Popular’s (BPOP) “Overweight” Rating Reiterated at Piper Sandler

Piper Sandler reissued their overweight rating on shares of Popular (NASDAQ:BPOP) in a research note published on Monday,Benzinga reports. Piper Sandler currently has a $190.00 price target on the bank’s stock, down from their previous price target of $198.00.

Several other research analysts have also weighed in on the company. Weiss Ratings reaffirmed a “buy (a-)” rating on shares of Popular in a research report on Friday, July 31st. Truist Financial increased their price objective on Popular from $192.00 to $197.00 and gave the company a “buy” rating in a report on Friday, July 24th. Keefe, Bruyette & Woods raised their target price on shares of Popular from $190.00 to $207.00 and gave the company an “outperform” rating in a research note on Friday, July 24th. Wells Fargo & Company lowered their target price on shares of Popular from $200.00 to $195.00 and set an “overweight” rating on the stock in a report on Tuesday, September 29th. Finally, Benchmark upped their price target on shares of Popular from $214.00 to $216.00 and gave the stock a “buy” rating in a research report on Monday, August 31st. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $186.83.

Popular Stock Performance

NASDAQ:BPOP opened at $157.88 on Monday. The stock’s 50-day simple moving average is $162.21 and its 200 day simple moving average is $152.86. The company has a market cap of $10.07 billion, a P/E ratio of 9.95, a P/E/G ratio of 0.59 and a beta of 0.63. Popular has a 52-week low of $108.74 and a 52-week high of $179.24.

Popular (NASDAQ:BPOP) last released its earnings results on Thursday, October 22nd. The bank reported $4.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.95 by $0.26. Popular had a return on equity of 16.08% and a net margin of 22.36%. The business had revenue of $874.59 million for the quarter, compared to analyst estimates of $904.43 million. During the same quarter in the prior year, the company posted $3.14 earnings per share. As a group, equities analysts predict that Popular will post 15.85 earnings per share for the current fiscal year.

Popular Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, January 4th. Shareholders of record on Friday, November 13th will be paid a $0.90 dividend. The ex-dividend date is Friday, November 13th. This represents a $3.60 annualized dividend and a yield of 2.3%. Popular’s dividend payout ratio is currently 22.68%.

Insiders Place Their Bets

In related news, VP Adorno Rodriguez sold 600 shares of the business’s stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $168.79, for a total transaction of $101,274.00. Following the transaction, the vice president directly owned 2,492 shares of the company’s stock, valued at approximately $420,624.68. The trade was a 19.40% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Luis E. Cestero sold 8,500 shares of the business’s stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $176.36, for a total value of $1,499,060.00. Following the transaction, the executive vice president directly owned 16,013 shares in the company, valued at $2,824,052.68. The trade was a 34.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 47,100 shares of company stock valued at $8,263,884. Corporate insiders own 2.13% of the company’s stock.

Institutional Investors Weigh In On Popular

Hedge funds have recently added to or reduced their stakes in the business. Wellington Management Group LLP lifted its holdings in Popular by 1.9% during the 2nd quarter. Wellington Management Group LLP now owns 1,004,676 shares of the bank’s stock worth $164,948,000 after purchasing an additional 18,647 shares during the last quarter. Sei Investments Co. grew its holdings in Popular by 24.9% in the 1st quarter. Sei Investments Co. now owns 556,630 shares of the bank’s stock valued at $74,684,000 after buying an additional 110,887 shares in the last quarter. Bank of America Corp DE increased its position in Popular by 8.2% during the 1st quarter. Bank of America Corp DE now owns 465,720 shares of the bank’s stock worth $62,486,000 after buying an additional 35,226 shares during the period. Bank of New York Mellon Corp bought a new position in Popular during the 2nd quarter worth $54,916,000. Finally, Quantinno Capital Management LP lifted its holdings in shares of Popular by 100.9% during the first quarter. Quantinno Capital Management LP now owns 272,800 shares of the bank’s stock worth $36,602,000 after buying an additional 136,984 shares in the last quarter. Institutional investors and hedge funds own 87.27% of the company’s stock.

About Popular

Popular, Inc (NASDAQ: BPOP) is a financial services company headquartered in San Juan, Puerto Rico. Its principal subsidiary, Banco Popular de Puerto Rico, provides banking services to individuals, businesses and institutions, including deposit accounts, consumer and commercial loans, residential mortgages, credit cards and electronic banking services.

The company also offers investment, brokerage, insurance and wealth management services through specialized subsidiaries and affiliated businesses.