Popular (NASDAQ:BPOP) Stock Gets Price Target Trim from Wells Fargo & Company

Popular (NASDAQ:BPOP) had its target price decreased by Wells Fargo & Company from $195.00 to $190.00 in a report released on Monday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the bank’s stock.

Other analysts also recently issued reports about the stock. Zacks Research lowered shares of Popular from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 8th. Weiss Ratings reissued a “buy (a-)” rating on shares of Popular in a report on Thursday, October 29th. Truist Financial boosted their target price on shares of Popular from $192.00 to $197.00 and gave the company a “buy” rating in a research report on Friday, July 24th. Citigroup boosted their target price on shares of Popular from $192.00 to $193.00 and gave the company a “buy” rating in a research report on Monday, October 26th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $190.00 price target (down from $198.00) on shares of Popular in a report on Monday, October 26th. One research 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 stock. Based on data from MarketBeat, Popular presently has a consensus rating of “Buy” and an average target price of $186.42.

Popular Stock Up 0.6%

Shares of NASDAQ BPOP opened at $160.10 on Monday. The business’s 50 day moving average price is $159.98 and its 200 day moving average price is $154.43. The firm has a market cap of $9.99 billion, a P/E ratio of 10.09, a P/E/G ratio of 0.48 and a beta of 0.63. Popular has a 52 week low of $109.01 and a 52 week high of $179.24.

Popular (NASDAQ:BPOP) last issued its quarterly earnings results on Thursday, October 22nd. The bank reported $4.21 earnings per share for the quarter, topping the consensus estimate of $3.95 by $0.26. Popular had a net margin of 22.36% and a return on equity of 16.15%. The company had revenue of $874.59 million for the quarter, compared to the consensus estimate of $904.43 million. During the same quarter in the prior year, the company earned $3.14 EPS. As a group, research analysts expect that Popular will post 16.05 earnings per share for the current year.

Popular Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, January 4th. Shareholders of record on Friday, November 13th will be issued a $0.90 dividend. The ex-dividend date of this dividend is Friday, November 13th. This represents a $3.60 dividend on an annualized basis and a yield of 2.2%. Popular’s payout ratio is presently 22.68%.

Insider Buying and Selling

In other news, VP Adorno Rodriguez sold 600 shares of the firm’s stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $168.79, for a total transaction of $101,274.00. Following the sale, the vice president owned 2,492 shares of the company’s stock, valued at $420,624.68. This trade represents a 19.40% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 2.13% of the company’s stock.

Hedge Funds Weigh In On Popular

Several institutional investors have recently made changes to their positions in the company. Private Wealth Asset Management LLC purchased a new stake in Popular during the third quarter worth $423,000. Ieq Capital LLC grew its position in Popular by 16.9% during the third quarter. Ieq Capital LLC now owns 76,210 shares of the bank’s stock valued at $11,847,000 after buying an additional 11,016 shares during the period. Boston Partners grew its position in Popular by 73.6% during the third quarter. Boston Partners now owns 57,091 shares of the bank’s stock valued at $8,875,000 after buying an additional 24,204 shares during the period. OneAscent Financial Services LLC increased its holdings in Popular by 95.0% in the third quarter. OneAscent Financial Services LLC now owns 4,070 shares of the bank’s stock valued at $633,000 after buying an additional 1,983 shares in the last quarter. Finally, Public Sector Pension Investment Board purchased a new position in Popular in the third quarter valued at $5,778,000. 87.27% of the stock is owned by hedge funds and other institutional investors.

About Popular

Popular, Inc. is a financial holding company headquartered in San Juan, Puerto Rico. Founded in 1893, it provides banking and other financial services primarily in Puerto Rico and the U.S. mainland. Its principal subsidiary, Banco Popular de Puerto Rico, serves individuals and businesses with consumer and commercial banking, mortgage lending, and related financial services. Popular also operates Popular Bank in the mainland United States and provides auto financing through Popular Auto. Ignacio Alvarez is Popular’s president and chief executive officer.