Popular, Inc. (NASDAQ:BPOP) Stake Boosted by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans lifted its stake in Popular, Inc. (NASDAQ:BPOP) by 284.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 72,403 shares of the bank’s stock after acquiring an additional 53,590 shares during the quarter. Thrivent Financial for Lutherans owned approximately 0.10% of Popular worth $7,260,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Financial Management Professionals Inc. acquired a new position in Popular in the 3rd quarter worth about $29,000. Capital Performance Advisors LLP bought a new stake in shares of Popular in the 3rd quarter valued at approximately $35,000. Mather Group LLC. acquired a new position in Popular in the second quarter worth approximately $44,000. Meeder Asset Management Inc. acquired a new position in Popular in the second quarter worth approximately $48,000. Finally, GAMMA Investing LLC raised its position in Popular by 16.8% during the second quarter. GAMMA Investing LLC now owns 1,259 shares of the bank’s stock valued at $111,000 after acquiring an additional 181 shares in the last quarter. 87.27% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Piper Sandler decreased their target price 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. Barclays lowered their target price on shares of Popular from $117.00 to $104.00 and set an “overweight” rating on the stock in a research report on Thursday, October 24th. Wells Fargo & Company reduced their price target on Popular from $105.00 to $98.00 and set an “equal weight” rating for the company in a research report on Thursday, October 24th. Finally, Royal Bank of Canada lowered their price objective on Popular from $108.00 to $96.00 and set an “outperform” rating on the stock in a report on Thursday, October 24th. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $104.88.

Insiders Place Their Bets

In related news, EVP Beatriz Castellvi sold 3,500 shares of the stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $99.16, for a total value of $347,060.00. Following the completion of the sale, the executive vice president now owns 25,115 shares in the company, valued at approximately $2,490,403.40. This trade represents a 12.23 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Adorno Denissa Rodriguez sold 1,825 shares of the business’s stock in a transaction dated Wednesday, November 6th. The shares were 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 in the company, valued at $325,569.72. This represents 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

Popular stock opened at $98.96 on Friday. Popular, Inc. has a 52 week low of $71.08 and a 52 week high of $105.01. The firm has a market capitalization of $7.06 billion, a PE ratio of 13.45, a PEG ratio of 0.74 and a beta of 0.79. The business’s 50-day simple moving average is $96.49 and its 200-day simple moving average is $94.24.

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

Popular Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 6th will be issued a $0.70 dividend. The ex-dividend date of this dividend is Friday, December 6th. 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 yield of 2.83%. Popular’s dividend payout ratio is 38.04%.

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.