Raffles Associates LP lifted its holdings in Popular, Inc. (NASDAQ:BPOP) by 1.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 265,000 shares of the bank’s stock after acquiring an additional 5,000 shares during the quarter. Popular makes up approximately 10.4% of Raffles Associates LP’s holdings, making the stock its largest holding. Raffles Associates LP owned about 0.26% of Popular worth $11,053,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also made changes to their positions in the company. The Manufacturers Life Insurance Company boosted its holdings in shares of Popular by 7.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,980 shares of the bank’s stock worth $124,000 after acquiring an additional 200 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Popular by 12.2% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,887 shares of the bank’s stock worth $162,000 after acquiring an additional 423 shares in the last quarter. ETRADE Capital Management LLC acquired a new position in shares of Popular in the 2nd quarter worth approximately $204,000. Cornerstone Capital Management Holdings LLC. boosted its holdings in shares of Popular by 229.4% in the 2nd quarter. Cornerstone Capital Management Holdings LLC. now owns 5,600 shares of the bank’s stock worth $233,000 after acquiring an additional 3,900 shares in the last quarter. Finally, M&T Bank Corp boosted its holdings in shares of Popular by 2.8% in the 2nd quarter. M&T Bank Corp now owns 5,777 shares of the bank’s stock worth $241,000 after acquiring an additional 159 shares in the last quarter. 85.84% of the stock is currently owned by institutional investors and hedge funds.
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Popular (NASDAQ:BPOP) last issued its quarterly earnings results on Wednesday, July 26th. The bank reported $0.94 EPS for the quarter, topping analysts’ consensus estimates of $0.92 by $0.02. The company had revenue of $491.27 million for the quarter, compared to analyst estimates of $500.66 million. Popular had a net margin of 11.57% and a return on equity of 7.11%. During the same quarter in the previous year, the business earned $0.85 earnings per share.
The firm also recently declared a quarterly dividend, which was paid on Monday, October 2nd. Stockholders of record on Thursday, September 14th were issued a dividend of $0.25 per share. The ex-dividend date of this dividend was Wednesday, September 13th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.04%. Popular’s dividend payout ratio (DPR) is presently 45.05%.
BPOP has been the topic of several research reports. Zacks Investment Research downgraded Popular from a “buy” rating to a “hold” rating in a report on Monday, July 3rd. BidaskClub raised Popular from a “sell” rating to a “hold” rating in a report on Friday, June 30th. Royal Bank Of Canada reaffirmed a “buy” rating and set a $51.00 price objective on shares of Popular in a report on Thursday, June 29th. Piper Jaffray Companies reaffirmed a “buy” rating and set a $53.00 price objective on shares of Popular in a report on Friday, July 28th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $43.00 price objective (up previously from $42.00) on shares of Popular in a report on Friday, July 7th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $46.33.
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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