Renaissance Technologies LLC Reduces Holdings in Popular Inc (BPOP)

Renaissance Technologies LLC reduced its position in Popular Inc (NASDAQ:BPOP) by 26.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 187,025 shares of the bank’s stock after selling 66,100 shares during the quarter. Renaissance Technologies LLC owned approximately 0.18% of Popular worth $8,455,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in BPOP. EJF Capital LLC acquired a new position in Popular in the 2nd quarter valued at about $18,527,000. Martingale Asset Management L P grew its position in Popular by 74.8% in the 2nd quarter. Martingale Asset Management L P now owns 785,567 shares of the bank’s stock valued at $35,516,000 after acquiring an additional 336,219 shares in the last quarter. Highbridge Capital Management LLC acquired a new position in Popular in the 1st quarter valued at about $8,942,000. Monarch Partners Asset Management LLC grew its position in Popular by 78.2% in the 2nd quarter. Monarch Partners Asset Management LLC now owns 330,130 shares of the bank’s stock valued at $14,925,000 after acquiring an additional 144,890 shares in the last quarter. Finally, Investec Asset Management LTD grew its position in Popular by 5.8% in the 2nd quarter. Investec Asset Management LTD now owns 2,598,427 shares of the bank’s stock valued at $117,475,000 after acquiring an additional 143,167 shares in the last quarter. 87.68% of the stock is owned by institutional investors.

Several equities analysts have weighed in on the company. Morgan Stanley lifted their target price on Popular from $50.00 to $54.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 31st. Royal Bank of Canada reaffirmed a “buy” rating and issued a $55.00 target price on shares of Popular in a research report on Wednesday, July 25th. Barclays lifted their target price on Popular from $51.00 to $55.00 and gave the company an “overweight” rating in a research report on Tuesday, July 24th. Citigroup lifted their target price on Popular from $55.00 to $59.00 and gave the company a “buy” rating in a research report on Tuesday, July 24th. Finally, Sandler O’Neill reissued a “buy” rating and set a $58.00 price objective on shares of Popular in a research report on Monday, July 23rd. Three analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. Popular currently has a consensus rating of “Buy” and a consensus price target of $53.61.

In other news, Director Maria Luisa Ferre sold 22,797 shares of the business’s stock in a transaction dated Friday, August 10th. The stock was sold at an average price of $50.12, for a total transaction of $1,142,585.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ignacio Alvarez sold 6,000 shares of the business’s stock in a transaction dated Monday, August 13th. The stock was sold at an average price of $50.32, for a total value of $301,920.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 350,156 shares of company stock valued at $17,547,056. Corporate insiders own 1.38% of the company’s stock.

Shares of Popular stock opened at $51.16 on Monday. Popular Inc has a one year low of $32.04 and a one year high of $53.00. The stock has a market cap of $5.24 billion, a PE ratio of 19.09 and a beta of 1.14.

Popular (NASDAQ:BPOP) last announced its quarterly earnings data on Monday, July 23rd. The bank reported $1.18 EPS for the quarter, topping the Zacks’ consensus estimate of $0.95 by $0.23. Popular had a return on equity of 5.78% and a net margin of 12.21%. The business had revenue of $648.95 million during the quarter, compared to the consensus estimate of $526.70 million. During the same period in the previous year, the company posted $0.94 earnings per share. Research analysts predict that Popular Inc will post 4.7 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, October 1st. Stockholders of record on Thursday, September 13th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.95%. The ex-dividend date of this dividend was Wednesday, September 12th. Popular’s dividend payout ratio is presently 37.31%.

About Popular

Popular, Inc, through its subsidiaries, provides various retail, mortgage, and commercial banking products and services primarily to institutional and retail customers. The company accepts various deposit products. It also offers commercial and industrial loans; commercial real estate loans; residential mortgage loans; consumer loans, including personal loans, credit cards, home equity lines of credit, and other loans to individual borrowers; construction loans; and lease financing comprising automobile loans/leases.

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Institutional Ownership by Quarter for Popular (NASDAQ:BPOP)

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