Popular (NASDAQ:BPOP) Given New $96.00 Price Target at Royal Bank of Canada

Popular (NASDAQ:BPOP) had its price target cut by Royal Bank of Canada from $108.00 to $96.00 in a research note published on Thursday, Benzinga reports. They currently have an outperform rating on the bank’s stock.

A number of other research analysts have also recently commented on the company. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $120.00 price objective (up from $110.00) on shares of Popular in a report on Thursday, July 25th. Piper Sandler decreased their price target on Popular from $112.00 to $100.00 and set an “overweight” rating on the stock in a research note on Thursday. Wells Fargo & Company lowered their price target on Popular from $105.00 to $98.00 and set an “equal weight” rating for the company in a report on Thursday. Barclays decreased their target price on shares of Popular from $117.00 to $104.00 and set an “overweight” rating on the stock in a research report on Thursday. Finally, Hovde Group lifted their price target on shares of Popular from $113.00 to $123.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $104.88.

Popular Stock Down 0.6 %

NASDAQ BPOP opened at $88.46 on Thursday. The business’s fifty day simple moving average is $98.34 and its 200-day simple moving average is $93.10. The firm has a market cap of $6.39 billion, a PE ratio of 13.12, a P/E/G ratio of 0.66 and a beta of 0.78. Popular has a 52 week low of $61.99 and a 52 week high of $105.01.

Popular (NASDAQ:BPOP) last released its quarterly earnings data on Wednesday, October 23rd. The bank reported $2.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.33 by ($0.17). The firm had revenue of $736.56 million for the quarter, compared to analyst estimates of $766.62 million. Popular had a return on equity of 11.73% and a net margin of 12.20%. Popular’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.90 earnings per share. Research analysts expect that Popular will post 8.74 EPS for the current year.

Popular Announces Dividend

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

Insider Activity at Popular

In other Popular news, EVP Camille Burckhart sold 5,917 shares of the firm’s stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $97.60, for a total value of $577,499.20. Following the completion of the transaction, the executive vice president now owns 29,922 shares of the company’s stock, valued at $2,920,387.20. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Company insiders own 2.09% of the company’s stock.

Institutional Investors Weigh In On Popular

A number of hedge funds have recently bought and sold shares of the stock. Mercer Global Advisors Inc. ADV grew its position in shares of Popular by 3.0% during the second quarter. Mercer Global Advisors Inc. ADV now owns 4,087 shares of the bank’s stock worth $361,000 after buying an additional 118 shares in the last quarter. GAMMA Investing LLC increased its position in shares of Popular by 16.8% in the 2nd 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 last quarter. Envestnet Portfolio Solutions Inc. raised its holdings in shares of Popular by 7.3% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 3,040 shares of the bank’s stock valued at $268,000 after purchasing an additional 208 shares in the last quarter. Wedmont Private Capital lifted its position in shares of Popular by 9.5% during the 2nd quarter. Wedmont Private Capital now owns 2,987 shares of the bank’s stock worth $278,000 after purchasing an additional 258 shares during the last quarter. Finally, Financial Management Professionals Inc. acquired a new position in shares of Popular during the third quarter worth $29,000. Institutional investors and hedge funds own 87.27% of the company’s stock.

About Popular

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.