Acrospire Investment Management LLC reduced its position in Popular Inc. (NASDAQ:BPOP) by 64.8% during the second quarter, Holdings Channel reports. The institutional investor owned 3,521 shares of the company’s stock after selling 6,484 shares during the period. Acrospire Investment Management LLC’s holdings in Popular were worth $103,000 as of its most recent SEC filing.
Several other hedge funds have also added to or reduced their stakes in the company. Chartwell Investment Partners LLC increased its stake in Popular by 4.0% in the second quarter. Chartwell Investment Partners LLC now owns 3,327,109 shares of the company’s stock worth $97,484,000 after buying an additional 127,999 shares in the last quarter. Frontier Capital Management Co. LLC increased its stake in Popular by 3.7% in the second quarter. Frontier Capital Management Co. LLC now owns 2,624,103 shares of the company’s stock worth $76,886,000 after buying an additional 93,603 shares in the last quarter. Investec Asset Management LTD increased its stake in Popular by 3.0% in the first quarter. Investec Asset Management LTD now owns 2,547,850 shares of the company’s stock worth $72,894,000 after buying an additional 73,753 shares in the last quarter. Wellington Management Group LLP increased its stake in Popular by 0.4% in the first quarter. Wellington Management Group LLP now owns 2,086,463 shares of the company’s stock worth $59,694,000 after buying an additional 9,249 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its stake in Popular by 77.4% in the second quarter. JPMorgan Chase & Co. now owns 1,069,659 shares of the company’s stock worth $31,341,000 after buying an additional 466,544 shares in the last quarter. 84.10% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Popular Inc. (NASDAQ:BPOP) traded up 0.19% during mid-day trading on Wednesday, hitting $38.57. 229,821 shares of the stock were exchanged. The stock’s 50 day moving average is $37.83 and its 200-day moving average is $31.60. Popular Inc. has a 12 month low of $22.40 and a 12 month high of $39.88. The stock has a market cap of $4.00 billion, a PE ratio of 10.11 and a beta of 1.91.
Popular (NASDAQ:BPOP) last announced its earnings results on Tuesday, July 26th. The company reported $0.85 EPS for the quarter, topping the Zacks’ consensus estimate of $0.81 by $0.04. Popular had a net margin of 18.69% and a return on equity of 7.06%. During the same period in the prior year, the firm earned $5.79 earnings per share. On average, analysts anticipate that Popular Inc. will post $3.42 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Friday, September 9th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Wednesday, September 7th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.56%. Popular’s payout ratio is 15.79%.
BPOP has been the topic of a number of recent research reports. Barclays PLC initiated coverage on shares of Popular in a research report on Thursday, June 23rd. They issued an “equal weight” rating and a $32.00 target price on the stock. BTIG Research reaffirmed a “buy” rating and issued a $41.00 target price on shares of Popular in a research report on Tuesday, July 12th. Zacks Investment Research downgraded shares of Popular from a “hold” rating to a “strong sell” rating in a research report on Friday, July 8th. TheStreet raised shares of Popular from a “hold” rating to a “buy” rating in a research report on Wednesday, August 17th. Finally, Piper Jaffray Cos. reaffirmed an “overweight” rating and issued a $48.00 target price on shares of Popular in a research report on Friday, August 26th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $37.29.
Popular Company Profile
Popular, Inc (Popular) is a financial holding company. The Company operates in two segments: Banco Popular de Puerto Rico (BPPR), which includes its Puerto Rico business, and Banco Popular North America (BPNA), which includes its the United States mainland business. The Company has operations in Puerto Rico, the United States and the Caribbean.
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