Piper Sandler Trims Popular (NASDAQ:BPOP) Target Price to $100.00

Popular (NASDAQ:BPOP) had its price objective cut by Piper Sandler from $112.00 to $100.00 in a research report report published on Thursday morning, Benzinga reports. They currently have an overweight rating on the bank’s stock.

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

Popular Stock Performance

Popular stock opened at $88.46 on Thursday. The firm has a market cap of $6.39 billion, a price-to-earnings ratio of 13.12, a price-to-earnings-growth ratio of 0.66 and a beta of 0.78. Popular has a 1 year low of $61.99 and a 1 year high of $105.01. The firm’s 50 day moving average price is $98.34 and its two-hundred day moving average price is $93.10.

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

Popular Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 13th were paid a $0.62 dividend. The ex-dividend date was Friday, September 13th. This represents a $2.48 dividend on an annualized basis and a dividend yield of 2.80%. Popular’s payout ratio is 36.80%.

Insider Buying and Selling

In other news, EVP Camille Burckhart sold 5,917 shares of the stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $97.60, for a total value of $577,499.20. Following the completion of the transaction, the executive vice president now owns 29,922 shares in the company, valued at approximately $2,920,387.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 2.09% of the stock is owned by company insiders.

Hedge Funds Weigh In On Popular

Hedge funds have recently modified their holdings of the stock. Financial Management Professionals Inc. acquired a new stake in Popular in the 3rd quarter valued at $29,000. Headlands Technologies LLC acquired a new stake in shares of Popular in the 1st quarter valued at $42,000. Mather Group LLC. bought a new stake in shares of Popular in the 2nd quarter worth about $44,000. Meeder Asset Management Inc. acquired a new stake in shares of Popular during the 2nd quarter worth about $48,000. Finally, GAMMA Investing LLC lifted its holdings in 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 during the last quarter. 87.27% of the stock is owned by institutional investors and hedge funds.

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.