Popular (NASDAQ:BPOP) Shares Gap Up After Better-Than-Expected Earnings

Popular, Inc. (NASDAQ:BPOPGet Free Report)’s stock price gapped up before the market opened on Wednesday following a better than expected earnings announcement. The stock had previously closed at $102.46, but opened at $105.70. Popular shares last traded at $104.23, with a volume of 37,097 shares.

The bank reported $2.51 earnings per share for the quarter, beating analysts’ consensus estimates of $2.04 by $0.47. Popular had a return on equity of 11.35% and a net margin of 12.36%.

Popular Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Friday, December 6th were given a $0.70 dividend. This is an increase from Popular’s previous quarterly dividend of $0.62. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.70%. The ex-dividend date of this dividend was Friday, December 6th. Popular’s dividend payout ratio (DPR) is presently 38.04%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on BPOP shares. UBS Group initiated coverage on shares of Popular in a research note on Tuesday, December 17th. They set a “neutral” rating and a $104.00 price objective on the stock. Wells Fargo & Company increased their price target on Popular from $90.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 3rd. StockNews.com upgraded Popular from a “hold” rating to a “buy” rating in a research report on Wednesday. Keefe, Bruyette & Woods increased their target price on Popular from $116.00 to $129.00 and gave the stock an “outperform” rating in a research report on Wednesday. Finally, Royal Bank of Canada raised their target price on Popular from $100.00 to $110.00 and gave the company an “outperform” rating in a research note on Wednesday. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, Popular currently has an average rating of “Moderate Buy” and an average target price of $111.63.

Read Our Latest Report on Popular

Insider Activity at Popular

In other Popular news, EVP Beatriz Castellvi sold 3,500 shares of the business’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $99.16, for a total transaction of $347,060.00. Following the sale, the executive vice president now owns 25,115 shares in the company, valued at approximately $2,490,403.40. The trade was a 12.23 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Adorno Denissa Rodriguez sold 1,825 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $97.71, for a total transaction of $178,320.75. Following the sale, the vice president now directly owns 3,332 shares of the company’s stock, valued at $325,569.72. This represents a 35.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.09% of the company’s stock.

Hedge Funds Weigh In On Popular

Several institutional investors and hedge funds have recently added to or reduced their stakes in BPOP. Assetmark Inc. lifted its holdings in shares of Popular by 4.0% in the third quarter. Assetmark Inc. now owns 3,749 shares of the bank’s stock valued at $376,000 after purchasing an additional 143 shares in the last quarter. Pathstone Holdings LLC lifted its stake in Popular by 0.8% in the 3rd quarter. Pathstone Holdings LLC now owns 19,690 shares of the bank’s stock worth $1,974,000 after acquiring an additional 148 shares in the last quarter. Financial Management Professionals Inc. purchased a new stake in Popular in the 3rd quarter worth about $29,000. Park Avenue Securities LLC boosted its position in Popular by 8.6% during the 3rd quarter. Park Avenue Securities LLC now owns 3,874 shares of the bank’s stock worth $388,000 after acquiring an additional 307 shares during the period. Finally, KBC Group NV grew its stake in Popular by 19.0% during the 3rd quarter. KBC Group NV now owns 2,076 shares of the bank’s stock valued at $208,000 after acquiring an additional 331 shares in the last quarter. 87.27% of the stock is currently owned by hedge funds and other institutional investors.

Popular Trading Up 1.2 %

The business has a fifty day moving average price of $97.03 and a two-hundred day moving average price of $97.35. The company has a market cap of $7.40 billion, a price-to-earnings ratio of 14.09, a P/E/G ratio of 0.65 and a beta of 0.81.

Popular Company Profile

(Get Free Report)

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.

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