Popular (NASDAQ:BPOP) Price Target Cut to $100.00 by Analysts at Piper Sandler

Popular (NASDAQ:BPOP) had its price target trimmed by Piper Sandler from $112.00 to $100.00 in a report released on Thursday, Benzinga reports. The brokerage currently has an overweight rating on the bank’s stock.

BPOP has been the topic of several other research reports. Wells Fargo & Company lowered Popular from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $115.00 to $105.00 in a research note on Tuesday, October 1st. Royal Bank of Canada boosted their price objective on shares of Popular from $90.00 to $108.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Hovde Group raised their target price on shares of Popular from $113.00 to $123.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $120.00 price target (up from $110.00) on shares of Popular in a research report on Thursday, July 25th. Finally, Barclays lowered their price objective on Popular from $117.00 to $104.00 and set an “overweight” rating for the company in a research report on Thursday. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $104.88.

Popular Price Performance

NASDAQ BPOP traded up $0.23 during trading on Thursday, reaching $89.20. 60,598 shares of the company’s stock traded hands, compared to its average volume of 410,959. The company’s 50 day simple moving average is $98.54 and its two-hundred day simple moving average is $93.04. Popular has a 12-month low of $61.99 and a 12-month high of $105.01. The firm has a market cap of $6.45 billion, a price-to-earnings ratio of 13.20, a price-to-earnings-growth ratio of 0.66 and a beta of 0.78.

Popular (NASDAQ:BPOP) last issued its quarterly earnings data on Wednesday, October 23rd. The bank reported $2.16 EPS for the quarter, missing analysts’ consensus estimates of $2.33 by ($0.17). The business had revenue of $736.56 million during the quarter, compared to the consensus estimate of $766.62 million. Popular had a return on equity of 11.73% and a net margin of 12.20%. The business’s quarterly revenue was up 6.2% on a year-over-year basis. During the same period last year, the firm earned $1.90 EPS. Research analysts expect that Popular will post 8.74 earnings per share for the current fiscal year.

Popular Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th were paid a dividend of $0.62 per share. The ex-dividend date was Friday, September 13th. This represents a $2.48 annualized dividend and a yield of 2.78%. Popular’s payout ratio is presently 36.80%.

Insider Activity

In related news, EVP Camille Burckhart sold 5,917 shares of the company’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $97.60, for a total value of $577,499.20. Following the sale, the executive vice president now owns 29,922 shares in the company, valued at $2,920,387.20. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 2.09% of the company’s stock.

Institutional Investors Weigh In On Popular

Several hedge funds have recently added to or reduced their stakes in the business. Financial Management Professionals Inc. purchased a new position in shares of Popular during the 3rd quarter valued at about $29,000. Headlands Technologies LLC purchased a new stake in Popular in the 1st quarter worth approximately $42,000. Mather Group LLC. acquired a new stake in shares of Popular during the 2nd quarter worth approximately $44,000. Meeder Asset Management Inc. acquired a new stake in shares of Popular during the 2nd quarter worth approximately $48,000. Finally, GAMMA Investing LLC increased its holdings in shares of Popular by 16.8% during the 2nd quarter. GAMMA Investing LLC now owns 1,259 shares of the bank’s stock valued at $111,000 after purchasing an additional 181 shares in the last quarter. 87.27% of the stock is owned by hedge funds and other 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.