Popular (NASDAQ:BPOP) Stock Price Target Lowered at Wells Fargo & Company

Popular (NASDAQ:BPOP) had its target price lowered by investment analysts at Wells Fargo & Company from $195.00 to $190.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm presently has an “overweight” rating on the bank’s stock. Wells Fargo & Company‘s price objective indicates a potential upside of 21.04% from the stock’s previous close.

Several other equities research analysts have also recently issued reports on the stock. Citigroup lifted their target price on shares of Popular from $192.00 to $193.00 and gave the stock a “buy” rating in a research note on Monday, October 26th. Benchmark increased their target price on shares of Popular from $214.00 to $216.00 and gave the company a “buy” rating in a research report on Monday, August 31st. Truist Financial increased their target price on shares of Popular from $192.00 to $197.00 and gave the company a “buy” rating in a research report on Friday, July 24th. Piper Sandler reissued an “overweight” rating and issued a $190.00 price target (down from $198.00) on shares of Popular in a research note on Monday, October 26th. Finally, Royal Bank Of Canada boosted their price target on shares of Popular from $163.00 to $181.00 and gave the stock an “outperform” rating in a research report on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, Popular currently has a consensus rating of “Buy” and a consensus price target of $186.42.

Popular Price Performance

Shares of NASDAQ:BPOP opened at $156.97 on Monday. The business’s 50 day moving average price is $160.55 and its 200-day moving average price is $153.94. The firm has a market capitalization of $10.01 billion, a PE ratio of 9.91, a P/E/G ratio of 0.47 and a beta of 0.63. Popular has a 1 year low of $109.01 and a 1 year high of $179.24.

Popular (NASDAQ:BPOP) last issued its quarterly earnings results on Thursday, October 22nd. The bank reported $4.21 EPS for the quarter, topping the consensus estimate of $3.95 by $0.26. Popular had a return on equity of 16.08% and a net margin of 22.36%. The firm had revenue of $874.59 million during the quarter, compared to analysts’ expectations of $904.43 million. During the same period in the previous year, the business earned $3.14 earnings per share. As a group, analysts expect that Popular will post 16.05 earnings per share for the current year.

Insider Buying and Selling at Popular

In related news, VP Adorno Rodriguez sold 600 shares of the company’s stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $168.79, for a total value of $101,274.00. Following the completion of the sale, the vice president owned 2,492 shares of the company’s stock, valued at approximately $420,624.68. This represents a 19.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 2.13% of the company’s stock.

Hedge Funds Weigh In On Popular

A number of institutional investors have recently bought and sold shares of BPOP. Reyes Financial Architecture Inc. acquired a new stake in shares of Popular during the third quarter valued at about $34,000. Latitude Advisors LLC purchased a new stake in shares of Popular in the 3rd quarter valued at approximately $34,000. Elevation Wealth Partners LLC raised its stake in shares of Popular by 97.2% in the 3rd quarter. Elevation Wealth Partners LLC now owns 280 shares of the bank’s stock valued at $44,000 after acquiring an additional 138 shares during the period. Parallel Advisors LLC lifted its holdings in shares of Popular by 30.5% in the 1st quarter. Parallel Advisors LLC now owns 321 shares of the bank’s stock worth $43,000 after acquiring an additional 75 shares during the last quarter. Finally, Heritage Family Offices LLP acquired a new position in shares of Popular in the 3rd quarter worth approximately $73,000. 87.27% of the stock is owned by hedge funds and other institutional investors.

About Popular

Popular, Inc is a financial holding company headquartered in San Juan, Puerto Rico. Founded in 1893, it provides banking and other financial services primarily in Puerto Rico and the U.S. mainland.

Its principal subsidiary, Banco Popular de Puerto Rico, serves individuals and businesses with consumer and commercial banking, mortgage lending, and related financial services. Popular also operates Popular Bank in the mainland United States and provides auto financing through Popular Auto.

Ignacio Alvarez is Popular’s president and chief executive officer.