Popular (NASDAQ:BPOP) PT Lowered to $104.00 at Barclays

Popular (NASDAQ:BPOP) had its price target decreased by Barclays from $117.00 to $104.00 in a research report released on Thursday, Benzinga reports. Barclays currently has an overweight rating on the bank’s stock.

BPOP has been the subject of several other reports. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $120.00 price objective (up from $110.00) on shares of Popular in a report on Thursday, July 25th. Hovde Group lifted their price objective on shares of Popular from $113.00 to $123.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Piper Sandler assumed coverage on shares of Popular in a research note on Monday, August 26th. They set an “overweight” rating and a $112.00 target price for the company. Wells Fargo & Company cut Popular from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $115.00 to $105.00 in a research report on Tuesday, October 1st. Finally, Royal Bank of Canada increased their price objective on Popular from $90.00 to $108.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Popular presently has a consensus rating of “Moderate Buy” and an average target price of $104.88.

Popular Price Performance

NASDAQ BPOP opened at $88.46 on Thursday. Popular has a 12 month low of $61.99 and a 12 month high of $105.01. The company has a market capitalization of $6.39 billion, a price-to-earnings ratio of 13.12, a price-to-earnings-growth ratio of 0.66 and a beta of 0.78. The firm’s fifty day moving average price is $98.34 and its 200 day moving average price is $93.10.

Popular (NASDAQ:BPOP) last posted its earnings results on Wednesday, October 23rd. The bank reported $2.16 EPS for the quarter, missing analysts’ consensus estimates of $2.33 by ($0.17). The firm had revenue of $736.56 million for the quarter, compared to analyst estimates of $766.62 million. Popular had a return on equity of 11.73% and a net margin of 12.20%. The firm’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.90 EPS. As a group, sell-side analysts forecast that Popular will post 8.74 earnings per share for the current year.

Popular Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 13th were paid a $0.62 dividend. The ex-dividend date was Friday, September 13th. This represents a $2.48 dividend on an annualized basis and a dividend yield of 2.80%. Popular’s dividend payout ratio (DPR) is presently 36.80%.

Insider Buying and Selling

In other Popular news, EVP Camille Burckhart sold 5,917 shares of the business’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $97.60, for a total transaction of $577,499.20. Following the sale, the executive vice president now directly owns 29,922 shares in the company, valued at approximately $2,920,387.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 2.09% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Popular

Hedge funds and other institutional investors have recently modified their holdings of the stock. Massachusetts Financial Services Co. MA increased its stake in Popular by 52.2% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 835,311 shares of the bank’s stock valued at $73,867,000 after purchasing an additional 286,450 shares in the last quarter. Jupiter Asset Management Ltd. acquired a new stake in Popular in the first quarter valued at $19,997,000. AQR Capital Management LLC increased its position in shares of Popular by 23.6% in the second quarter. AQR Capital Management LLC now owns 859,794 shares of the bank’s stock valued at $75,129,000 after buying an additional 164,270 shares in the last quarter. American Century Companies Inc. raised its stake in shares of Popular by 10.3% during the 2nd quarter. American Century Companies Inc. now owns 1,218,828 shares of the bank’s stock worth $107,781,000 after buying an additional 113,838 shares during the last quarter. Finally, Boston Partners boosted its position in shares of Popular by 262.7% in the 1st quarter. Boston Partners now owns 103,293 shares of the bank’s stock worth $9,097,000 after buying an additional 74,818 shares in the last quarter. 87.27% of the stock is currently owned by institutional investors and hedge funds.

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.