Popular, Inc. (NASDAQ:BPOP) Receives $106.00 Consensus Target Price from Analysts

Shares of Popular, Inc. (NASDAQ:BPOP) have been assigned an average recommendation of “Moderate Buy” from the eight ratings firms that are presently covering the firm, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $106.00.

A number of equities analysts have recently issued reports on BPOP shares. Keefe, Bruyette & Woods raised their price target on Popular from $103.00 to $116.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Piper Sandler dropped their price target on Popular from $112.00 to $100.00 and set an “overweight” rating on the stock in a research note on Thursday, October 24th. Royal Bank of Canada dropped their price target on Popular from $108.00 to $96.00 and set an “outperform” rating on the stock in a research note on Thursday, October 24th. Barclays raised their price target on Popular from $104.00 to $110.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. Finally, Wells Fargo & Company raised their price target on Popular from $90.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 3rd.

Insider Activity

In other news, VP Adorno Denissa Rodriguez sold 1,825 shares of Popular stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $97.71, for a total value of $178,320.75. Following the sale, the vice president now directly owns 3,332 shares of the company’s stock, valued at approximately $325,569.72. The trade was a 35.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, 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 sale, the executive vice president now directly owns 25,115 shares in the company, valued at $2,490,403.40. The trade was a 12.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.09% of the company’s stock.

Institutional Investors Weigh In On Popular

Several large investors have recently added to or reduced their stakes in the stock. Franklin Resources Inc. increased its stake in Popular by 304.3% during the third quarter. Franklin Resources Inc. now owns 99,861 shares of the bank’s stock worth $10,042,000 after acquiring an additional 75,164 shares during the last quarter. Tidal Investments LLC purchased a new position in shares of Popular during the third quarter valued at approximately $1,635,000. Wilmington Savings Fund Society FSB purchased a new position in shares of Popular during the third quarter valued at approximately $81,000. TCW Group Inc. boosted its position in shares of Popular by 15.2% during the third quarter. TCW Group Inc. now owns 94,815 shares of the bank’s stock valued at $9,507,000 after buying an additional 12,494 shares during the period. Finally, Barclays PLC boosted its position in shares of Popular by 8.5% during the third quarter. Barclays PLC now owns 60,099 shares of the bank’s stock valued at $6,024,000 after buying an additional 4,699 shares during the period. 87.27% of the stock is owned by institutional investors.

Popular Trading Down 1.0 %

Popular stock opened at $98.07 on Friday. The firm has a market cap of $6.99 billion, a price-to-earnings ratio of 13.32, a PEG ratio of 0.78 and a beta of 0.81. The stock has a fifty day simple moving average of $96.55 and a two-hundred day simple moving average of $95.11. Popular has a 12 month low of $75.63 and a 12 month high of $105.01.

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 business had revenue of $736.56 million during the quarter, compared to the consensus estimate of $766.62 million. Popular had a return on equity of 11.35% and a net margin of 12.36%. The firm’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same period in the previous year, the business posted $1.90 EPS. On average, equities research analysts forecast that Popular will post 8.46 EPS for the current fiscal year.

Popular Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 6th will be given a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 2.86%. This is an increase from Popular’s previous quarterly dividend of $0.62. The ex-dividend date is Friday, December 6th. Popular’s payout ratio is presently 38.04%.

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.