Is Popular Inc (NASDAQ:BPOP) a buy right now? The best stock pickers are in a bullish mood. The number of bullish hedge fund bets improved by 6 lately.
In the financial world, there are tons of indicators shareholders can use to analyze stocks. Two of the most underrated are hedge fund and insider trading movement. At Insider Monkey, our studies have shown that, historically, those who follow the top picks of the elite investment managers can trounce the market by a solid margin (see just how much).
Equally as beneficial, bullish insider trading activity is a second way to break down the investments you’re interested in. There are a number of incentives for an upper level exec to sell shares of his or her company, but only one, very obvious reason why they would buy. Several academic studies have demonstrated the impressive potential of this tactic if shareholders know what to do (learn more here).
With these “truths” under our belt, it’s important to take a look at the recent action surrounding Popular Inc (NASDAQ:BPOP).
What have hedge funds been doing with Popular Inc (NASDAQ:BPOP)?
Heading into Q2, a total of 23 of the hedge funds we track held long positions in this stock, a change of 35% from one quarter earlier. With the smart money’s sentiment swirling, there exists a select group of notable hedge fund managers who were boosting their stakes significantly.
When looking at the hedgies we track, John Paulson’s Paulson & Co had the largest position in Popular Inc (NASDAQ:BPOP), worth close to $243.8 million, accounting for 1.4% of its total 13F portfolio. On Paulson & Co’s heels is David Gallo of Valinor Management LLC, with a $176 million position; the fund has 7.7% of its 13F portfolio invested in the stock. Some other hedgies with similar optimism include Ric Dillon’s Diamond Hill Capital, David Goel and Paul Ferri’s Matrix Capital Management and Debra Fine’s Fine Capital Partners.
As aggregate interest increased, specific money managers have been driving this bullishness. Columbus Circle Investors, managed by Donald Chiboucis, established the most outsized position in Popular Inc (NASDAQ:BPOP). Columbus Circle Investors had 2 million invested in the company at the end of the quarter. Eric D. Hovde’s Hovde Capital also made a $1.8 million investment in the stock during the quarter. The other funds with new positions in the stock are Steven Cohen’s SAC Capital Advisors, D. E. Shaw’s D E Shaw, and David Costen Haley’s HBK Investments.
What do corporate executives and insiders think about Popular Inc (NASDAQ:BPOP)?
Insider trading activity, especially when it’s bullish, is at its handiest when the primary stock in question has experienced transactions within the past half-year. Over the latest six-month time frame, Popular Inc (NASDAQ:BPOP) has experienced zero unique insiders buying, and zero insider sales (see the details of insider trades here).
With the results demonstrated by Insider Monkey’s strategies, everyday investors must always keep an eye on hedge fund and insider trading sentiment, and Popular Inc (NASDAQ:BPOP) shareholders fit into this picture quite nicely.