Popular (NASDAQ:BPOP) Price Target Raised to $110.00

Popular (NASDAQ:BPOP) had its price target raised by Royal Bank of Canada from $100.00 to $110.00 in a report released on Wednesday,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the bank’s stock.

Several other equities research analysts have also recently weighed in on BPOP. Piper Sandler dropped their target price on Popular from $112.00 to $100.00 and set an “overweight” rating for the company in a report on Thursday, October 24th. Keefe, Bruyette & Woods raised their target price on shares of Popular from $116.00 to $129.00 and gave the stock an “outperform” rating in a report on Wednesday. Barclays upped their price target on shares of Popular from $110.00 to $115.00 and gave the company an “overweight” rating in a report on Friday, December 20th. UBS Group started coverage on shares of Popular in a report on Tuesday, December 17th. They issued a “neutral” rating and a $104.00 price target on the stock. Finally, Wells Fargo & Company upped their price objective on shares of Popular from $90.00 to $105.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 3rd. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $112.25.

Popular Price Performance

Shares of NASDAQ BPOP opened at $102.94 on Wednesday. The stock has a market capitalization of $7.34 billion, a P/E ratio of 12.03, a PEG ratio of 0.69 and a beta of 0.81. Popular has a one year low of $80.60 and a one year high of $106.46. The firm’s 50 day simple moving average is $97.36 and its two-hundred day simple moving average is $97.48.

Popular (NASDAQ:BPOP) last released its earnings results on Tuesday, January 28th. The bank reported $2.51 EPS for the quarter, beating the consensus estimate of $2.04 by $0.47. Popular had a net margin of 14.15% and a return on equity of 11.89%. As a group, equities analysts expect that Popular will post 10.06 earnings per share for the current fiscal year.

Popular Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Friday, December 6th were paid a $0.70 dividend. This is an increase from Popular’s previous quarterly dividend of $0.62. This represents a $2.80 dividend on an annualized basis and a yield of 2.72%. The ex-dividend date was Friday, December 6th. Popular’s dividend payout ratio is presently 32.71%.

Insiders Place Their Bets

In other news, VP Adorno Denissa Rodriguez sold 1,825 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $97.71, for a total transaction of $178,320.75. Following the sale, the vice president now owns 3,332 shares in the company, valued at approximately $325,569.72. The trade was a 35.39 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Beatriz Castellvi sold 3,500 shares of the stock in a transaction dated 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 owns 25,115 shares of the company’s stock, valued at approximately $2,490,403.40. The trade was a 12.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 15,325 shares of company stock worth $1,565,581 over the last three months. Company insiders own 2.09% of the company’s stock.

Hedge Funds Weigh In On Popular

Several large investors have recently made changes to their positions in the business. Venturi Wealth Management LLC increased its position in Popular by 1,938.1% during the 4th quarter. Venturi Wealth Management LLC now owns 2,731 shares of the bank’s stock valued at $257,000 after buying an additional 2,597 shares in the last quarter. CIBC Asset Management Inc increased its holdings in shares of Popular by 5.3% during the fourth quarter. CIBC Asset Management Inc now owns 2,239 shares of the bank’s stock valued at $211,000 after acquiring an additional 112 shares in the last quarter. State of New Jersey Common Pension Fund D raised its position in shares of Popular by 3.9% in the 4th quarter. State of New Jersey Common Pension Fund D now owns 22,089 shares of the bank’s stock worth $2,078,000 after purchasing an additional 819 shares during the last quarter. Secured Retirement Advisors LLC bought a new position in Popular in the 4th quarter worth about $1,428,000. Finally, Rhumbline Advisers grew its position in Popular by 0.3% during the 4th quarter. Rhumbline Advisers now owns 92,877 shares of the bank’s stock valued at $8,736,000 after purchasing an additional 281 shares during the last quarter. 87.27% of the stock is currently owned by hedge funds and other institutional investors.

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.