Allspring Global Investments Holdings LLC more than tripled its stake in Popular, Inc. during the third quarter, increasing its position by 269.4% to hold 21,032 shares after acquiring an additional 15,338 shares. At filing, those shares represented a holding worth approximately 2.63 million. Other notable moves included Ethic Inc. establishing a new stake valued at roughly 653,000, Burney Co. raising its position by 134.3% to 48,557 shares (worth about 6.17 million), Acadian Asset Management boosting its stake by 47.3% to 188,960 shares (approximately 20.82 million), Brendel Financial Advisors initiating a roughly 2.66 million position, and Nomura Holdings taking on about a 3.53 million position. Collectively, institutional investors and hedge funds now own 87.27% of the company’s stock.

A flurry of brokerages have recently updated their views on Popular. Barclays reaffirmed its overweight recommendation, while UBS maintained a neutral stance. Wells Fargo reduced its target from 150 to 135 but kept an overweight rating. Truist initiated coverage with a buy recommendation and set a target above consensus, and Zacks Research downgraded the stock from strong-buy to hold. In total, nine analysts rate the shares a buy and two rate them a hold, resulting in a consensus of Moderate Buy and an average target slightly above current trading levels.

On its latest earnings report, Popular delivered third-quarter earnings per share of 3.14, surpassing consensus by ten cents, though revenue of 720.8 million missed analyst forecasts and declined 1.3% year-over-year. The bank achieved a net margin of 17.6% and return on equity of 13.3%, building on prior-year EPS of 2.16. Management announced a quarterly dividend of 0.75 per share—equivalent to an annualized payout of 3.00 and yielding 2.3%—with a payout ratio of 26.6%. Insider activity included a vice president reducing her position by just under 28% and a director trimming his stake by about 11.5%, leaving insiders with 2.09% ownership.