Hovde Group Boosts Popular (NASDAQ:BPOP) Price Target to $113.00

Popular (NASDAQ:BPOP) had its target price increased by research analysts at Hovde Group from $112.00 to $113.00 in a research report issued on Wednesday, MarketBeat Ratings reports. The brokerage currently has an “outperform” rating on the bank’s stock. Hovde Group’s target price would indicate a potential upside of 28.51% from the company’s current price.

A number of other brokerages have also recently commented on BPOP. Barclays assumed coverage on shares of Popular in a research note on Friday, March 8th. They issued an “overweight” rating and a $99.00 price target for the company. Royal Bank of Canada lifted their price objective on shares of Popular from $80.00 to $90.00 and gave the stock an “outperform” rating in a research note on Friday, January 26th. Citigroup raised their price target on Popular from $103.00 to $107.00 and gave the stock a “buy” rating in a research report on Wednesday, March 13th. UBS Group upped their price target on shares of Popular from $84.00 to $91.00 and gave the stock a “neutral” rating in a report on Friday, January 26th. Finally, Piper Sandler lifted their price objective on shares of Popular from $96.00 to $105.00 and gave the company an “overweight” rating in a research note on Tuesday, April 9th. Three research 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 company has an average rating of “Moderate Buy” and an average target price of $99.89.

Popular Stock Down 0.5 %

Shares of NASDAQ:BPOP opened at $87.93 on Wednesday. The firm has a market cap of $6.36 billion, a price-to-earnings ratio of 13.05 and a beta of 0.82. The company’s fifty day simple moving average is $84.58 and its 200 day simple moving average is $78.90. Popular has a 12 month low of $52.32 and a 12 month high of $89.70.

Popular (NASDAQ:BPOP) last issued its quarterly earnings results on Thursday, January 25th. The bank reported $1.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.05 by $0.89. The firm had revenue of $702.92 million for the quarter, compared to analyst estimates of $699.76 million. Popular had a net margin of 11.95% and a return on equity of 11.95%. Research analysts expect that Popular will post 8.52 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Luis E. Cestero sold 4,641 shares of the company’s stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $84.42, for a total value 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 $2,260,092.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Popular news, EVP Luis E. Cestero sold 4,641 shares of the business’s stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $84.42, for a total transaction of $391,793.22. Following the sale, the executive vice president now directly 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 at this hyperlink. Also, EVP Luis E. Cestero sold 599 shares of the company’s stock in a transaction that occurred on Friday, February 2nd. The shares were 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 $2,272,208.85. The disclosure for this sale can be found here. Insiders own 2.09% of the company’s stock.

Institutional Investors Weigh In On Popular

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Bruce G. Allen Investments LLC bought a new position in Popular during the 4th quarter valued at $44,000. Principal Securities Inc. bought a new position in shares of Popular during the fourth quarter valued at about $83,000. Assetmark Inc. grew its position in Popular by 55.4% in the 3rd quarter. Assetmark Inc. now owns 1,420 shares of the bank’s stock worth $89,000 after purchasing an additional 506 shares in the last quarter. GAMMA Investing LLC purchased a new stake in Popular in the 4th quarter valued at about $90,000. Finally, Clear Street Markets LLC bought a new position in shares of Popular during the 4th quarter worth approximately $139,000. Institutional investors and hedge funds own 87.27% of the company’s stock.

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.