Popular (NASDAQ:BPOP) Sees Strong Trading Volume

Shares of Popular, Inc. (NASDAQ:BPOP) saw strong trading volume on Friday . 273,367 shares traded hands during mid-day trading, a decline of 30% from the previous session’s volume of 391,039 shares.The stock last traded at $99.25 and had previously closed at $98.64.

Wall Street Analyst Weigh In

Several research analysts have commented on BPOP shares. Royal Bank of Canada upped their price objective on shares of Popular from $90.00 to $108.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. Hovde Group raised their price objective on shares of Popular from $113.00 to $123.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. Barclays upped their target price on Popular from $103.00 to $115.00 and gave the stock an “overweight” rating in a report on Thursday, July 25th. Piper Sandler began coverage on Popular in a research note on Monday, August 26th. They issued an “overweight” rating and a $112.00 target price for the company. Finally, Keefe, Bruyette & Woods restated 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. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $106.00.

Popular Stock Down 1.4 %

The company has a fifty day simple moving average of $96.44 and a 200 day simple moving average of $89.71. The firm has a market capitalization of $7.03 billion, a P/E ratio of 14.64, a P/E/G ratio of 0.69 and a beta of 0.78.

Popular (NASDAQ:BPOP) last announced its quarterly earnings data on Wednesday, July 24th. The bank reported $2.46 EPS for the quarter, beating the consensus estimate of $2.08 by $0.38. The company had revenue of $1.09 billion for the quarter, compared to the consensus estimate of $751.57 million. Popular had a net margin of 12.20% and a return on equity of 11.73%. During the same period in the prior year, the firm posted $2.10 EPS. As a group, equities analysts expect that Popular, Inc. will post 8.86 earnings per share for the current fiscal year.

Popular Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be issued a $0.62 dividend. The ex-dividend date is Friday, September 13th. This represents a $2.48 dividend on an annualized basis and a yield of 2.55%. Popular’s payout ratio is currently 36.80%.

Insider Activity at Popular

In other Popular news, EVP Camille Burckhart sold 5,917 shares of the business’s stock in a transaction dated Tuesday, August 20th. The stock was 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 of the company’s stock, valued at approximately $2,920,387.20. The sale was disclosed in a legal filing with the SEC, which is available through this link. 2.09% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Popular

Hedge funds have recently added to or reduced their stakes in the stock. UBS Group AG grew its holdings in shares of Popular by 12.7% in the fourth quarter. UBS Group AG now owns 139,694 shares of the bank’s stock worth $11,465,000 after acquiring an additional 15,710 shares during the period. Russell Investments Group Ltd. grew its position in shares of Popular by 3.6% during the 1st quarter. Russell Investments Group Ltd. now owns 294,295 shares of the bank’s stock valued at $25,924,000 after acquiring an additional 10,308 shares during the period. Sei Investments Co. increased its stake in shares of Popular by 2.2% in the 1st quarter. Sei Investments Co. now owns 282,639 shares of the bank’s stock worth $24,898,000 after purchasing an additional 6,067 shares in the last quarter. Seven Eight Capital LP purchased a new stake in shares of Popular in the 4th quarter worth $809,000. Finally, Harbor Capital Advisors Inc. raised its holdings in Popular by 249.1% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 32,845 shares of the bank’s stock worth $2,904,000 after purchasing an additional 23,436 shares during the period. 87.27% of the stock is currently 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.