Short Interest in Popular, Inc. (NASDAQ:BPOP) Declines By 14.1%

Popular, Inc. (NASDAQ:BPOP) was the recipient of a large decline in short interest during the month of January. As of January 31st, there was short interest totalling 834,600 shares, a decline of 14.1% from the January 15th total of 972,100 shares. Approximately 1.2% of the shares of the company are sold short. Based on an average daily volume of 500,400 shares, the days-to-cover ratio is currently 1.7 days.

Popular Stock Performance

NASDAQ BPOP traded up $1.41 on Monday, reaching $104.41. The company had a trading volume of 446,595 shares, compared to its average volume of 459,677. The company’s fifty day moving average is $97.92 and its 200-day moving average is $97.51. Popular has a 1-year low of $80.60 and a 1-year high of $106.46. The firm has a market capitalization of $7.45 billion, a price-to-earnings ratio of 12.20, a price-to-earnings-growth ratio of 0.75 and a beta of 0.82.

Popular (NASDAQ:BPOP) last posted its quarterly earnings data on Tuesday, January 28th. The bank reported $2.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.04 by $0.47. Popular had a return on equity of 11.89% and a net margin of 14.15%. On average, research analysts forecast that Popular will post 10.06 earnings per share for the current year.

Insider Buying and Selling

In other Popular news, EVP Eduardo J. Negron sold 10,000 shares of the firm’s stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $104.02, for a total transaction of $1,040,200.00. Following the completion of the transaction, the executive vice president now owns 32,866 shares in the company, valued at $3,418,721.32. This trade represents a 23.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Gilberto Monzon sold 9,600 shares of the stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $102.57, for a total value of $984,672.00. Following the transaction, the executive vice president now owns 39,170 shares of the company’s stock, valued at $4,017,666.90. This represents a 19.68 % 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.

Hedge Funds Weigh In On Popular

Hedge funds have recently made changes to their positions in the business. Proficio Capital Partners LLC bought a new stake in shares of Popular in the fourth quarter worth $27,000. Financial Management Professionals Inc. acquired a new stake in Popular in the 3rd quarter valued at $29,000. Picton Mahoney Asset Management lifted its position in Popular by 56.7% during the 4th quarter. Picton Mahoney Asset Management now owns 326 shares of the bank’s stock worth $31,000 after buying an additional 118 shares in the last quarter. Capital Performance Advisors LLP acquired a new position in shares of Popular during the 3rd quarter worth about $35,000. Finally, Brooklyn Investment Group bought a new position in shares of Popular in the 3rd quarter valued at about $47,000. 87.27% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Wells Fargo & Company boosted their target price on Popular from $105.00 to $110.00 and gave the stock an “equal weight” rating in a report on Thursday, January 30th. Piper Sandler decreased their price target on shares of Popular from $112.00 to $100.00 and set an “overweight” rating on the stock in a research note on Thursday, October 24th. Barclays upped their price objective on Popular from $110.00 to $115.00 and gave the stock an “overweight” rating in a report on Friday, December 20th. Royal Bank of Canada raised their target price on shares of Popular from $100.00 to $110.00 and gave the company an “outperform” rating in a research note on Wednesday, January 29th. Finally, Keefe, Bruyette & Woods increased their price target on Popular from $116.00 to $129.00 and gave the company an “outperform” rating in a research note on Wednesday, January 29th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Popular presently has a consensus rating of “Moderate Buy” and an average price target of $112.25.

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.