Barclays Trims Popular (NASDAQ:BPOP) Target Price to $104.00

Popular (NASDAQ:BPOP) had its price objective reduced by Barclays from $117.00 to $104.00 in a report released on Thursday morning, Benzinga reports. They currently have an overweight rating on the bank’s stock.

Other equities research analysts also recently issued research reports about the company. Hovde Group raised their price objective on Popular from $113.00 to $123.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. Piper Sandler started coverage on Popular in a report on Monday, August 26th. They set an “overweight” rating and a $112.00 price target for the company. Wells Fargo & Company lowered shares of Popular from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $115.00 to $105.00 in a research note on Tuesday, October 1st. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $120.00 target price (up from $110.00) on shares of Popular in a research report on Thursday, July 25th. Finally, 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. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $104.88.

Popular Stock Performance

NASDAQ:BPOP opened at $88.46 on Thursday. Popular has a fifty-two week low of $61.99 and a fifty-two week high of $105.01. The stock has a fifty day moving average price of $98.34 and a 200-day moving average price of $93.10. The company has a market cap of $6.39 billion, a price-to-earnings ratio of 13.12, a PEG ratio of 0.66 and a beta of 0.78.

Popular (NASDAQ:BPOP) last released its earnings results on Wednesday, October 23rd. The bank reported $2.16 earnings per share for the quarter, missing the consensus estimate of $2.33 by ($0.17). The business had revenue of $736.56 million for the quarter, compared to the consensus estimate 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 quarter in the previous year, the company earned $1.90 earnings per share. Research analysts predict that Popular will post 8.74 EPS for the current fiscal year.

Popular Dividend Announcement

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

Insider Buying and Selling

In related news, EVP Camille Burckhart sold 5,917 shares of the company’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $97.60, for a total value of $577,499.20. Following 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.09% of the stock is owned by insiders.

Institutional Investors Weigh In On Popular

Large investors have recently added to or reduced their stakes in the company. Russell Investments Group Ltd. boosted its stake in Popular by 3.6% in the 1st quarter. Russell Investments Group Ltd. now owns 294,295 shares of the bank’s stock worth $25,924,000 after purchasing an additional 10,308 shares during the period. Sei Investments Co. raised its stake in shares of Popular by 2.2% during the first quarter. Sei Investments Co. now owns 282,639 shares of the bank’s stock worth $24,898,000 after acquiring an additional 6,067 shares in the last quarter. Harbor Capital Advisors Inc. lifted its stake in Popular by 249.1% in the second 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 last quarter. Algert Global LLC lifted its stake in shares of Popular by 10.4% in the 2nd quarter. Algert Global LLC now owns 88,379 shares of the bank’s stock valued at $7,815,000 after acquiring an additional 8,317 shares during the last quarter. Finally, LSV Asset Management boosted its stake in shares of Popular by 1.4% during the first 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 during the period. Hedge funds and other 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.