StockNews.com Upgrades Popular (NASDAQ:BPOP) to Buy

Popular (NASDAQ:BPOPGet Rating) was upgraded by stock analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued on Wednesday.

Separately, Piper Sandler cut their price objective on Popular to $100.00 in a research note on Monday, July 4th. Five research analysts have rated the stock with a buy rating, According to MarketBeat, Popular has a consensus rating of “Buy” and an average target price of $109.60.

Popular Stock Performance

Shares of BPOP opened at $78.68 on Wednesday. The company has a market capitalization of $5.90 billion, a P/E ratio of 7.07 and a beta of 0.90. Popular has a one year low of $70.75 and a one year high of $99.49. The stock has a 50-day moving average price of $78.52 and a 200 day moving average price of $79.54.

Popular (NASDAQ:BPOPGet Rating) last issued its quarterly earnings results on Thursday, July 28th. The bank reported $2.77 EPS for the quarter, beating analysts’ consensus estimates of $2.52 by $0.25. The firm had revenue of $681.90 million during the quarter, compared to the consensus estimate of $656.27 million. Popular had a return on equity of 16.82% and a net margin of 31.09%. Popular’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.66 earnings per share. As a group, equities research analysts forecast that Popular will post 10.8 earnings per share for the current fiscal year.

Insider Buying and Selling at Popular

In other news, VP Jorge J. Garcia sold 1,383 shares of the stock in a transaction that occurred on Friday, August 26th. The stock was sold at an average price of $80.22, for a total transaction of $110,944.26. Following the sale, the vice president now directly owns 9,299 shares in the company, valued at approximately $745,965.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Eli Sepulveda sold 5,000 shares of the stock in a transaction that occurred on Wednesday, August 17th. The stock was sold at an average price of $81.09, for a total transaction of $405,450.00. Following the sale, the executive vice president now directly owns 39,255 shares in the company, valued at approximately $3,183,187.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Jorge J. Garcia sold 1,383 shares of the firm’s stock in a transaction that occurred on Friday, August 26th. The shares were sold at an average price of $80.22, for a total value of $110,944.26. Following the completion of the sale, the vice president now owns 9,299 shares in the company, valued at $745,965.78. The disclosure for this sale can be found here. Insiders have sold 16,018 shares of company stock worth $1,290,856 over the last quarter. 1.88% of the stock is owned by corporate insiders.

Institutional Trading of Popular

Large investors have recently added to or reduced their stakes in the business. Swiss National Bank increased its position in Popular by 6.2% in the 1st quarter. Swiss National Bank now owns 188,800 shares of the bank’s stock valued at $15,433,000 after acquiring an additional 11,100 shares during the period. Ensign Peak Advisors Inc raised its holdings in shares of Popular by 3,582.9% during the fourth quarter. Ensign Peak Advisors Inc now owns 27,990 shares of the bank’s stock worth $2,296,000 after acquiring an additional 27,230 shares in the last quarter. Sciencast Management LP purchased a new stake in shares of Popular during the first quarter worth $1,446,000. OneAscent Wealth Management LLC purchased a new stake in shares of Popular during the first quarter worth $396,000. Finally, Schroder Investment Management Group purchased a new stake in shares of Popular during the fourth quarter worth $1,108,000. 91.48% of the stock is currently owned by institutional investors and hedge funds.

About Popular

(Get Rating)

Popular, Inc, through its subsidiaries, provides various retail, mortgage, and commercial banking products and services in Puerto Rico, the United States, and 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.

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