Wedge Capital Management L L P NC Sells 3,017 Shares of Popular, Inc. $BPOP

Wedge Capital Management L L P NC lessened its stake in Popular, Inc. (NASDAQ:BPOP) by 14.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 18,167 shares of the bank’s stock after selling 3,017 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Popular were worth $2,983,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of BPOP. Crossmark Global Holdings Inc. increased its position in shares of Popular by 10.1% during the fourth quarter. Crossmark Global Holdings Inc. now owns 187,671 shares of the bank’s stock valued at $23,369,000 after acquiring an additional 17,148 shares in the last quarter. Geode Capital Management LLC raised its holdings in Popular by 4.8% in the 4th quarter. Geode Capital Management LLC now owns 1,405,575 shares of the bank’s stock worth $175,057,000 after acquiring an additional 64,778 shares during the last quarter. Artemis Investment Management LLP bought a new position in Popular in the 4th quarter valued at approximately $2,038,000. UBS Group AG boosted its stake in Popular by 28.1% during the 4th quarter. UBS Group AG now owns 540,646 shares of the bank’s stock valued at $67,321,000 after purchasing an additional 118,496 shares during the last quarter. Finally, Norges Bank purchased a new stake in Popular during the 4th quarter valued at $104,955,000. Institutional investors own 87.27% of the company’s stock.

Insider Activity

In related news, Director Alejandro M. Sanchez sold 300 shares of the business’s stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $150.36, for a total value of $45,108.00. Following the completion of the sale, the director owned 3,960 shares in the company, valued at approximately $595,425.60. The trade was a 7.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Luis E. Cestero sold 8,500 shares of the company’s stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $176.36, for a total value of $1,499,060.00. Following the completion of the sale, the executive vice president owned 16,013 shares of the company’s stock, valued at $2,824,052.68. This represents a 34.68% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 53,261 shares of company stock valued at $9,336,093. Insiders own 2.13% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Keefe, Bruyette & Woods lifted their target price on Popular from $190.00 to $207.00 and gave the stock an “outperform” rating in a report on Friday, July 24th. Piper Sandler reaffirmed an “overweight” rating and set a $198.00 price target (up from $190.00) on shares of Popular in a report on Friday, July 24th. Weiss Ratings reaffirmed a “buy (a-)” rating on shares of Popular in a research report on Friday, July 31st. UBS Group lifted their price objective on Popular from $160.00 to $170.00 and gave the stock a “buy” rating in a report on Friday, April 24th. Finally, Royal Bank Of Canada boosted their target price on Popular from $163.00 to $181.00 and gave the stock an “outperform” rating in a research report on Friday, July 24th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, Popular currently has a consensus rating of “Buy” and an average price target of $186.92.

Popular Trading Up 0.5%

Shares of BPOP opened at $177.03 on Friday. The company has a market cap of $11.29 billion, a P/E ratio of 11.96, a P/E/G ratio of 0.68 and a beta of 0.61. Popular, Inc. has a twelve month low of $108.74 and a twelve month high of $179.00. The company’s fifty day simple moving average is $167.99 and its 200-day simple moving average is $150.87.

Popular (NASDAQ:BPOP) last issued its quarterly earnings results on Thursday, July 23rd. The bank reported $4.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.72 by $0.63. The firm had revenue of $846.92 million during the quarter, compared to analyst estimates of $878.41 million. Popular had a return on equity of 15.47% and a net margin of 21.37%.During the same period last year, the company earned $3.09 EPS. Analysts predict that Popular, Inc. will post 15.72 earnings per share for the current fiscal year.

Popular Company Profile

Popular, Inc, headquartered in San Juan, Puerto Rico, is a financial holding company and a leading provider of banking services in the United States mainland and Puerto Rico. Through its primary subsidiaries—Banco Popular de Puerto Rico and Popular Bank—the company delivers comprehensive commercial and consumer banking solutions. It offers deposit products, lending facilities, cash management services and payment-processing solutions designed for individuals, small businesses and large corporations.

The company’s product suite encompasses checking and savings accounts, certificates of deposit, residential and commercial mortgage loans, business lines of credit and credit cards.