Popular (NASDAQ:BPOP) Price Target Raised to $123.00

Popular (NASDAQ:BPOP) had its target price upped by Hovde Group from $113.00 to $123.00 in a report issued on Thursday morning, Marketbeat reports. They currently have an outperform rating on the bank’s stock.

BPOP has been the topic of a number of other research reports. StockNews.com upgraded shares of Popular from a sell rating to a hold rating in a research note on Wednesday, April 3rd. Keefe, Bruyette & Woods reissued an outperform rating and set a $110.00 price objective (up from $103.00) on shares of Popular in a report on Wednesday, April 24th. Barclays cut their price objective on Popular from $105.00 to $103.00 and set an overweight rating for the company in a report on Monday, June 24th. Wells Fargo & Company lifted their price objective on Popular from $105.00 to $115.00 and gave the company an overweight rating in a report on Wednesday, April 24th. Finally, Piper Sandler lifted their price objective on Popular from $96.00 to $105.00 and gave the company an overweight rating in a report on Tuesday, April 9th. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and an average target price of $105.22.

Popular Price Performance

BPOP opened at $102.78 on Thursday. Popular has a fifty-two week low of $59.27 and a fifty-two week high of $105.01. The firm’s fifty day moving average price is $89.97 and its two-hundred day moving average price is $86.89. The company has a market capitalization of $7.43 billion, a P/E ratio of 15.25, a P/E/G ratio of 0.85 and a beta of 0.80.

Popular (NASDAQ:BPOP) last posted its quarterly earnings results on Wednesday, July 24th. The bank reported $2.46 earnings per share for the quarter, topping analysts’ consensus estimates of $2.08 by $0.38. Popular had a net margin of 12.20% and a return on equity of 12.00%. The firm had revenue of $1.09 billion for the quarter, compared to the consensus estimate of $751.57 million. During the same quarter in the previous year, the company earned $2.10 earnings per share. On average, equities research analysts expect that Popular will post 8.41 EPS for the current fiscal year.

Popular Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Thursday, May 30th were issued a $0.62 dividend. The ex-dividend date of this dividend was Thursday, May 30th. This represents a $2.48 dividend on an annualized basis and a dividend yield of 2.41%. Popular’s dividend payout ratio is 36.80%.

Insider Activity at Popular

In related news, EVP Gilberto Monzon sold 5,000 shares of Popular stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $85.80, for a total value of $429,000.00. Following the completion of the transaction, the executive vice president now directly owns 48,320 shares of the company’s stock, valued at $4,145,856. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Popular news, EVP Manuel Chinea sold 12,000 shares of the business’s stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $90.70, for a total transaction of $1,088,400.00. Following the completion of the sale, the executive vice president now directly owns 27,086 shares of the company’s stock, valued at approximately $2,456,700.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Gilberto Monzon sold 5,000 shares of the business’s stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $85.80, for a total value of $429,000.00. Following the sale, the executive vice president now directly owns 48,320 shares of the company’s stock, valued at $4,145,856. The disclosure for this sale can be found here. 2.09% of the stock is currently owned by company insiders.

Institutional Trading of Popular

Several institutional investors and hedge funds have recently added to or reduced their stakes in BPOP. Headlands Technologies LLC bought a new stake in Popular during the 1st quarter worth about $42,000. Mather Group LLC. bought a new stake in Popular during the 2nd quarter worth about $44,000. Principal Securities Inc. acquired a new position in shares of Popular during the 4th quarter worth about $83,000. GAMMA Investing LLC acquired a new position in shares of Popular during the 4th quarter worth about $90,000. Finally, Clear Street Markets LLC acquired a new position in shares of Popular during the 4th quarter worth about $139,000. 87.27% of the stock is owned by institutional investors.

About Popular

Popular, Inc, through its subsidiaries, provides various retail, mortgage, and commercial banking products and services in Puerto Rico, the United States, and the British Virgin Islands. The company provides savings, NOW, money market, and other interest-bearing demand accounts; non-interest bearing demand deposits; and certificates of deposit.