Popular (NASDAQ:BPOP) Price Target Raised to $108.00 at Royal Bank of Canada

Popular (NASDAQ:BPOP) had its price objective hoisted by Royal Bank of Canada from $90.00 to $108.00 in a report issued on Thursday morning, Benzinga reports. They currently have an outperform rating on the bank’s stock.

BPOP has been the subject of a number of other reports. Barclays raised their price objective on Popular from $103.00 to $115.00 and gave the stock an overweight rating in a research report on Thursday. Keefe, Bruyette & Woods reaffirmed an outperform rating and issued a $120.00 target price (up from $110.00) on shares of Popular in a research report on Thursday. Hovde Group lifted their target price on Popular from $113.00 to $123.00 and gave the company an outperform rating in a research report on Thursday. StockNews.com raised Popular from a sell rating to a hold rating in a research report on Wednesday, April 3rd. Finally, Piper Sandler lifted their target price on Popular from $96.00 to $105.00 and gave the company an overweight rating in a research report on Tuesday, April 9th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus price target of $105.22.

Popular Stock Up 2.9 %

NASDAQ BPOP opened at $102.21 on Thursday. Popular has a 52 week low of $59.27 and a 52 week high of $105.01. The business’s fifty day simple moving average is $89.76 and its 200-day simple moving average is $86.68. The firm has a market cap of $7.39 billion, a PE ratio of 15.16, a P/E/G ratio of 0.82 and a beta of 0.80.

Popular (NASDAQ:BPOP) last issued its quarterly earnings data on Wednesday, July 24th. The bank reported $2.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.08 by $0.38. The firm had revenue of $1.09 billion during the quarter, compared to the consensus estimate of $751.57 million. Popular had a return on equity of 12.00% and a net margin of 12.20%. During the same period last year, the company earned $2.10 EPS. Research analysts expect that Popular will post 8.41 EPS for the current year.

Popular Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 1st. Stockholders of record on Thursday, May 30th were paid a $0.62 dividend. This represents a $2.48 annualized dividend and a dividend yield of 2.43%. The ex-dividend date was Thursday, May 30th. Popular’s payout ratio is presently 36.80%.

Insider Activity

In other news, EVP Gilberto Monzon sold 5,000 shares of Popular stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $85.80, for a total value of $429,000.00. Following the completion of the transaction, the executive vice president now owns 48,320 shares in the company, valued at approximately $4,145,856. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, EVP Gilberto Monzon sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $85.80, for a total value of $429,000.00. Following the completion of the transaction, the executive vice president now directly owns 48,320 shares of the company’s stock, valued at $4,145,856. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Manuel Chinea sold 12,000 shares of the company’s stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $90.70, for a total value of $1,088,400.00. Following the completion of the transaction, the executive vice president now directly owns 27,086 shares of the company’s stock, valued at $2,456,700.20. 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

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp boosted its holdings in Popular by 3.5% in the second quarter. Bank of New York Mellon Corp now owns 607,253 shares of the bank’s stock valued at $53,699,000 after purchasing an additional 20,522 shares in the last quarter. Raymond James & Associates boosted its holdings in shares of Popular by 3.9% in the second quarter. Raymond James & Associates now owns 31,582 shares of the bank’s stock valued at $2,793,000 after acquiring an additional 1,195 shares during the period. TCW Group Inc. boosted its holdings in shares of Popular by 70.7% in the second quarter. TCW Group Inc. now owns 82,321 shares of the bank’s stock valued at $7,280,000 after acquiring an additional 34,107 shares during the period. Envestnet Portfolio Solutions Inc. boosted its holdings in shares of Popular by 17.0% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 3,558 shares of the bank’s stock valued at $315,000 after acquiring an additional 518 shares during the period. Finally, Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Popular by 22.2% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 3,815 shares of the bank’s stock valued at $337,000 after acquiring an additional 692 shares during the period. 87.27% of the stock is owned by institutional investors and hedge funds.

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.