Stone Ridge Asset Management LLC increased its holdings in shares of Popular Inc (NASDAQ:BPOP) by 42.4% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 45,343 shares of the bank’s stock after purchasing an additional 13,500 shares during the period. Stone Ridge Asset Management LLC’s holdings in Popular were worth $2,460,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Advisory Services Network LLC bought a new position in shares of Popular during the second quarter valued at approximately $29,000. O Shaughnessy Asset Management LLC purchased a new stake in Popular during the first quarter valued at approximately $72,000. Hanseatic Management Services Inc. lifted its position in Popular by 18.9% during the first quarter. Hanseatic Management Services Inc. now owns 3,218 shares of the bank’s stock valued at $168,000 after acquiring an additional 512 shares during the last quarter. CIBC Asset Management Inc purchased a new stake in Popular during the second quarter valued at approximately $206,000. Finally, MERIAN GLOBAL INVESTORS UK Ltd purchased a new stake in Popular during the first quarter valued at approximately $209,000. Hedge funds and other institutional investors own 88.64% of the company’s stock.
BPOP has been the subject of a number of analyst reports. Zacks Investment Research raised shares of Popular from a “hold” rating to a “buy” rating and set a $64.00 target price for the company in a research report on Friday, July 26th. BTIG Research reissued a “buy” rating and set a $66.00 target price on shares of Popular in a research report on Thursday, July 25th. ValuEngine cut shares of Popular from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. Finally, BidaskClub raised shares of Popular from a “sell” rating to a “hold” rating in a research report on Saturday, June 29th. One analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $62.75.
Popular (NASDAQ:BPOP) last posted its earnings results on Wednesday, July 24th. The bank reported $1.76 EPS for the quarter, beating the Zacks’ consensus estimate of $1.64 by $0.12. The company had revenue of $614.60 million during the quarter, compared to analysts’ expectations of $620.22 million. Popular had a net margin of 20.86% and a return on equity of 11.29%. Popular’s revenue for the quarter was up 1.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.73 earnings per share. Equities analysts forecast that Popular Inc will post 6.73 EPS for the current year.
Popular, Inc, through its subsidiaries, provides various retail, mortgage, and commercial banking products and services. 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, automobile loans, home equity lines of credit, and other loans to individual borrowers; construction loans; and lease financing comprising automobile loans/leases.
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