M&T Bank Corp reduced its position in shares of Popular, Inc. (NASDAQ:BPOP – Free Report) by 10.9% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,641 shares of the bank’s stock after selling 938 shares during the period. M&T Bank Corp’s holdings in Popular were worth $766,000 at the end of the most recent reporting period.
Several other large investors have also recently added to or reduced their stakes in BPOP. Algert Global LLC raised its holdings in shares of 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 purchasing an additional 8,317 shares during the period. Acadian Asset Management LLC bought a new stake in shares of Popular during the 2nd quarter valued at about $2,283,000. AQR Capital Management LLC raised its stake in Popular by 23.6% during the second quarter. AQR Capital Management LLC now owns 859,794 shares of the bank’s stock worth $75,129,000 after acquiring an additional 164,270 shares during the period. Allspring Global Investments Holdings LLC lifted its holdings in Popular by 279.5% in the third quarter. Allspring Global Investments Holdings LLC now owns 38,798 shares of the bank’s stock worth $3,890,000 after acquiring an additional 28,574 shares during the last quarter. Finally, Cerity Partners LLC lifted its holdings in Popular by 83.9% in the third quarter. Cerity Partners LLC now owns 9,546 shares of the bank’s stock worth $957,000 after acquiring an additional 4,354 shares during the last quarter. 87.27% of the stock is currently owned by institutional investors.
Popular Trading Up 0.1 %
BPOP stock opened at $95.74 on Tuesday. The firm’s 50-day moving average is $96.60 and its two-hundred day moving average is $95.28. The company has a market capitalization of $6.83 billion, a price-to-earnings ratio of 13.01, a price-to-earnings-growth ratio of 0.76 and a beta of 0.81. Popular, Inc. has a 52 week low of $79.01 and a 52 week high of $105.01.
Popular Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 6th will be issued a $0.70 dividend. This is a positive change from Popular’s previous quarterly dividend of $0.62. The ex-dividend date of this dividend is Friday, December 6th. This represents a $2.80 annualized dividend and a dividend yield of 2.92%. Popular’s dividend payout ratio is 38.04%.
Insider Activity at Popular
In other news, EVP Beatriz Castellvi sold 3,500 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $99.16, for a total transaction 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 represents a 12.23 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Adorno Denissa Rodriguez sold 1,825 shares of Popular stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $97.71, for a total value of $178,320.75. Following the completion of the transaction, the vice president now owns 3,332 shares in the company, valued at $325,569.72. The trade was 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.
Analyst Upgrades and Downgrades
BPOP has been the topic of a number of research reports. Barclays increased their price target on Popular from $104.00 to $110.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. Royal Bank of Canada cut their target price on Popular from $108.00 to $96.00 and set an “outperform” rating on the stock in a research note on Thursday, October 24th. Piper Sandler reduced 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. Keefe, Bruyette & Woods increased their price objective on shares of Popular from $103.00 to $116.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Finally, Wells Fargo & Company boosted their target price on shares of Popular from $90.00 to $105.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 3rd. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, Popular presently has a consensus rating of “Moderate Buy” and an average price target of $106.00.
Read Our Latest Research Report on BPOP
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.
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