Burney Co. Sells 5,461 Shares of Popular, Inc. (NASDAQ:BPOP)

Burney Co. lessened its stake in shares of Popular, Inc. (NASDAQ:BPOP) by 16.6% in the 1st quarter, Holdings Channel reports. The firm owned 27,467 shares of the bank’s stock after selling 5,461 shares during the period. Burney Co.’s holdings in Popular were worth $2,420,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Dimensional Fund Advisors LP boosted its holdings in shares of Popular by 0.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,108,821 shares of the bank’s stock valued at $337,213,000 after purchasing an additional 19,849 shares during the last quarter. Wellington Management Group LLP lifted its holdings in shares of Popular by 6.0% in the 4th quarter. Wellington Management Group LLP now owns 3,816,736 shares of the bank’s stock valued at $313,240,000 after acquiring an additional 216,855 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Popular by 57.2% in the 1st quarter. Principal Financial Group Inc. now owns 1,008,732 shares of the bank’s stock valued at $88,859,000 after acquiring an additional 366,870 shares during the last quarter. Norges Bank bought a new position in shares of Popular in the 4th quarter valued at about $66,881,000. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Popular by 3.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 733,072 shares of the bank’s stock valued at $60,163,000 after acquiring an additional 21,386 shares during the last quarter. Institutional investors own 87.27% of the company’s stock.

Analyst Upgrades and Downgrades

BPOP has been the subject of a number of analyst reports. Piper Sandler increased their price target on shares of Popular from $96.00 to $105.00 and gave the company an “overweight” rating in a report on Tuesday, April 9th. Hovde Group increased their price target on shares of Popular from $113.00 to $123.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. Wells Fargo & Company increased their price target on shares of Popular from $105.00 to $115.00 and gave the company an “overweight” rating in a report on Wednesday, April 24th. Barclays increased their price target on shares of Popular from $103.00 to $115.00 and gave the company an “overweight” rating in a report on Thursday, July 25th. Finally, Royal Bank of Canada increased their price target on shares of Popular from $90.00 to $108.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Popular currently has an average rating of “Moderate Buy” and an average target price of $105.22.

Insider Activity

In other news, EVP Gilberto Monzon sold 5,000 shares of the stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $85.80, for a total transaction of $429,000.00. Following the transaction, the executive vice president now directly owns 48,320 shares in the company, valued at $4,145,856. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Popular news, EVP Manuel Chinea sold 12,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $90.70, for a total value of $1,088,400.00. Following the completion of the sale, the executive vice president now directly owns 27,086 shares in the company, valued at $2,456,700.20. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Gilberto Monzon sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $85.80, for a total transaction of $429,000.00. Following the completion of the sale, the executive vice president now owns 48,320 shares of the company’s stock, valued at $4,145,856. The disclosure for this sale can be found here. Insiders own 2.09% of the company’s stock.

Popular Price Performance

Shares of NASDAQ:BPOP traded down $3.34 during trading on Friday, reaching $95.27. 390,318 shares of the company were exchanged, compared to its average volume of 434,669. The firm has a market capitalization of $6.89 billion, a PE ratio of 14.14, a P/E/G ratio of 0.67 and a beta of 0.79. The business’s fifty day simple moving average is $91.04 and its 200-day simple moving average is $87.48. Popular, Inc. has a 12-month low of $59.27 and a 12-month high of $105.01.

Popular (NASDAQ:BPOP) last issued its earnings results on Wednesday, July 24th. The bank reported $2.46 EPS for the quarter, topping analysts’ consensus estimates of $2.08 by $0.38. The business had revenue of $1.09 billion for the quarter, compared to analyst estimates of $751.57 million. Popular had a net margin of 12.20% and a return on equity of 12.00%. During the same period last year, the company posted $2.10 earnings per share. On average, sell-side analysts anticipate that Popular, Inc. will post 8.76 EPS for the current fiscal year.

Popular Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 1st. Stockholders of record on Thursday, May 30th were paid a dividend of $0.62 per share. The ex-dividend date of this dividend was Thursday, May 30th. This represents a $2.48 dividend on an annualized basis and a dividend yield of 2.60%. Popular’s dividend payout ratio is presently 36.80%.

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.