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

Popular (NASDAQ:BPOP) had its price target lowered by Barclays from $117.00 to $104.00 in a research note released on Thursday, Benzinga reports. The brokerage currently has an overweight rating on the bank’s stock.

Other equities research analysts have also recently issued research reports about the stock. Wells Fargo & Company cut shares of Popular from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $115.00 to $105.00 in a report on Tuesday, October 1st. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $120.00 price target (up previously from $110.00) on shares of Popular in a research note on Thursday, July 25th. Royal Bank of Canada raised their price objective on Popular from $90.00 to $108.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. Piper Sandler started coverage on Popular in a report on Monday, August 26th. They issued an “overweight” rating and a $112.00 target price on the stock. Finally, Hovde Group raised their price target on Popular from $113.00 to $123.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, Popular presently has a consensus rating of “Moderate Buy” and an average target price of $104.88.

Popular Stock Performance

Shares of NASDAQ:BPOP opened at $88.46 on Thursday. The firm has a market capitalization of $6.39 billion, a P/E ratio of 13.12, a P/E/G ratio of 0.66 and a beta of 0.78. The stock has a 50 day moving average price of $98.34 and a 200-day moving average price of $93.10. Popular has a 52-week low of $61.99 and a 52-week high of $105.01.

Popular (NASDAQ:BPOP) last announced 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 for the quarter, compared to the consensus estimate of $766.62 million. Popular had a net margin of 12.20% and a return on equity of 11.73%. The business’s quarterly revenue was up 6.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.90 EPS. On average, equities analysts forecast that Popular will post 8.74 EPS for the current fiscal year.

Popular Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th were issued a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a dividend yield of 2.80%. The ex-dividend date was Friday, September 13th. Popular’s payout ratio is 36.80%.

Insider Transactions at Popular

In other news, EVP Camille Burckhart sold 5,917 shares of the company’s 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 transaction, the executive vice president now directly owns 29,922 shares of the company’s stock, valued at $2,920,387.20. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 2.09% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC grew its position in Popular by 661.3% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 10,795 shares of the bank’s stock worth $951,000 after purchasing an additional 9,377 shares during the period. Van ECK Associates Corp boosted its stake in shares of Popular by 36.5% in the 1st quarter. Van ECK Associates Corp now owns 28,134 shares of the bank’s stock worth $2,478,000 after buying an additional 7,525 shares during the last quarter. Janney Montgomery Scott LLC grew its holdings in shares of Popular by 53.8% in the first quarter. Janney Montgomery Scott LLC now owns 9,360 shares of the bank’s stock worth $825,000 after acquiring an additional 3,275 shares during the period. Envestnet Portfolio Solutions Inc. increased its position in Popular by 7.3% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 3,040 shares of the bank’s stock valued at $268,000 after acquiring an additional 208 shares during the last quarter. Finally, LSV Asset Management lifted its holdings in Popular by 1.4% in the first quarter. LSV Asset Management now owns 708,385 shares of the bank’s stock valued at $62,402,000 after acquiring an additional 9,985 shares during the period. 87.27% of the stock is owned by hedge funds and other 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.