As of its latest Form 13F filing with the Securities and Exchange Commission (SEC), Victory Capital Management Inc. has raised its holdings in Popular, Inc. (NASDAQ:BPOP) by a staggering 18.0% during the fourth quarter. The institutional investor now owns 119,195 shares of the bank’s stock after purchasing an additional 18,219 shares during the period, translating to about 0.16% of Popular’s worth at $8,182,000.
This news comes as Popular, Inc., a leading provider of banking and financial services operating as a holding company through Banco Popular de Puerto Rico, Popular U.S., and Corporate Group segments is currently trading at $58.34 on Friday; it has seen both its highs and lows in the past year with figures standing at $83.64 (52-week high) and $49.34 (52-week low). Its 50-day moving average price is $56.73 while its 200-day moving average is set at $64.05.
With a market cap of $4.20 billion and a beta of 0.82, it’s certainly understandable why Victory Capital Management Inc., one of the world’s largest asset management firms that manage mutual funds, exchange-traded funds (ETFs), and separately managed accounts across US Equity Strategies likes what they see in Popular Inc.’s stocks.
Popular’s Banco Popular de Puerto Rico segment includes commercial banking services such as consumer and retail banking complemented by an array of other financial services that are tailored to meet their customers’ unique needs.
Final takeout: The continued interest shown by Victory Capital Management Inc in acquiring more shares from one of Puerto Rico’s most successful banking institutions shows great promise for mustering greater investment momentum into open waters; it would be interesting to see whether this attracts even bigger investors looking to expand their portfolio into emerging overseas markets alike while keeping tabs on popular North American securities.
Popular, Inc.: A Financial and Banking Services Powerhouse Showing Strong Quarterly Performances and Moderate Buy Rating
Popular, Inc. is a bank holding company that provides financial and banking services. The company operates in three segments – Banco Popular de Puerto Rico, Popular U.S., and Corporate Group. The Banco Popular de Puerto Rico segment offers commercial banking, consumer, and retail financial services while the Popular U.S. primarily provides lending and deposit products through its branch network in New York, New Jersey, Florida and California.
Over the past few quarters, Popular has been performing well financially with an increase in several institutional investors adding to their positions. In Q3 2022, Vanguard Group Inc raised its stake by 11.6% to own 7,880,331 shares of the bank’s stock valued at $567,856,000 after buying an additional 816,384 shares. Similarly, Dimensional Fund Advisors LP increased its position by 3.6% while State Street Corp raised it by 11.8% during the same period.
Other analysts have provided commentary on BPOP shares in recent times too. Piper Sandler decreased Target Price from $90 to $80; Keefe Bruyette & Woods upgraded them from “market perform” to “outperform” and slashed their target price to $74; Royal Bank of Canada lowered Target Price from $74 to $64 while GlobarBank lowered Target Price from $100 to $57.
The first-quarter results released by Poplular Inc were impressive compared to analysts’ consensus estimates of revenue amounting to $$690.66 million for the quarter where they recorded $693.62 million proving a small gain percentage wise as well as growth rate year over year.
In conclusiond , as per Bloomberg reports,the company currently has a Moderate Buy rating attributed largely due to an average estimated target price of around $$70 per share combined with strong quarterly performances thus leaving room for opportunity and growth in future profitable investments.
Popular also disclosed on May 26th that it would pay a quarterly dividend of $0.55 per share on July 3rd to shareholders of record as of June 1st, with a yielding return on investment of around 3.77% and promoting positive cash flow based usage amongst investors.
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