Popular (NASDAQ:BPOP) Stock Rating Lowered by Wells Fargo & Company

Popular (NASDAQ:BPOP) was downgraded by equities research analysts at Wells Fargo & Company from an “overweight” rating to an “equal weight” rating in a report issued on Tuesday, MarketBeat.com reports. They presently have a $105.00 price objective on the bank’s stock, down from their previous price objective of $115.00. Wells Fargo & Company‘s price objective indicates a potential upside of 11.05% from the company’s previous close.

Several other brokerages also recently commented on BPOP. Royal Bank of Canada boosted their target price on shares of Popular from $90.00 to $108.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Piper Sandler initiated coverage on shares of Popular in a research note on Monday, August 26th. They issued an “overweight” rating and a $112.00 target price on the stock. Barclays boosted their target price on shares of Popular from $115.00 to $117.00 and gave the company an “overweight” rating in a research note on Friday, September 27th. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $120.00 target price (up previously from $110.00) on shares of Popular in a research note on Thursday, July 25th. Finally, Hovde Group boosted their target price 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. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $105.11.

Popular Price Performance

BPOP opened at $94.55 on Tuesday. Popular has a fifty-two week low of $59.27 and a fifty-two week high of $105.01. The firm’s fifty day moving average price is $98.57 and its two-hundred day moving average price is $91.76. The company has a market capitalization of $6.83 billion, a P/E ratio of 14.03, a P/E/G ratio of 0.68 and a beta of 0.78.

Popular (NASDAQ:BPOP) last issued its earnings results on Wednesday, July 24th. The bank reported $2.46 EPS for the quarter, beating the consensus estimate of $2.08 by $0.38. Popular had a net margin of 12.20% and a return on equity of 11.73%. The company had revenue of $1.09 billion for the quarter, compared to the consensus estimate of $751.57 million. During the same quarter in the previous year, the company earned $2.10 EPS. On average, equities research analysts expect that Popular will post 8.86 EPS for the current fiscal year.

Insiders Place Their Bets

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

Institutional Trading of Popular

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Headlands Technologies LLC bought a new stake in Popular during the 1st quarter worth about $42,000. Mather Group LLC. bought a new stake in shares of Popular in the 2nd quarter valued at about $44,000. Meeder Asset Management Inc. bought a new stake in shares of Popular in the 2nd quarter valued at about $48,000. GAMMA Investing LLC increased its stake in shares of Popular by 16.8% in the 2nd quarter. GAMMA Investing LLC now owns 1,259 shares of the bank’s stock valued at $111,000 after acquiring an additional 181 shares during the last quarter. Finally, Clear Street Markets LLC bought a new stake in shares of Popular in the 4th quarter valued at about $139,000. 87.27% of the stock is owned by institutional investors.

Popular Company Profile

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.