Traders Purchase Large Volume of Call Options on Popular (BPOP)

Popular Inc (NASDAQ:BPOP) saw some unusual options trading on Thursday. Traders purchased 581 call options on the company. This represents an increase of 1,017% compared to the average volume of 52 call options.

In other Popular news, CEO Ignacio Alvarez sold 6,000 shares of the firm’s stock in a transaction on Monday, August 13th. The stock was sold at an average price of $50.32, for a total value of $301,920.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Maria Luisa Ferre sold 22,797 shares of the firm’s stock in a transaction on Friday, August 10th. The shares were sold at an average price of $50.12, for a total value of $1,142,585.64. The disclosure for this sale can be found here. Insiders sold 350,156 shares of company stock worth $17,547,056 over the last quarter. 1.38% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. FMR LLC grew its holdings in Popular by 1.0% during the second quarter. FMR LLC now owns 4,396,806 shares of the bank’s stock worth $198,779,000 after acquiring an additional 44,183 shares during the period. Investec Asset Management LTD grew its holdings in Popular by 5.8% during the second quarter. Investec Asset Management LTD now owns 2,598,427 shares of the bank’s stock worth $117,475,000 after acquiring an additional 143,167 shares during the period. Martingale Asset Management L P grew its holdings in Popular by 74.8% during the second quarter. Martingale Asset Management L P now owns 785,567 shares of the bank’s stock worth $35,516,000 after acquiring an additional 336,219 shares during the period. Schwab Charles Investment Management Inc. grew its holdings in Popular by 2.7% during the second quarter. Schwab Charles Investment Management Inc. now owns 780,485 shares of the bank’s stock worth $35,286,000 after acquiring an additional 20,372 shares during the period. Finally, Northern Trust Corp grew its holdings in Popular by 1.1% during the first quarter. Northern Trust Corp now owns 543,938 shares of the bank’s stock worth $22,639,000 after acquiring an additional 6,137 shares during the period. Institutional investors and hedge funds own 87.68% of the company’s stock.

A number of equities research analysts have issued reports on the company. BidaskClub cut Popular from a “buy” rating to a “hold” rating in a research note on Friday, June 15th. Barclays raised their target price on Popular from $51.00 to $55.00 and gave the company an “overweight” rating in a research note on Tuesday, July 24th. Royal Bank of Canada reiterated a “buy” rating and issued a $55.00 target price on shares of Popular in a research note on Wednesday, July 25th. Morgan Stanley raised their target price on Popular from $50.00 to $54.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 31st. Finally, Citigroup lifted their price objective on shares of Popular from $55.00 to $59.00 and gave the company a “buy” rating in a research note on Tuesday, July 24th. Three equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $53.61.

Shares of NASDAQ BPOP opened at $48.97 on Friday. Popular has a fifty-two week low of $32.04 and a fifty-two week high of $53.00. The stock has a market cap of $5.24 billion, a P/E ratio of 17.71 and a beta of 1.14.

Popular (NASDAQ:BPOP) last issued its quarterly earnings data on Monday, July 23rd. The bank reported $1.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.23. Popular had a net margin of 12.21% and a return on equity of 5.78%. The business had revenue of $648.95 million for the quarter, compared to analysts’ expectations of $526.70 million. During the same period in the previous year, the business earned $0.94 earnings per share. On average, research analysts predict that Popular will post 4.7 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, October 1st. Investors of record on Thursday, September 13th were paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.04%. The ex-dividend date was Wednesday, September 12th. Popular’s dividend payout ratio is currently 37.31%.

Popular Company Profile

Popular, Inc, through its subsidiaries, provides various retail, mortgage, and commercial banking products and services primarily to institutional and retail customers. 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, home equity lines of credit, and other loans to individual borrowers; construction loans; and lease financing comprising automobile loans/leases.

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