Benchmark upgraded shares of Popular (NASDAQ:BPOP – Free Report) to a strong-buy rating in a research note published on Wednesday morning,Zacks.com reports.
Other analysts have also issued research reports about the company. Royal Bank Of Canada lifted their price objective on Popular from $141.00 to $163.00 and gave the stock an “outperform” rating in a report on Friday, April 24th. Barclays upped their target price on Popular from $180.00 to $185.00 and gave the company an “overweight” rating in a research note on Tuesday, July 7th. Keefe, Bruyette & Woods boosted their price target on shares of Popular from $155.00 to $177.00 and gave the company an “outperform” rating in a report on Friday, April 24th. UBS Group increased their price objective on shares of Popular from $160.00 to $170.00 and gave the company a “buy” rating in a research note on Friday, April 24th. Finally, Wells Fargo & Company raised their price objective on shares of Popular from $165.00 to $180.00 and gave the stock an “overweight” rating in a report on Monday, July 6th. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, Popular currently has a consensus rating of “Buy” and an average target price of $177.83.
Check Out Our Latest Stock Analysis on BPOP
Popular Stock Performance
Popular (NASDAQ:BPOP – Get Free Report) last released its earnings results on Thursday, April 23rd. The bank reported $3.78 earnings per share for the quarter, topping analysts’ consensus estimates of $3.30 by $0.48. Popular had a return on equity of 14.53% and a net margin of 20.10%.The business had revenue of $816.08 million for the quarter, compared to the consensus estimate of $866.54 million. During the same period last year, the business earned $2.56 earnings per share. Research analysts forecast that Popular will post 15.05 earnings per share for the current fiscal year.
Popular Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Friday, May 29th were paid a $0.75 dividend. The ex-dividend date of this dividend was Friday, May 29th. This represents a $3.00 annualized dividend and a yield of 1.8%. Popular’s payout ratio is currently 22.16%.
Insider Activity at Popular
In other Popular news, EVP Maria Cristin Gonzalez-Noguera sold 6,200 shares of the stock in a transaction on Friday, May 1st. The stock was sold at an average price of $148.51, for a total transaction of $920,762.00. Following the completion of the transaction, the executive vice president directly owned 11,255 shares in the company, valued at $1,671,480.05. This represents a 35.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Alejandro M. Ballester sold 23,000 shares of Popular stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $150.00, for a total value of $3,450,000.00. Following the transaction, the director directly owned 34,588 shares of the company’s stock, valued at approximately $5,188,200. The trade was a 39.94% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 29,500 shares of company stock valued at $4,415,870 in the last 90 days. 2.13% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On Popular
Several institutional investors have recently added to or reduced their stakes in BPOP. Acumen Wealth Advisors LLC acquired a new stake in shares of Popular during the fourth quarter worth approximately $26,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in shares of Popular in the 4th quarter worth approximately $28,000. Parallel Advisors LLC grew its position in Popular by 70.8% during the 4th quarter. Parallel Advisors LLC now owns 246 shares of the bank’s stock worth $31,000 after acquiring an additional 102 shares during the last quarter. Advisory Services Network LLC bought a new stake in Popular during the 3rd quarter worth approximately $31,000. Finally, Atlas Capital Advisors Inc. bought a new stake in Popular during the 4th quarter worth approximately $50,000. 87.27% of the stock is owned by institutional investors.
Popular Company Profile
Popular, Inc, headquartered in San Juan, Puerto Rico, is a financial holding company and a leading provider of banking services in the United States mainland and Puerto Rico. Through its primary subsidiaries—Banco Popular de Puerto Rico and Popular Bank—the company delivers comprehensive commercial and consumer banking solutions. It offers deposit products, lending facilities, cash management services and payment-processing solutions designed for individuals, small businesses and large corporations.
The company’s product suite encompasses checking and savings accounts, certificates of deposit, residential and commercial mortgage loans, business lines of credit and credit cards.
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