Popular (NASDAQ:BPOP) Price Target Lowered to $96.00 at Royal Bank of Canada

Popular (NASDAQ:BPOP) had its target price trimmed by Royal Bank of Canada from $108.00 to $96.00 in a research report report published on Thursday morning, Benzinga reports. The firm currently has an outperform rating on the bank’s stock.

A number of other research firms have also recently commented on BPOP. 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 note on Thursday, July 25th. Hovde Group boosted their price objective on shares of Popular from $113.00 to $123.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. Piper Sandler lowered their price objective on shares of Popular from $112.00 to $100.00 and set an “overweight” rating for the company in a research report on Thursday. Wells Fargo & Company lowered their price objective on shares of Popular from $105.00 to $98.00 and set an “equal weight” rating for the company in a research report on Thursday. Finally, Barclays lowered their price objective on shares of Popular from $117.00 to $104.00 and set an “overweight” rating for the company in a research report on Thursday. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $104.88.

Popular Price Performance

Popular stock traded down $0.22 during midday trading on Thursday, reaching $88.75. 67,013 shares of the company traded hands, compared to its average volume of 411,044. Popular has a 12 month low of $61.99 and a 12 month high of $105.01. The business has a 50 day moving average of $98.54 and a two-hundred day moving average of $93.04. The firm has a market capitalization of $6.41 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 announced its quarterly earnings data on Wednesday, October 23rd. The bank reported $2.16 EPS for the quarter, missing the consensus estimate of $2.33 by ($0.17). The firm had revenue of $736.56 million for the quarter, compared to the consensus estimate of $766.62 million. Popular had a net margin of 12.20% and a return on equity of 11.73%. The firm’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.90 earnings per share. As a group, equities analysts forecast that Popular will post 8.74 EPS for the current year.

Popular Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th were given a $0.62 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $2.48 annualized dividend and a dividend yield of 2.79%. Popular’s payout ratio is presently 36.80%.

Insider Transactions at Popular

In related news, EVP Camille Burckhart sold 5,917 shares of the business’s stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $97.60, for a total transaction of $577,499.20. Following the completion of the transaction, the executive vice president now owns 29,922 shares in the company, valued at $2,920,387.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 2.09% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. American Century Companies Inc. raised its stake in shares of Popular by 10.3% during the 2nd quarter. American Century Companies Inc. now owns 1,218,828 shares of the bank’s stock worth $107,781,000 after acquiring an additional 113,838 shares in the last quarter. AQR Capital Management LLC increased its stake in Popular by 23.6% during the 2nd quarter. AQR Capital Management LLC now owns 859,794 shares of the bank’s stock valued at $75,129,000 after purchasing an additional 164,270 shares in the last quarter. Massachusetts Financial Services Co. MA increased its stake in Popular by 52.2% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 835,311 shares of the bank’s stock valued at $73,867,000 after purchasing an additional 286,450 shares in the last quarter. Earnest Partners LLC increased its stake in Popular by 2.1% during the 1st quarter. Earnest Partners LLC now owns 713,923 shares of the bank’s stock valued at $62,889,000 after purchasing an additional 14,810 shares in the last quarter. Finally, LSV Asset Management increased its stake in Popular by 1.4% during the 1st quarter. LSV Asset Management now owns 708,385 shares of the bank’s stock valued at $62,402,000 after purchasing an additional 9,985 shares in the last quarter. Institutional investors own 87.27% of the company’s stock.

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.