Hotchkis & Wiley Capital Management LLC Decreases Stock Position in Popular, Inc. (NASDAQ:BPOP)

Hotchkis & Wiley Capital Management LLC trimmed its stake in shares of Popular, Inc. (NASDAQ:BPOP) by 20.9% during the third quarter, Holdings Channel reports. The institutional investor owned 1,281,751 shares of the bank’s stock after selling 339,585 shares during the period. Hotchkis & Wiley Capital Management LLC’s holdings in Popular were worth $128,521,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Financial Management Professionals Inc. acquired a new stake in Popular during the 3rd quarter worth $29,000. Capital Performance Advisors LLP purchased a new stake in shares of Popular in the third quarter worth approximately $35,000. Mather Group LLC. purchased a new stake in Popular during the second quarter valued at about $44,000. Brooklyn Investment Group purchased a new position in Popular in the third quarter worth $47,000. Finally, Meeder Asset Management Inc. bought a new stake in shares of Popular in the 2nd quarter worth approximately $48,000. Institutional investors and hedge funds own 87.27% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on BPOP shares. Barclays reduced their target price on shares of Popular from $117.00 to $104.00 and set an “overweight” rating on the stock in a research note on Thursday, October 24th. Wells Fargo & Company cut their target price on Popular from $105.00 to $98.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 24th. Piper Sandler lowered their price target on shares of Popular from $112.00 to $100.00 and set an “overweight” rating for the company in a report on Thursday, October 24th. Finally, Royal Bank of Canada decreased their target price on Popular from $108.00 to $96.00 and set an “outperform” rating for the company in a research report on Thursday, October 24th. Three analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $104.88.

Popular Stock Down 0.8 %

Shares of NASDAQ:BPOP opened at $98.57 on Tuesday. The company has a market capitalization of $7.03 billion, a P/E ratio of 13.39, a P/E/G ratio of 0.78 and a beta of 0.81. The stock’s fifty day simple moving average is $96.51 and its 200-day simple moving average is $94.74. Popular, Inc. has a 52-week low of $74.97 and a 52-week high of $105.01.

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

Popular Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 6th will be paid a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $2.80 annualized dividend and a yield of 2.84%. This is a positive change from Popular’s previous quarterly dividend of $0.62. Popular’s payout ratio is 33.70%.

Insider Activity at Popular

In related news, EVP Beatriz Castellvi sold 3,500 shares of Popular stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $99.16, for a total value 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Adorno Denissa Rodriguez sold 1,825 shares of the business’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $97.71, for a total transaction 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 position. The disclosure for this sale can be found here. 2.13% of the stock is owned by corporate insiders.

Popular 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.