In a recent transaction, Manuel Chinea, the Executive Vice President of Popular Inc . (NASDAQ:BPOP), sold 12,000 shares of the company's common stock. The sale, which took place on May 9, 2024, amounted to over $1 million in total value, with the shares being sold at a weighted average price of $90.705.
This sale was part of a series of transactions ranging from $90.66 to $90.91 per share. Following this sale, Chinea's direct holdings in the company's common stock decreased to 27,085.632 shares. It's worth noting that this figure includes 281.069 shares that Chinea acquired through the reinvestment of dividends, a transaction that is exempt from Section 16 of the Securities Exchange Act of 1934 under Rule 16a-11.
In addition to the sale of common stock, the SEC filing also referenced Chinea's holdings in phantom stock, which is the economic equivalent of the company's common stock. As of the report, he holds 3,267.91 shares of phantom stock, which includes 24.006 shares acquired through dividend reinvestment, also exempt under Rule 16a-11.
The transactions were disclosed in a Form 4 filing with the Securities and Exchange Commission, which was signed by Marie Reyes-Rodriguez, Attorney-in-fact, on May 13, 2024.
Investors often monitor insider transactions such as these for insights into executive sentiment toward their company's stock. While the reasons behind Chinea's sale are not disclosed in the filing, such sales can be part of personal financial planning or diversification strategies.
Shares of Popular Inc. are traded on the NASDAQ under the ticker symbol BPOP, and the company is part of the state commercial banks industry.
InvestingPro Insights
Amidst executive transactions at Popular Inc. (NASDAQ:BPOP), it's pertinent for investors to analyze the company's financial health and market performance. Popular Inc. has demonstrated a commitment to rewarding shareholders, as evidenced by its consistent dividend payments over the past decade and a notable dividend growth of 12.73% in the last twelve months as of Q1 2024. This aligns with Manuel Chinea's acquisition of additional shares through dividend reinvestment. With a dividend yield of 2.73%, the company's policy of increasing dividends for 5 consecutive years may offer a sense of stability to investors.
Furthermore, the company's stock has experienced significant appreciation, trading near its 52-week high, with a price 99.37% of the peak. This is supported by a robust one-year price total return of 72.24%, indicating a strong performance in the market. Analysts have taken note of Popular Inc.'s momentum, with 4 analysts revising their earnings upwards for the upcoming period, suggesting potential continued growth.
InvestingPro Tips also highlight that Popular Inc. has maintained a high return over the last year and the past decade, reinforcing the company's long-term appeal to investors. Additionally, the company is predicted to be profitable this year, having been profitable over the last twelve months. These factors may provide context to the executive's recent stock transactions and offer insights to investors considering the company's stock.
For investors seeking a more comprehensive analysis of Popular Inc., there are additional InvestingPro Tips available on InvestingPro. Utilize coupon code PRONEWS24 to receive an extra 10% off a yearly or biyearly Pro and Pro+ subscription, and gain access to the full suite of tips that can further guide your investment decisions.
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