Popular (NASDAQ:BPOP) Price Target Raised to $126.00 at Hovde Group

Popular (NASDAQ:BPOP) had its price target hoisted by Hovde Group from $114.00 to $126.00 in a research report released on Wednesday, Marketbeat.com reports. Hovde Group currently has an outperform rating on the bank’s stock.

A number of other equities research analysts also recently weighed in on the stock. Barclays reissued an “overweight” rating and set a $125.00 price target (up from $115.00) on shares of Popular in a research note on Thursday, April 24th. Wall Street Zen cut shares of Popular from a “buy” rating to a “hold” rating in a report on Friday, May 2nd. Wells Fargo & Company upgraded shares of Popular from an “equal weight” rating to an “overweight” rating and reduced their target price for the stock from $110.00 to $100.00 in a report on Wednesday, April 9th. Keefe, Bruyette & Woods upped their price target 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. Finally, Piper Sandler upped their price target on shares of Popular from $110.00 to $123.00 and gave the stock an “overweight” rating in a research report on Thursday, May 15th. Two analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, Popular has a consensus rating of “Moderate Buy” and an average price target of $116.14.

Popular Stock Up 0.6%

NASDAQ:BPOP opened at $103.80 on Wednesday. The firm has a market cap of $7.11 billion, a PE ratio of 10.71, a price-to-earnings-growth ratio of 0.61 and a beta of 0.62. Popular has a 12 month low of $78.23 and a 12 month high of $107.31. The company’s 50-day moving average price is $98.69 and its two-hundred day moving average price is $96.92.

Popular (NASDAQ:BPOP) last released its quarterly earnings results on Wednesday, April 23rd. The bank reported $2.56 EPS for the quarter, beating analysts’ consensus estimates of $2.26 by $0.30. Popular had a net margin of 15.82% and a return on equity of 12.22%. The firm had revenue of $755.46 million for the quarter, compared to analyst estimates of $760.45 million. During the same period in the previous year, the business earned $1.43 earnings per share. The company’s revenue for the quarter was up 6.0% compared to the same quarter last year. On average, research analysts expect that Popular will post 10.06 EPS for the current fiscal year.

Popular Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Thursday, May 29th will be paid a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 2.70%. The ex-dividend date of this dividend is Thursday, May 29th. Popular’s dividend payout ratio (DPR) is 28.90%.

Insiders Place Their Bets

In other news, VP Adorno Denissa Rodriguez sold 500 shares of Popular stock in a transaction that occurred on 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 sale, the vice president now directly owns 3,604 shares in the company, valued at approximately $376,365.72. The trade was a 12.18% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Camille Burckhart sold 7,000 shares of Popular stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $104.14, for a total transaction of $728,980.00. Following the completion of the sale, the executive vice president now owns 27,382 shares of the company’s stock, valued at approximately $2,851,561.48. The trade was a 20.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.09% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Picton Mahoney Asset Management lifted its stake in shares of 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 acquiring an additional 118 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in Popular during the 1st quarter worth about $47,000. Smartleaf Asset Management LLC grew its holdings in Popular by 56.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 603 shares of the bank’s stock worth $57,000 after acquiring an additional 218 shares during the period. Versant Capital Management Inc grew its stake in shares of 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 buying an additional 702 shares during the period. Finally, Quarry LP acquired a new stake in shares of Popular in the 1st quarter valued at about $84,000. 87.27% of the stock is currently owned by institutional investors and hedge funds.

Popular Company Profile

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.