Popular (NASDAQ:BPOP) Price Target Raised to $115.00

Popular (NASDAQ:BPOP) had its price objective raised by research analysts at Wells Fargo & Company from $105.00 to $115.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has an “overweight” rating on the bank’s stock. Wells Fargo & Company‘s price target points to a potential upside of 30.79% from the stock’s current price.

A number of other brokerages also recently issued reports on BPOP. Hovde Group lifted their price target on shares of Popular from $112.00 to $113.00 and gave the stock an “outperform” rating in a research note on Wednesday. UBS Group increased their target price on Popular from $84.00 to $91.00 and gave the company a “neutral” rating in a report on Friday, January 26th. Citigroup lifted their price target on Popular from $103.00 to $107.00 and gave the stock a “buy” rating in a report on Wednesday, March 13th. Royal Bank of Canada raised their target price on Popular from $80.00 to $90.00 and gave the stock an “outperform” rating in a research report on Friday, January 26th. Finally, Keefe, Bruyette & Woods upped their price target on Popular from $95.00 to $103.00 and gave the company an “outperform” rating in a report on Friday, January 26th. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $99.89.

Popular Trading Down 0.5 %

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

Popular (NASDAQ:BPOP) last announced its quarterly earnings data 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. Popular had a return on equity of 11.95% and a net margin of 11.95%. The business had revenue of $702.92 million during the quarter, compared to analysts’ expectations of $699.76 million. On average, equities analysts forecast that Popular will post 8.52 EPS for the current fiscal year.

Insider Activity

In other Popular news, EVP Luis E. Cestero sold 4,641 shares of the stock in a transaction on Friday, March 8th. The stock was sold at an average price of $84.42, for a total transaction of $391,793.22. Following the sale, the executive vice president now owns 26,772 shares in the company, valued at approximately $2,260,092.24. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Popular news, EVP Luis E. Cestero sold 599 shares of Popular stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $85.65, for a total value of $51,304.35. Following the completion of the sale, the executive vice president now owns 26,529 shares in the company, valued at approximately $2,272,208.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Luis E. Cestero sold 4,641 shares of the 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 transaction, the executive vice president now owns 26,772 shares in the company, valued at $2,260,092.24. The disclosure for this sale can be found here. Company insiders own 2.09% of the company’s stock.

Hedge Funds Weigh In On Popular

Several institutional investors and hedge funds have recently bought and sold shares of BPOP. Norges Bank acquired a new position in shares of Popular in the 4th quarter valued at $66,881,000. Wellington Management Group LLP grew its position in Popular by 21.7% during the third quarter. Wellington Management Group LLP now owns 3,599,881 shares of the bank’s stock valued at $226,829,000 after acquiring an additional 642,694 shares during the period. Verition Fund Management LLC increased its stake in Popular by 395.0% during the fourth quarter. Verition Fund Management LLC now owns 429,197 shares of the bank’s stock worth $35,224,000 after acquiring an additional 342,492 shares during the last quarter. American Century Companies Inc. increased its stake in Popular by 64.9% during the third quarter. American Century Companies Inc. now owns 726,743 shares of the bank’s stock worth $45,792,000 after acquiring an additional 286,119 shares during the last quarter. Finally, rhino investment partners Inc raised its holdings in shares of Popular by 145.1% in the 3rd quarter. rhino investment partners Inc now owns 478,004 shares of the bank’s stock worth $30,119,000 after purchasing an additional 283,004 shares during the period. 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.