In a recent transaction, Gilberto Monzon, the Executive Vice President of Popular, Inc. (NASDAQ:BPOP), sold 5,000 shares of the company's common stock. The sale, which took place on June 6, 2024, amounted to a total value of over $429,000, with the shares being sold at a weighted average price of approximately $85.80.
Investors tracking insider transactions may note that the price per share for Monzon's sale ranged from $85.80 to $85.83. The specific details of the transactions, including the number of shares sold at each individual price within this range, are available upon request from the corporation or the SEC.
Following the sale, Monzon's remaining stake in the company includes 48,320.061 shares of common stock. It's also worth noting that part of Monzon's holdings includes 153.34 shares that were acquired through the reinvestment of dividends, as per the company's dividend reinvestment plan. These additional shares are exempt from Section 16 of the Securities Exchange Act of 1934 under Rule 16a-11.
The sale was reported through a Form 4 filing with the Securities and Exchange Commission, signed by Marie Reyes-Rodriguez, Attorney-in-fact for Gilberto Monzon, on June 7, 2024. This document confirms the completion of the transaction and is a standard procedure for reporting insider trades.
Popular, Inc., based in Puerto Rico, operates within the state commercial banks sector. As executive moves and transactions can provide insights into a company's health and executive sentiment, investors often keep a close watch on filings such as these.
In other recent news, Popular, Inc. has been making significant strides. The financial institution reported robust first-quarter results, with a net income of $103 million, or $135 million after adjustments. Net interest income showed growth, and there was a decrease in provision for credit losses, although noninterest income saw a drop. The company projects a net interest income growth of 9% to 13% in 2024 and is targeting a 14% return on tangible common equity by the end of 2025.
In addition to these financial developments, Popular, Inc. has also announced the appointment of Javier D. Ferrer as its new President. Ferrer, who has been with the company since 2014, will continue to serve as the Chief Operating Officer while taking on presidential duties. His responsibilities will span across business units in Puerto Rico, the mainland United States, and the Virgin Islands.
Analysts from Keefe, Bruyette & Woods have responded to these developments by raising their price target for Popular, Inc. from $103 to $110, maintaining an Outperform rating. This adjustment follows the company's strong first-quarter earnings and reflects confidence in the company's future financial performance. These are the latest updates in the ongoing journey of Popular, Inc.
InvestingPro Insights
Amid the recent insider transaction at Popular, Inc. (NASDAQ:BPOP), where Executive Vice President Gilberto Monzon sold shares, investors may find additional context in the company's financial health and prospects. According to InvestingPro data, Popular, Inc. holds a market capitalization of $6.19 billion USD, with a Price/Earnings (P/E) ratio standing at 12.77, which adjusts slightly to 12.36 when considering the last twelve months as of Q1 2024. Despite a revenue decline of 13.27% over the last twelve months, the company has an operating income margin of 29.47%, which suggests efficient management of its operations.
Moreover, two InvestingPro Tips highlight the company's dividend reliability and analysts' positive outlook. Popular, Inc. has not only raised its dividend for 5 consecutive years but has also maintained dividend payments for 10 consecutive years, signaling a commitment to shareholder returns. Additionally, the sentiment among analysts appears bullish, with four analysts revising their earnings upwards for the upcoming period, and the prediction that the company will remain profitable this year.
Investors considering Popular, Inc. as a potential addition to their portfolio can further explore these insights with a variety of other InvestingPro Tips, which are available on the platform. For those interested, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, providing access to a total of 6 additional InvestingPro Tips for Popular, Inc. These tips could offer valuable guidance in making a more informed investment decision.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.