Barclays Trims Popular (NASDAQ:BPOP) Target Price to $104.00

Popular (NASDAQ:BPOP) had its price objective cut by Barclays from $117.00 to $104.00 in a report published on Thursday morning, Benzinga reports. They currently have an overweight rating on the bank’s stock.

A number of other research analysts also recently issued reports on BPOP. Piper Sandler assumed coverage on Popular in a report on Monday, August 26th. They issued an “overweight” rating and a $112.00 price target for the company. Wells Fargo & Company lowered shares of 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. Hovde Group upped their price objective on shares of Popular from $113.00 to $123.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. Royal Bank of Canada raised their target price on Popular from $90.00 to $108.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. Finally, Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $120.00 price target (up previously from $110.00) on shares of Popular in a research report on Thursday, July 25th. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $104.88.

Popular Price Performance

NASDAQ:BPOP traded down $0.50 during midday trading on Thursday, hitting $88.47. The company’s stock had a trading volume of 43,646 shares, compared to its average volume of 410,792. Popular has a fifty-two week low of $61.99 and a fifty-two week high of $105.01. The firm’s 50 day moving average is $98.54 and its 200-day moving average is $93.04. The firm has a market cap of $6.39 billion, a P/E ratio of 13.20, a P/E/G ratio of 0.66 and a beta of 0.78.

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

Popular Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th were given a dividend of $0.62 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $2.48 annualized dividend and a dividend yield of 2.80%. Popular’s payout ratio is 36.80%.

Insider Activity

In other news, EVP Camille Burckhart sold 5,917 shares of the stock in a transaction on 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 transaction, the executive vice president now directly owns 29,922 shares in the company, valued at approximately $2,920,387.20. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 2.09% of the company’s stock.

Hedge Funds Weigh In On Popular

Several hedge funds and other institutional investors have recently made changes to their positions in BPOP. Financial Management Professionals Inc. purchased a new position in Popular during the 3rd quarter worth approximately $29,000. Headlands Technologies LLC acquired a new position in shares of Popular in the 1st quarter valued at $42,000. Mather Group LLC. purchased a new stake in shares of Popular during the 2nd quarter worth about $44,000. Meeder Asset Management Inc. acquired a new stake in Popular in the 2nd quarter valued at $48,000. Finally, GAMMA Investing LLC raised its stake in shares of Popular by 16.8% during the second quarter. GAMMA Investing LLC now owns 1,259 shares of the bank’s stock valued at $111,000 after purchasing an additional 181 shares during the period. Hedge funds and other institutional investors own 87.27% of the company’s stock.

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.