Bank of New York Mellon Corp Increases Position in Popular, Inc. (BPOP)

Bank of New York Mellon Corp lifted its position in shares of Popular, Inc. (NASDAQ:BPOP) by 3.0% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 566,401 shares of the bank’s stock after buying an additional 16,514 shares during the period. Bank of New York Mellon Corp owned about 0.56% of Popular worth $20,356,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. The Manufacturers Life Insurance Company increased its stake in 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 purchasing an additional 200 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in 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 purchasing an additional 423 shares during the period. ETRADE Capital Management LLC purchased a new position in Popular in the 2nd quarter worth approximately $204,000. Cornerstone Capital Management Holdings LLC. increased its stake in 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 purchasing an additional 3,900 shares during the period. Finally, M&T Bank Corp increased its stake in 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 purchasing an additional 159 shares during the period. 88.96% of the stock is currently owned by institutional investors.

Popular, Inc. (NASDAQ:BPOP) opened at $35.01 on Friday. Popular, Inc. has a 12 month low of $32.04 and a 12 month high of $45.96. The company has a market capitalization of $3,570.00, a P/E ratio of 12.19 and a beta of 1.31.

Popular (NASDAQ:BPOP) last posted its earnings results on Tuesday, October 31st. The bank reported $0.19 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.95 by ($0.76). Popular had a net margin of 9.98% and a return on equity of 5.70%. The business had revenue of $478.50 million for the quarter, compared to analysts’ expectations of $513.85 million. During the same period last year, the firm posted $0.44 earnings per share. Popular’s quarterly revenue was up 11.3% on a year-over-year basis. analysts predict that Popular, Inc. will post 2.45 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Tuesday, December 5th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, December 4th. This represents a $1.00 annualized dividend and a dividend yield of 2.86%. Popular’s dividend payout ratio (DPR) is presently 51.02%.

A number of brokerages have commented on BPOP. Zacks Investment Research cut Popular from a “buy” rating to a “hold” rating in a research note on Wednesday, September 6th. Barclays raised Popular from an “equal weight” rating to an “overweight” rating and set a $40.00 price target on the stock in a research note on Thursday, October 26th. ValuEngine raised Popular from a “hold” rating to a “buy” rating in a research note on Tuesday, October 3rd. Keefe, Bruyette & Woods raised Popular from a “market perform” rating to an “outperform” rating in a research note on Tuesday, November 28th. Finally, Compass Point raised Popular from a “neutral” rating to a “buy” rating in a research note on Friday, November 3rd. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $46.42.

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About Popular

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.

Institutional Ownership by Quarter for Popular (NASDAQ:BPOP)

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