Seven Eight Capital LP Sells 5,507 Shares of Popular, Inc. (NASDAQ:BPOP)

Seven Eight Capital LP decreased its position in shares of Popular, Inc. (NASDAQ:BPOP) by 55.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,348 shares of the bank’s stock after selling 5,507 shares during the period. Seven Eight Capital LP’s holdings in Popular were worth $383,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in BPOP. O Shaughnessy Asset Management LLC boosted its holdings in shares of Popular by 8.8% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 55,367 shares of the bank’s stock valued at $4,877,000 after purchasing an additional 4,463 shares in the last quarter. Edgestream Partners L.P. bought a new position in Popular in the 1st quarter valued at approximately $4,167,000. Mitsubishi UFJ Trust & Banking Corp boosted its holdings in shares of Popular by 1.4% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 35,225 shares of the bank’s stock valued at $3,079,000 after acquiring an additional 475 shares in the last quarter. Jupiter Asset Management Ltd. bought a new stake in Popular during the 1st quarter worth $19,997,000. Finally, Russell Investments Group Ltd. increased its holdings in Popular by 3.6% in the 1st quarter. Russell Investments Group Ltd. now owns 294,295 shares of the bank’s stock worth $25,924,000 after purchasing an additional 10,308 shares in the last quarter. 87.27% of the stock is owned by institutional investors.

Popular Stock Performance

Shares of NASDAQ:BPOP traded down $3.59 during midday trading on Wednesday, reaching $99.37. The company’s stock had a trading volume of 730,988 shares, compared to its average volume of 393,879. Popular, Inc. has a fifty-two week low of $59.27 and a fifty-two week high of $105.01. The firm has a 50 day moving average price of $89.43 and a two-hundred day moving average price of $86.48. The firm has a market capitalization of $7.18 billion, a price-to-earnings ratio of 14.74, a PEG ratio of 0.83 and a beta of 0.80.

Popular (NASDAQ:BPOP) last issued its quarterly earnings results on Tuesday, April 23rd. The bank reported $1.87 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.96 by ($0.09). The business had revenue of $714.56 million during the quarter, compared to analyst estimates of $706.00 million. Popular had a net margin of 11.95% and a return on equity of 11.67%. As a group, research analysts anticipate that Popular, Inc. will post 8.41 earnings per share for the current year.

Popular Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Thursday, May 30th were paid a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a yield of 2.50%. The ex-dividend date of this dividend was Thursday, May 30th. Popular’s dividend payout ratio is presently 36.80%.

Analysts Set New Price Targets

BPOP has been the topic of several research reports. Hovde Group boosted their price target on Popular from $112.00 to $113.00 and gave the stock an “outperform” rating in a report on Wednesday, April 24th. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $110.00 price target (up previously from $103.00) on shares of Popular in a report on Wednesday, April 24th. StockNews.com upgraded Popular from a “sell” rating to a “hold” rating in a report on Wednesday, April 3rd. Wells Fargo & Company lifted their target price on Popular from $105.00 to $115.00 and gave the stock an “overweight” rating in a report on Wednesday, April 24th. Finally, Barclays decreased their price target on Popular from $105.00 to $103.00 and set an “overweight” rating for the company in a research note on Monday, June 24th. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $99.67.

Insiders Place Their Bets

In other news, EVP Manuel Chinea sold 12,000 shares of the stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $90.70, for a total transaction of $1,088,400.00. Following the transaction, the executive vice president now owns 27,086 shares of the company’s stock, valued at approximately $2,456,700.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Gilberto Monzon sold 5,000 shares of Popular stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $85.80, for a total value 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 approximately $4,145,856. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Manuel Chinea sold 12,000 shares of the business’s stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $90.70, for a total transaction of $1,088,400.00. Following the sale, the executive vice president now owns 27,086 shares of the company’s stock, valued at approximately $2,456,700.20. The disclosure for this sale can be found here. Corporate insiders own 2.09% of the company’s stock.

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.