Keefe, Bruyette & Woods Raises Popular (NASDAQ:BPOP) Price Target to $116.00

Popular (NASDAQ:BPOP) had its price objective hoisted by analysts at Keefe, Bruyette & Woods from $103.00 to $116.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the bank’s stock. Keefe, Bruyette & Woods’ price objective suggests a potential upside of 16.16% from the stock’s previous close.

Other equities research analysts also recently issued reports about the stock. Wells Fargo & Company boosted their price target on shares of Popular from $90.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Tuesday. Royal Bank of Canada dropped their target price on shares of Popular from $108.00 to $96.00 and set an “outperform” rating for the company in a research report on Thursday, October 24th. Piper Sandler reduced their price target on Popular from $112.00 to $100.00 and set an “overweight” rating on the stock in a research report on Thursday, October 24th. Finally, Barclays decreased their price objective on Popular from $117.00 to $104.00 and set an “overweight” rating for the company in a research note on Thursday, October 24th. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $106.00.

Popular Stock Performance

NASDAQ BPOP opened at $99.86 on Wednesday. The stock has a market capitalization of $7.12 billion, a P/E ratio of 13.57, a price-to-earnings-growth ratio of 0.77 and a beta of 0.81. Popular has a 52 week low of $74.97 and a 52 week high of $105.01. The stock has a fifty day moving average of $96.51 and a 200-day moving average of $94.85.

Popular (NASDAQ:BPOP) last posted its quarterly earnings results on Wednesday, October 23rd. The bank reported $2.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.33 by ($0.17). The firm had revenue of $736.56 million during the quarter, compared to the consensus estimate of $766.62 million. Popular had a net margin of 12.36% and a return on equity of 11.35%. Popular’s revenue was up 6.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.90 EPS. Equities research analysts forecast that Popular will post 8.46 earnings per share for the current fiscal year.

Insider Buying and Selling at Popular

In related news, EVP Beatriz Castellvi sold 3,500 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $99.16, for a total value of $347,060.00. Following the completion of the transaction, the executive vice president now directly owns 25,115 shares in the company, valued at approximately $2,490,403.40. The trade was a 12.23 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Adorno Denissa Rodriguez sold 1,825 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $97.71, for a total transaction of $178,320.75. Following the sale, the vice president now owns 3,332 shares in the company, valued at $325,569.72. This trade represents a 35.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.09% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of BPOP. Financial Management Professionals Inc. acquired a new position in Popular during the 3rd quarter worth approximately $29,000. Capital Performance Advisors LLP acquired a new position in Popular during the third quarter worth $35,000. Mather Group LLC. bought a new position in Popular in the second quarter valued at $44,000. Brooklyn Investment Group acquired a new stake in Popular in the 3rd quarter valued at $47,000. Finally, Meeder Asset Management Inc. bought a new stake in Popular during the 2nd quarter worth about $48,000. 87.27% of the stock is currently owned by institutional investors.

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.