Popular (NASDAQ:BPOP) Earns Neutral Rating from Analysts at UBS Group

UBS Group initiated coverage on shares of Popular (NASDAQ:BPOP) in a research report released on Tuesday morning, MarketBeat.com reports. The brokerage issued a neutral rating and a $104.00 target price on the bank’s stock.

A number of other analysts have also recently issued reports on the stock. Piper Sandler reduced their price objective on shares of Popular from $112.00 to $100.00 and set an “overweight” rating for the company in a research note on Thursday, October 24th. Barclays raised their price target on Popular from $104.00 to $110.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. Keefe, Bruyette & Woods upped their price objective on Popular from $103.00 to $116.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Royal Bank of Canada decreased their target price on Popular from $108.00 to $96.00 and set an “outperform” rating on the stock in a research note on Thursday, October 24th. Finally, Wells Fargo & Company upped their price target on Popular from $90.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 3rd. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $107.63.

Popular Stock Performance

NASDAQ BPOP opened at $90.58 on Tuesday. The business’s fifty day moving average is $96.28 and its 200 day moving average is $95.29. Popular has a fifty-two week low of $79.01 and a fifty-two week high of $105.01. The company has a market capitalization of $6.46 billion, a PE ratio of 12.31, a price-to-earnings-growth ratio of 0.76 and a beta of 0.81.

Popular (NASDAQ:BPOP) last posted its quarterly earnings data 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). The company had revenue of $736.56 million for the quarter, compared to analysts’ expectations of $766.62 million. Popular had a net margin of 12.36% and a return on equity of 11.35%. The firm’s quarterly revenue was up 6.2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.90 earnings per share. On average, sell-side analysts forecast that Popular will post 8.46 EPS for the current year.

Popular Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 6th will be issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 3.09%. This is a boost from Popular’s previous quarterly dividend of $0.62. The ex-dividend date is Friday, December 6th. Popular’s dividend payout ratio is 38.04%.

Insider Activity

In other news, EVP Beatriz Castellvi sold 3,500 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $99.16, for a total transaction of $347,060.00. Following the sale, the executive vice president now directly owns 25,115 shares in the company, valued at approximately $2,490,403.40. This represents a 12.23 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed 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 value of $178,320.75. Following the completion of the transaction, the vice president now owns 3,332 shares of the company’s stock, valued at approximately $325,569.72. This trade represents a 35.39 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.09% of the company’s stock.

Hedge Funds Weigh In On Popular

A number of large investors have recently made changes to their positions in the company. Financial Management Professionals Inc. bought a new stake in Popular in the third quarter worth about $29,000. Capital Performance Advisors LLP purchased a new stake in shares of Popular in the third quarter worth approximately $35,000. Brooklyn Investment Group bought a new stake in shares of Popular during the 3rd quarter worth approximately $47,000. Meeder Asset Management Inc. purchased a new position in Popular during the 2nd quarter valued at $48,000. Finally, Wilmington Savings Fund Society FSB bought a new position in Popular in the 3rd quarter valued at $81,000. 87.27% of the stock is owned by hedge funds and other institutional investors.

Popular Company Profile

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.