Meeder Asset Management Inc. increased its position in shares of Popular Inc (NASDAQ:BPOP) by 50.3% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 51,605 shares of the bank’s stock after purchasing an additional 17,266 shares during the period. Meeder Asset Management Inc.’s holdings in Popular were worth $2,798,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors also recently modified their holdings of the company. Advisory Services Network LLC acquired a new stake in Popular in the second quarter worth $29,000. O Shaughnessy Asset Management LLC acquired a new stake in Popular in the first quarter worth $72,000. Hanseatic Management Services Inc. increased its position in Popular by 18.9% in the first quarter. Hanseatic Management Services Inc. now owns 3,218 shares of the bank’s stock worth $168,000 after buying an additional 512 shares during the period. Oakbrook Investments LLC acquired a new stake in Popular in the first quarter worth $203,000. Finally, MERIAN GLOBAL INVESTORS UK Ltd acquired a new stake in Popular in the first quarter worth $209,000. 88.64% of the stock is currently owned by hedge funds and other institutional investors.
Several equities research analysts have weighed in on BPOP shares. ValuEngine lowered Popular from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. BTIG Research reaffirmed a “buy” rating and issued a $66.00 target price on shares of Popular in a research report on Thursday, July 25th. BidaskClub raised Popular from a “sell” rating to a “hold” rating in a research report on Saturday, June 29th. Finally, Zacks Investment Research raised Popular from a “hold” rating to a “buy” rating and set a $64.00 target price on the stock in a research report on Friday, July 26th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the stock. Popular currently has a consensus rating of “Buy” and an average price target of $62.75.
Popular (NASDAQ:BPOP) last issued its quarterly earnings results on Wednesday, July 24th. The bank reported $1.76 EPS for the quarter, beating analysts’ consensus estimates of $1.64 by $0.12. The company had revenue of $614.60 million for the quarter, compared to analyst estimates of $620.22 million. Popular had a return on equity of 11.29% and a net margin of 20.86%. The company’s quarterly revenue was up 1.2% compared to the same quarter last year. During the same period last year, the company earned $2.73 earnings per share. On average, research analysts forecast that Popular Inc will post 6.73 earnings per share for the current fiscal 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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