Victory Capital Management Inc. Lowers Stake in Popular, Inc. (NASDAQ:BPOP)

Victory Capital Management Inc. lessened its position in Popular, Inc. (NASDAQ:BPOP) by 1.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 263,051 shares of the bank’s stock after selling 2,577 shares during the period. Victory Capital Management Inc. owned about 0.36% of Popular worth $26,376,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of BPOP. Harbor Capital Advisors Inc. raised its holdings in Popular by 249.1% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 32,845 shares of the bank’s stock valued at $2,904,000 after acquiring an additional 23,436 shares during the last quarter. Algert Global LLC lifted its position in Popular by 10.4% during the second quarter. Algert Global LLC now owns 88,379 shares of the bank’s stock worth $7,815,000 after buying an additional 8,317 shares during the period. TCW Group Inc. boosted its stake in Popular by 70.7% in the 2nd quarter. TCW Group Inc. now owns 82,321 shares of the bank’s stock worth $7,280,000 after buying an additional 34,107 shares during the last quarter. Atria Investments Inc acquired a new stake in Popular in the 1st quarter worth about $1,104,000. Finally, Acadian Asset Management LLC purchased a new stake in Popular in the 2nd quarter valued at about $2,283,000. Hedge funds and other institutional investors own 87.27% of the company’s stock.

Insider Buying and Selling

In other Popular news, VP Adorno Denissa Rodriguez sold 1,825 shares of the firm’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $97.71, for a total transaction of $178,320.75. Following the completion of the transaction, the vice president now directly owns 3,332 shares of the company’s stock, valued at $325,569.72. This trade represents a 35.39 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Camille Burckhart sold 5,917 shares of the business’s 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 directly owns 29,922 shares of the company’s stock, valued at $2,920,387.20. The trade was a 16.51 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 11,242 shares of company stock worth $1,102,880. 2.09% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research firms recently issued reports on BPOP. Hovde Group raised their target price on shares of Popular from $113.00 to $123.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. Barclays decreased their price target on shares of Popular from $117.00 to $104.00 and set an “overweight” rating on the stock in a report on Thursday, October 24th. Royal Bank of Canada dropped their price objective on Popular from $108.00 to $96.00 and set an “outperform” rating for the company in a report on Thursday, October 24th. Piper Sandler reduced their target price on Popular from $112.00 to $100.00 and set an “overweight” rating on the stock in a report on Thursday, October 24th. Finally, Keefe, Bruyette & Woods restated an “outperform” rating and set a $120.00 price target (up from $110.00) on shares of Popular in a research note on Thursday, July 25th. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, Popular has a consensus rating of “Moderate Buy” and a consensus price target of $104.88.

Popular Price Performance

Shares of BPOP opened at $96.09 on Monday. Popular, Inc. has a 12 month low of $71.08 and a 12 month high of $105.01. The stock’s 50-day moving average is $96.52 and its two-hundred day moving average is $94.05. The stock has a market cap of $6.85 billion, a PE ratio of 13.06, a P/E/G ratio of 0.75 and a beta of 0.79.

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

Popular Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th were given a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a dividend yield of 2.58%. The ex-dividend date was Friday, September 13th. Popular’s payout ratio is 33.70%.

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.