Popular (NASDAQ:BPOP) Stock Rating Reaffirmed as Overweight by Piper Sandler

by · The Markets Daily

Popular (NASDAQ:BPOP – Get Free Report)‘s stock had its “overweight” rating reaffirmed by analysts at Piper Sandler in a research note issued to investors on Monday, Benzinga reports. They presently have a $190.00 price target on the bank’s stock, down from their previous price target of $198.00. Piper Sandler‘s target price would suggest a potential upside of 19.32% from the stock’s previous close.

Other research analysts have also issued reports about the company. Keefe, Bruyette & Woods increased their target price on Popular from $190.00 to $207.00 and gave the stock an “outperform” rating in a research report on Friday, July 24th. Weiss Ratings restated a “buy (a-)” rating on shares of Popular in a report on Friday, July 31st. Royal Bank Of Canada lifted their price objective on Popular from $163.00 to $181.00 and gave the company an “outperform” rating in a research note on Friday, July 24th. Truist Financial lifted their price objective on Popular from $192.00 to $197.00 and gave the company a “buy” rating in a research note on Friday, July 24th. Finally, Zacks Research cut shares of Popular from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $186.75.

Get Our Latest Research Report on Popular

Popular Price Performance

Shares of NASDAQ BPOP opened at $159.24 on Monday. Popular has a 12-month low of $108.74 and a 12-month high of $179.24. The company has a market capitalization of $10.16 billion, a PE ratio of 10.03, a price-to-earnings-growth ratio of 0.59 and a beta of 0.63. The firm’s 50-day moving average is $163.14 and its two-hundred day moving average is $160.52.

Popular (NASDAQ:BPOP – Get Free Report) last posted its quarterly earnings data on Thursday, October 22nd. The bank reported $4.21 EPS for the quarter, topping analysts’ consensus estimates of $3.95 by $0.26. The firm had revenue of $874.59 million during the quarter, compared to analysts’ expectations of $904.43 million. Popular had a return on equity of 16.08% and a net margin of 22.36%. During the same quarter last year, the business posted $3.14 EPS. On average, analysts forecast that Popular will post 15.70 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Javier Ferrer sold 35,000 shares of Popular stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $175.43, for a total transaction of $6,140,050.00. Following the transaction, the chief executive officer directly owned 96,478 shares of the company’s stock, valued at $16,925,135.54. The trade was a 26.62% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Luis Cestero sold 8,500 shares of the company’s stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $176.36, for a total value of $1,499,060.00. Following the completion of the transaction, the executive vice president directly owned 16,013 shares in the company, valued at $2,824,052.68. This represents a 34.68% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 53,561 shares of company stock worth $9,392,259. Company insiders own 2.13% of the company’s stock.

Hedge Funds Weigh In On Popular

Large investors have recently made changes to their positions in the business. Wellington Management Group LLP lifted its holdings in Popular by 1.9% in the 2nd quarter. Wellington Management Group LLP now owns 1,004,676 shares of the bank’s stock worth $164,948,000 after purchasing an additional 18,647 shares during the last quarter. Sei Investments Co. grew its stake in Popular by 24.9% in the 1st quarter. Sei Investments Co. now owns 556,630 shares of the bank’s stock valued at $74,684,000 after buying an additional 110,887 shares during the last quarter. Bank of America Corp DE grew its stake in Popular by 8.2% in the 1st quarter. Bank of America Corp DE now owns 465,720 shares of the bank’s stock valued at $62,486,000 after buying an additional 35,226 shares during the last quarter. Bank of New York Mellon Corp bought a new position in Popular in the 2nd quarter worth $54,916,000. Finally, Quantinno Capital Management LP raised its holdings in Popular by 100.9% in the 1st quarter. Quantinno Capital Management LP now owns 272,800 shares of the bank’s stock worth $36,602,000 after acquiring an additional 136,984 shares during the period. Institutional investors and hedge funds own 87.27% of the company’s stock.

Popular Company Profile

(Get Free Report)

Popular, Inc (NASDAQ: BPOP) is a financial services company headquartered in San Juan, Puerto Rico. Its principal subsidiary, Banco Popular de Puerto Rico, provides banking services to individuals, businesses and institutions, including deposit accounts, consumer and commercial loans, residential mortgages, credit cards and electronic banking services.

The company also offers investment, brokerage, insurance and wealth management services through specialized subsidiaries and affiliated businesses.

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