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.