Popular (NASDAQ:BPOP) Reaches New 52-Week High – What’s Next?
by Doug Wharley · The Cerbat GemPopular, Inc. (NASDAQ:BPOP – Get Free Report) shares reached a new 52-week high on Tuesday . The company traded as high as $163.11 and last traded at $163.0850, with a volume of 8224 shares trading hands. The stock had previously closed at $162.73.
Wall Street Analyst Weigh In
BPOP has been the subject of several recent analyst reports. Citigroup raised their target price on Popular from $170.00 to $178.00 and gave the company a “buy” rating in a research note on Tuesday, April 28th. UBS Group increased their price target on Popular from $160.00 to $170.00 and gave the company a “buy” rating in a report on Friday, April 24th. 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. Weiss Ratings upgraded Popular from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Monday, May 4th. Finally, Piper Sandler reissued an “overweight” rating on shares of Popular in a research report on Monday. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $168.73.
View Our Latest Report on BPOP
Popular Trading Up 0.9%
The company has a 50-day moving average of $150.49 and a 200-day moving average of $138.39. The firm has a market capitalization of $10.60 billion, a price-to-earnings ratio of 12.11, a price-to-earnings-growth ratio of 0.79 and a beta of 0.62.
Popular (NASDAQ:BPOP – Get Free Report) last released its quarterly earnings data on Thursday, April 23rd. The bank reported $3.78 EPS for the quarter, topping analysts’ consensus estimates of $3.30 by $0.48. The firm had revenue of $816.08 million during the quarter, compared to the consensus estimate of $866.54 million. Popular had a net margin of 20.10% and a return on equity of 14.53%. During the same quarter in the previous year, the company posted $2.56 earnings per share. On average, research analysts forecast that Popular, Inc. will post 15.14 earnings per share for the current year.
Popular Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Friday, May 29th will be issued a $0.75 dividend. The ex-dividend date of this dividend is Friday, May 29th. This represents a $3.00 dividend on an annualized basis and a yield of 1.8%. Popular’s dividend payout ratio (DPR) is currently 22.16%.
Insider Activity
In other news, Director Alejandro M. Sanchez sold 300 shares of the stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $150.36, for a total transaction of $45,108.00. Following the sale, the director directly owned 3,960 shares in the company, valued at approximately $595,425.60. This represents a 7.04% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Alejandro M. Ballester sold 23,000 shares of the business’s stock in a transaction that occurred 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 owned 34,588 shares of the company’s stock, valued at $5,188,200. This represents a 39.94% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 29,500 shares of company stock valued at $4,415,870. 2.13% of the stock is currently owned by insiders.
Institutional Trading of Popular
A number of large investors have recently modified their holdings of BPOP. Royal Bank of Canada grew its position in Popular by 23.1% in the 1st quarter. Royal Bank of Canada now owns 94,352 shares of the bank’s stock worth $8,715,000 after purchasing an additional 17,729 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new position in Popular in the 1st quarter worth approximately $257,000. Goldman Sachs Group Inc. increased its position in Popular by 60.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 223,530 shares of the bank’s stock valued at $20,647,000 after acquiring an additional 84,327 shares during the period. Focus Partners Wealth bought a new stake in Popular during the 1st quarter valued at $207,000. Finally, Sivia Capital Partners LLC acquired a new position in Popular during the 2nd quarter worth $252,000. Institutional investors and hedge funds own 87.27% of the company’s stock.
About Popular
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.