Paloma Partners Management Co Acquires Shares of 11,250 Popular Inc (BPOP)

Paloma Partners Management Co acquired a new stake in Popular Inc (NASDAQ:BPOP) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 11,250 shares of the bank’s stock, valued at approximately $509,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of BPOP. Macquarie Group Ltd. lifted its holdings in Popular by 19.0% during the 2nd quarter. Macquarie Group Ltd. now owns 7,500 shares of the bank’s stock worth $339,000 after buying an additional 1,200 shares during the last quarter. Cubist Systematic Strategies LLC increased its position in shares of Popular by 16.4% during the second quarter. Cubist Systematic Strategies LLC now owns 22,419 shares of the bank’s stock worth $1,014,000 after purchasing an additional 3,163 shares in the last quarter. EJF Capital LLC acquired a new stake in shares of Popular during the second quarter worth about $18,527,000. Investec Asset Management LTD increased its position in shares of Popular by 5.8% during the second quarter. Investec Asset Management LTD now owns 2,598,427 shares of the bank’s stock worth $117,475,000 after purchasing an additional 143,167 shares in the last quarter. Finally, Credit Agricole S A increased its position in shares of Popular by 21.4% during the second quarter. Credit Agricole S A now owns 34,000 shares of the bank’s stock worth $1,538,000 after purchasing an additional 6,000 shares in the last quarter. 87.68% of the stock is owned by institutional investors and hedge funds.

A number of analysts have recently commented on BPOP shares. BidaskClub cut Popular from a “buy” rating to a “hold” rating in a research report on Friday, June 1st. Sandler O’Neill reiterated a “buy” rating and set a $58.00 target price on shares of Popular in a research report on Monday, July 23rd. Citigroup lifted their target price on Popular from $55.00 to $59.00 and gave the stock a “buy” rating in a research report on Tuesday, July 24th. Barclays lifted their target price on Popular from $51.00 to $55.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 24th. Finally, Royal Bank of Canada reiterated a “buy” rating and set a $55.00 target price on shares of Popular in a research report on Wednesday, July 25th. Three investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Popular presently has a consensus rating of “Buy” and an average target price of $53.61.

In related news, EVP Eli Sepulveda sold 5,000 shares of the business’s stock in a transaction dated Wednesday, July 25th. The stock was sold at an average price of $50.30, for a total value of $251,500.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Chairman Richard L. Carrion sold 106,151 shares of the business’s stock in a transaction dated Wednesday, July 25th. The shares were sold at an average price of $50.00, for a total value of $5,307,550.00. The disclosure for this sale can be found here. Insiders sold a total of 350,156 shares of company stock worth $17,547,056 in the last 90 days. 1.38% of the stock is currently owned by insiders.

BPOP opened at $52.68 on Monday. The stock has a market cap of $5.39 billion, a PE ratio of 18.10 and a beta of 1.06. Popular Inc has a one year low of $32.04 and a one year high of $53.00.

Popular (NASDAQ:BPOP) last issued its quarterly earnings results on Monday, July 23rd. The bank reported $1.18 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.95 by $0.23. The firm had revenue of $648.95 million for the quarter, compared to analysts’ expectations of $526.70 million. Popular had a return on equity of 5.78% and a net margin of 12.21%. During the same quarter in the previous year, the firm posted $0.94 EPS. research analysts forecast that Popular Inc will post 4.7 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Monday, October 1st. Investors of record on Thursday, September 13th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.90%. The ex-dividend date is Wednesday, September 12th. Popular’s dividend payout ratio (DPR) is presently 37.31%.

Popular Company Profile

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.

Read More: Diversification

Institutional Ownership by Quarter for Popular (NASDAQ:BPOP)

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