Popular (NASDAQ:BPOP) Shares Gap Down to $85.25

Popular, Inc. (NASDAQ:BPOP)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $85.25, but opened at $82.03. Popular shares last traded at $87.74, with a volume of 52,693 shares trading hands.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Royal Bank of Canada upped their price target on Popular from $80.00 to $90.00 and gave the company an “outperform” rating in a research report on Friday, January 26th. Barclays assumed coverage on Popular in a research report on Friday, March 8th. They set an “overweight” rating and a $99.00 price target on the stock. Piper Sandler boosted their target price on Popular from $96.00 to $105.00 and gave the company an “overweight” rating in a research note on Tuesday, April 9th. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $110.00 target price (up previously from $103.00) on shares of Popular in a research note on Wednesday. Finally, Citigroup boosted their target price on Popular from $103.00 to $107.00 and gave the company a “buy” rating in a research note on Wednesday, March 13th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $99.22.

Popular Stock Performance

The company has a market cap of $6.39 billion, a P/E ratio of 11.73 and a beta of 0.82. The firm has a 50 day moving average price of $84.55 and a 200-day moving average price of $78.83.

Popular (NASDAQ:BPOP) last released its quarterly earnings results on Thursday, January 25th. The bank reported $1.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.05 by $0.89. The company had revenue of $702.92 million during the quarter, compared to the consensus estimate of $699.76 million. Popular had a return on equity of 12.63% and a net margin of 13.86%. On average, sell-side analysts forecast that Popular, Inc. will post 8.52 EPS for the current fiscal year.

Popular Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Thursday, March 14th were paid a dividend of $0.62 per share. The ex-dividend date was Wednesday, March 13th. This represents a $2.48 annualized dividend and a dividend yield of 2.81%. Popular’s dividend payout ratio (DPR) is presently 32.93%.

Insider Transactions at Popular

In related news, EVP Luis E. Cestero sold 4,641 shares of the business’s stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $84.42, for a total transaction of $391,793.22. Following the completion of the transaction, the executive vice president now owns 26,772 shares of the company’s stock, valued at approximately $2,260,092.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Luis E. Cestero sold 599 shares of the business’s stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $85.65, for a total transaction of $51,304.35. Following the completion of the transaction, the executive vice president now owns 26,529 shares of the company’s stock, valued at approximately $2,272,208.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Luis E. Cestero sold 4,641 shares of the business’s stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $84.42, for a total value of $391,793.22. Following the transaction, the executive vice president now directly owns 26,772 shares of the company’s stock, valued at approximately $2,260,092.24. The disclosure for this sale can be found here. 2.13% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Popular

Several large investors have recently added to or reduced their stakes in the company. Treasurer of the State of North Carolina raised its holdings in shares of Popular by 0.5% in the 3rd quarter. Treasurer of the State of North Carolina now owns 30,898 shares of the bank’s stock worth $1,947,000 after buying an additional 150 shares in the last quarter. Wedmont Private Capital boosted its position in Popular by 6.7% in the 1st quarter. Wedmont Private Capital now owns 2,729 shares of the bank’s stock valued at $237,000 after buying an additional 171 shares during the last quarter. Arizona State Retirement System boosted its position in Popular by 1.4% in the 3rd quarter. Arizona State Retirement System now owns 20,493 shares of the bank’s stock valued at $1,291,000 after buying an additional 277 shares during the last quarter. Rock Point Advisors LLC boosted its position in Popular by 1.1% in the 3rd quarter. Rock Point Advisors LLC now owns 31,792 shares of the bank’s stock valued at $2,003,000 after buying an additional 345 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its position in Popular by 0.3% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 112,543 shares of the bank’s stock valued at $7,091,000 after buying an additional 367 shares during the last quarter. Institutional investors and hedge funds 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.