Popular (NASDAQ:BPOP) Price Target Raised to $105.00

Popular (NASDAQ:BPOP) had its price objective hoisted by Wells Fargo & Company from $90.00 to $105.00 in a research note released on Tuesday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the bank’s stock.

A number of other brokerages have also recently issued reports on BPOP. Piper Sandler cut their target price on Popular from $112.00 to $100.00 and set an “overweight” rating on the stock in a report on Thursday, October 24th. Barclays dropped their price objective on shares of Popular from $117.00 to $104.00 and set an “overweight” rating on the stock in a research note on Thursday, October 24th. Finally, Royal Bank of Canada decreased their target price on shares of Popular from $108.00 to $96.00 and set an “outperform” rating for the company in a research report on Thursday, October 24th. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, Popular currently has a consensus rating of “Moderate Buy” and an average price target of $106.00.

Popular Trading Up 0.0 %

Shares of NASDAQ BPOP opened at $99.86 on Tuesday. The firm has a market capitalization of $7.12 billion, a P/E ratio of 13.57, a P/E/G ratio of 0.77 and a beta of 0.81. The firm’s 50-day moving average price is $96.51 and its 200-day moving average price is $94.85. Popular has a 1-year low of $74.97 and a 1-year high of $105.01.

Popular (NASDAQ:BPOP) last posted its quarterly earnings results on Wednesday, October 23rd. The bank reported $2.16 earnings per share for the quarter, missing analysts’ consensus estimates of $2.33 by ($0.17). Popular had a return on equity of 11.35% and a net margin of 12.36%. The firm had revenue of $736.56 million for the quarter, compared to analyst estimates of $766.62 million. During the same period last year, the company posted $1.90 earnings per share. The firm’s quarterly revenue was up 6.2% compared to the same quarter last year. Equities research analysts forecast that Popular will post 8.46 EPS for the current year.

Popular Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 6th will be paid a $0.70 dividend. This is a positive change from Popular’s previous quarterly dividend of $0.62. The ex-dividend date of this dividend is Friday, December 6th. This represents a $2.80 annualized dividend and a dividend yield of 2.80%. Popular’s dividend payout ratio is presently 33.70%.

Insider Activity at Popular

In other Popular news, EVP Beatriz Castellvi sold 3,500 shares of the stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $99.16, for a total value of $347,060.00. Following the completion of the sale, the executive vice president now owns 25,115 shares in the company, valued at approximately $2,490,403.40. This trade represents a 12.23 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Adorno Denissa Rodriguez sold 1,825 shares of Popular stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $97.71, for a total transaction of $178,320.75. Following the transaction, the vice president now directly owns 3,332 shares in the company, valued at approximately $325,569.72. This represents a 35.39 % decrease in their position. The disclosure for this sale can be found here. 2.09% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Mercer Global Advisors Inc. ADV raised its stake in shares of Popular by 3.0% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 4,087 shares of the bank’s stock worth $361,000 after purchasing an additional 118 shares during the period. Assetmark Inc. raised its position in Popular by 4.0% in the third quarter. Assetmark Inc. now owns 3,749 shares of the bank’s stock worth $376,000 after acquiring an additional 143 shares during the period. Pathstone Holdings LLC boosted its stake in Popular by 0.8% in the third quarter. Pathstone Holdings LLC now owns 19,690 shares of the bank’s stock valued at $1,974,000 after acquiring an additional 148 shares during the last quarter. GAMMA Investing LLC grew its position 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 acquiring an additional 181 shares during the period. Finally, Wedmont Private Capital increased its stake in shares of Popular by 9.5% during the 2nd quarter. Wedmont Private Capital now owns 2,987 shares of the bank’s stock worth $278,000 after purchasing an additional 258 shares during the last quarter. Institutional investors own 87.27% of the company’s stock.

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.