Popular (NASDAQ:BPOP) Stock Price Expected to Rise, Barclays Analyst Says

Popular (NASDAQ:BPOP) had its price objective hoisted by Barclays from $104.00 to $110.00 in a report issued on Thursday morning,Benzinga reports. Barclays currently has an overweight rating on the bank’s stock.

Other equities research analysts have also recently issued reports about the company. Keefe, Bruyette & Woods lifted their target price on Popular from $103.00 to $116.00 and gave the stock an “outperform” rating in a report on Wednesday. Wells Fargo & Company lifted their target price on Popular from $90.00 to $105.00 and gave the stock an “equal weight” rating in a report on Tuesday. Royal Bank of Canada reduced their target price on Popular from $108.00 to $96.00 and set an “outperform” rating on the stock in a report on Thursday, October 24th. Finally, Piper Sandler reduced 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. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $106.00.

Popular Stock Up 0.0 %

NASDAQ:BPOP opened at $99.86 on Thursday. The business’s 50-day simple moving average is $96.51 and its two-hundred day simple moving average is $94.85. The stock has a market cap of $7.12 billion, a PE ratio of 13.57, a P/E/G ratio of 0.77 and a beta of 0.81. Popular has a 52 week low of $74.97 and a 52 week high of $105.01.

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

Popular Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 6th will be issued 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 dividend on an annualized basis and a dividend yield of 2.80%. Popular’s payout ratio is presently 33.70%.

Insider Activity at Popular

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

Hedge Funds Weigh In On Popular

A number of large investors have recently made changes to their positions in BPOP. Financial Management Professionals Inc. acquired a new position in shares of Popular during the third quarter worth $29,000. Capital Performance Advisors LLP acquired a new position in shares of Popular during the third quarter worth $35,000. Mather Group LLC. acquired a new position in shares of Popular during the second quarter worth $44,000. Brooklyn Investment Group acquired a new position in shares of Popular during the third quarter worth $47,000. Finally, Meeder Asset Management Inc. acquired a new position in shares of Popular during the second quarter worth $48,000. 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.