Popular (NASDAQ:BPOP) Stock Price Expected to Rise, Piper Sandler Analyst Says

Popular (NASDAQ:BPOP) had its price target boosted by equities researchers at Piper Sandler from $110.00 to $123.00 in a report issued on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the bank’s stock. Piper Sandler’s target price would suggest a potential upside of 17.68% from the stock’s previous close.

BPOP has been the topic of several other reports. Barclays restated an “overweight” rating and set a $125.00 target price (up from $115.00) on shares of Popular in a research report on Thursday, April 24th. Wells Fargo & Company upgraded shares of Popular from an “equal weight” rating to an “overweight” rating and decreased their target price for the stock from $110.00 to $100.00 in a research report on Wednesday, April 9th. StockNews.com lowered shares of Popular from a “buy” rating to a “hold” rating in a research report on Friday, May 2nd. Hovde Group decreased their target price on shares of Popular from $118.00 to $114.00 and set an “outperform” rating on the stock in a research report on Thursday, April 24th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Popular from $122.00 to $125.00 and gave the stock an “outperform” rating in a research report on Thursday, April 24th. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $114.43.

Popular Price Performance

NASDAQ:BPOP opened at $104.52 on Thursday. The firm’s fifty day moving average price is $91.96 and its 200 day moving average price is $95.67. Popular has a 1-year low of $78.23 and a 1-year high of $106.81. The firm has a market cap of $7.25 billion, a price-to-earnings ratio of 12.21, a price-to-earnings-growth ratio of 0.75 and a beta of 0.60.

Popular (NASDAQ:BPOP) last posted its quarterly earnings data on Wednesday, April 23rd. The bank reported $2.56 earnings per share for the quarter, beating analysts’ consensus estimates of $2.26 by $0.30. Popular had a net margin of 14.15% and a return on equity of 11.89%. The firm had revenue of $755.46 million for the quarter, compared to analyst estimates of $760.45 million. During the same period last year, the firm posted $1.43 EPS. Popular’s quarterly revenue was up 6.0% on a year-over-year basis. As a group, analysts expect that Popular will post 10.06 earnings per share for the current fiscal year.

Insider Transactions at Popular

In related news, VP Adorno Denissa Rodriguez sold 500 shares of the business’s stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $104.43, for a total value of $52,215.00. Following the completion of the transaction, the vice president now owns 3,604 shares of the company’s stock, valued at approximately $376,365.72. The trade was a 12.18% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 2.23% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in BPOP. Proficio Capital Partners LLC acquired a new position in Popular in the 4th quarter valued at about $27,000. Picton Mahoney Asset Management raised its stake in Popular by 56.7% in the 4th quarter. Picton Mahoney Asset Management now owns 326 shares of the bank’s stock valued at $31,000 after purchasing an additional 118 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S acquired a new position in Popular in the 1st quarter valued at about $47,000. Smartleaf Asset Management LLC raised its stake in Popular by 56.6% in the 4th quarter. Smartleaf Asset Management LLC now owns 603 shares of the bank’s stock valued at $57,000 after purchasing an additional 218 shares during the last quarter. Finally, Versant Capital Management Inc raised its stake in Popular by 589.9% in the 1st quarter. Versant Capital Management Inc now owns 821 shares of the bank’s stock valued at $76,000 after purchasing an additional 702 shares during the last quarter. 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.