Panagora Asset Management Inc. Grows Holdings in Popular, Inc. $BPOP

Panagora Asset Management Inc. lifted its holdings in Popular, Inc. (NASDAQ:BPOP) by 85.2% during the fourth quarter, Holdings Channel reports. The institutional investor owned 680,282 shares of the bank’s stock after acquiring an additional 312,984 shares during the quarter. Panagora Asset Management Inc.’s holdings in Popular were worth $84,709,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Acumen Wealth Advisors LLC purchased a new stake in shares of Popular in the 4th quarter worth about $26,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in shares of Popular in the 4th quarter worth about $28,000. Parallel Advisors LLC grew its position in shares of Popular by 70.8% in the 4th quarter. Parallel Advisors LLC now owns 246 shares of the bank’s stock worth $31,000 after buying an additional 102 shares during the period. Advisory Services Network LLC purchased a new stake in shares of Popular in the 3rd quarter worth about $31,000. Finally, Atlas Capital Advisors Inc. purchased a new stake in shares of Popular in the 4th quarter worth about $50,000. 87.27% of the stock is owned by hedge funds and other institutional investors.

Popular Stock Performance

Shares of BPOP stock opened at $160.95 on Monday. Popular, Inc. has a one year low of $102.56 and a one year high of $161.26. The company’s 50-day moving average is $148.25 and its 200 day moving average is $136.48. The company has a market capitalization of $10.39 billion, a price-to-earnings ratio of 11.89, a price-to-earnings-growth ratio of 0.80 and a beta of 0.62.

Popular (NASDAQ:BPOP) last announced its quarterly earnings data on Thursday, April 23rd. The bank reported $3.78 EPS for the quarter, beating the consensus estimate of $3.30 by $0.48. Popular had a net margin of 20.10% and a return on equity of 14.53%. The company had revenue of $816.08 million for the quarter, compared to the consensus estimate of $866.54 million. During the same period in the prior year, the firm posted $2.56 EPS. As a group, research analysts predict that Popular, Inc. will post 15.14 earnings per share for the current fiscal year.

Popular Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Friday, May 29th will be given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend is Friday, May 29th. Popular’s dividend payout ratio is 22.16%.

Analysts Set New Price Targets

BPOP has been the topic of a number of recent research reports. UBS Group upped their target price on shares of Popular from $160.00 to $170.00 and gave the stock a “buy” rating in a research report on Friday, April 24th. Citigroup upped their target price on shares of Popular from $170.00 to $178.00 and gave the stock a “buy” rating in a research report on Tuesday, April 28th. Weiss Ratings raised shares of Popular from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Monday, May 4th. Keefe, Bruyette & Woods upped their target price on shares of Popular from $155.00 to $177.00 and gave the stock an “outperform” rating in a research report on Friday, April 24th. Finally, Royal Bank Of Canada upped their target price on shares of Popular from $141.00 to $163.00 and gave the stock an “outperform” rating in a research report on Friday, April 24th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $168.73.

Insider Activity at Popular

In related news, Director Alejandro M. Sanchez sold 300 shares of the stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $150.36, for a total transaction of $45,108.00. Following the sale, the director directly owned 3,960 shares of the company’s stock, valued at approximately $595,425.60. This represents a 7.04% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Alejandro M. Ballester sold 23,000 shares of the stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $150.00, for a total transaction of $3,450,000.00. Following the sale, the director directly owned 34,588 shares in the company, valued at $5,188,200. This trade represents a 39.94% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 29,500 shares of company stock valued at $4,415,870. 2.13% of the stock is owned by insiders.

About Popular

Popular, Inc, headquartered in San Juan, Puerto Rico, is a financial holding company and a leading provider of banking services in the United States mainland and Puerto Rico. Through its primary subsidiaries—Banco Popular de Puerto Rico and Popular Bank—the company delivers comprehensive commercial and consumer banking solutions. It offers deposit products, lending facilities, cash management services and payment-processing solutions designed for individuals, small businesses and large corporations.

The company’s product suite encompasses checking and savings accounts, certificates of deposit, residential and commercial mortgage loans, business lines of credit and credit cards.