Mackenzie Financial Corp Boosts Stock Holdings in Popular, Inc. $BPOP

Mackenzie Financial Corp raised its stake in Popular, Inc. (NASDAQ:BPOP) by 13.3% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 292,555 shares of the bank’s stock after acquiring an additional 34,290 shares during the period. Mackenzie Financial Corp owned approximately 0.43% of Popular worth $37,157,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank purchased a new position in shares of Popular during the second quarter valued at about $93,578,000. AQR Capital Management LLC lifted its position in shares of Popular by 32.4% in the second quarter. AQR Capital Management LLC now owns 1,897,419 shares of the bank’s stock worth $209,115,000 after buying an additional 464,820 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its position in shares of Popular by 18.9% in the third quarter. Massachusetts Financial Services Co. MA now owns 1,779,309 shares of the bank’s stock worth $225,990,000 after buying an additional 283,000 shares in the last quarter. Panagora Asset Management Inc. boosted its stake in Popular by 9,769.4% during the second quarter. Panagora Asset Management Inc. now owns 268,448 shares of the bank’s stock valued at $29,586,000 after buying an additional 265,728 shares during the last quarter. Finally, LSV Asset Management grew its holdings in Popular by 34.3% during the 3rd quarter. LSV Asset Management now owns 954,968 shares of the bank’s stock valued at $121,290,000 after buying an additional 244,108 shares in the last quarter. Institutional investors own 87.27% of the company’s stock.

Popular Trading Up 1.6%

BPOP stock opened at $130.87 on Friday. The stock has a market cap of $8.52 billion, a PE ratio of 10.62, a P/E/G ratio of 0.80 and a beta of 0.61. Popular, Inc. has a 12 month low of $78.23 and a 12 month high of $149.31. The company has a 50-day moving average price of $134.80 and a 200 day moving average price of $125.43.

Popular (NASDAQ:BPOP) last posted its quarterly earnings data on Tuesday, January 27th. The bank reported $3.38 earnings per share for the quarter, topping analysts’ consensus estimates of $3.02 by $0.36. The company had revenue of $806.59 million for the quarter, compared to analyst estimates of $811.55 million. Popular had a net margin of 18.75% and a return on equity of 13.70%. During the same period in the prior year, the company posted $2.51 EPS. Sell-side analysts forecast that Popular, Inc. will post 10.06 EPS for the current year.

Popular Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Wednesday, March 18th will be issued a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 2.3%. The ex-dividend date is Wednesday, March 18th. Popular’s dividend payout ratio is presently 24.35%.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Piper Sandler assumed coverage on Popular in a research note on Thursday, January 15th. They issued an “overweight” rating and a $152.00 price objective on the stock. Credit Suisse Group set a $156.00 target price on Popular in a research report on Tuesday, February 3rd. Zacks Research upgraded shares of Popular from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, February 3rd. UBS Group reaffirmed a “neutral” rating and set a $142.00 price target on shares of Popular in a research note on Wednesday, February 4th. Finally, Bank of America upgraded shares of Popular from a “neutral” rating to a “buy” rating and set a $156.00 price objective for the company in a research report on Tuesday, February 3rd. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $156.55.

Insider Activity at Popular

In other Popular news, Director Alejandro M. Sanchez sold 1,451 shares of the company’s stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $140.85, for a total value of $204,373.35. Following the transaction, the director owned 3,415 shares of the company’s stock, valued at $481,002.75. This represents a 29.82% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Alejandro M. Ballester sold 2,360 shares of the stock in a transaction on Friday, January 30th. The stock was sold at an average price of $132.50, for a total value of $312,700.00. Following the completion of the sale, the director owned 57,449 shares in the company, valued at approximately $7,611,992.50. The trade was a 3.95% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 2.09% of the company’s stock.

Popular Profile

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.