Cannon Global Investment Management LLC Acquires New Holdings in Popular, Inc. (NASDAQ:BPOP)

Cannon Global Investment Management LLC acquired a new stake in shares of Popular, Inc. (NASDAQ:BPOP) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 4,200 shares of the bank’s stock, valued at approximately $421,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in BPOP. Massachusetts Financial Services Co. MA raised its position in Popular by 52.2% during the second quarter. Massachusetts Financial Services Co. MA now owns 835,311 shares of the bank’s stock valued at $73,867,000 after acquiring an additional 286,450 shares in the last quarter. Jupiter Asset Management Ltd. bought a new position in Popular during the first quarter valued at approximately $19,997,000. AQR Capital Management LLC raised its position in shares of Popular by 23.6% in the second quarter. AQR Capital Management LLC now owns 859,794 shares of the bank’s stock valued at $75,129,000 after purchasing an additional 164,270 shares during the period. American Century Companies Inc. raised its position in shares of Popular by 10.3% in the second quarter. American Century Companies Inc. now owns 1,218,828 shares of the bank’s stock valued at $107,781,000 after purchasing an additional 113,838 shares during the period. Finally, Boston Partners raised its position in shares of Popular by 262.7% in the first quarter. Boston Partners now owns 103,293 shares of the bank’s stock valued at $9,097,000 after purchasing an additional 74,818 shares during the period. Institutional investors own 87.27% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Barclays dropped their price target 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. Hovde Group lifted their price target on shares of Popular from $113.00 to $123.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. Royal Bank of Canada dropped their price target on shares of Popular from $108.00 to $96.00 and set an “outperform” rating on the stock in a research report on Thursday, October 24th. Wells Fargo & Company dropped their price target on shares of Popular from $105.00 to $98.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 24th. Finally, Piper Sandler dropped their price target on shares of Popular from $112.00 to $100.00 and set an “overweight” rating on the stock in a research report on Thursday, October 24th. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $104.88.

Insiders Place Their Bets

In other Popular news, EVP Camille Burckhart sold 5,917 shares of Popular stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $97.60, for a total transaction of $577,499.20. Following the sale, the executive vice president now owns 29,922 shares in the company, valued at $2,920,387.20. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 2.09% of the company’s stock.

Popular Price Performance

Shares of Popular stock traded up $0.25 during midday trading on Friday, hitting $89.48. The company had a trading volume of 449,913 shares, compared to its average volume of 416,169. Popular, Inc. has a 1-year low of $66.19 and a 1-year high of $105.01. The business’s 50 day simple moving average is $97.51 and its two-hundred day simple moving average is $93.35. The stock has a market cap of $6.47 billion, a PE ratio of 12.16, a P/E/G ratio of 0.63 and a beta of 0.78.

Popular (NASDAQ:BPOP) last posted its quarterly earnings results on Wednesday, October 23rd. The bank reported $2.16 earnings per share for the quarter, missing analysts’ consensus estimates of $2.33 by ($0.17). Popular had a return on equity of 11.65% and a net margin of 12.36%. The business had revenue of $736.56 million for the quarter, compared to analyst estimates of $766.62 million. During the same quarter in the prior year, the firm earned $1.90 EPS. The firm’s quarterly revenue was up 6.2% on a year-over-year basis. On average, sell-side analysts expect that Popular, Inc. will post 8.51 EPS for the current fiscal year.

Popular Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th were paid a dividend of $0.62 per share. The ex-dividend date was Friday, September 13th. This represents a $2.48 dividend on an annualized basis and a yield of 2.77%. Popular’s dividend payout ratio is currently 33.70%.

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.