Popular (NASDAQ:BPOP) Reaches New 52-Week High Following Better-Than-Expected Earnings

Shares of Popular, Inc. (NASDAQ:BPOP) hit a new 52-week high on Tuesday following a better than expected earnings announcement. The company traded as high as $106.46 and last traded at $100.91, with a volume of 42196 shares changing hands. The stock had previously closed at $103.77.

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

Popular Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Friday, December 6th were given a dividend of $0.70 per share. 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 yield of 2.75%. The ex-dividend date of this dividend was Friday, December 6th. Popular’s payout ratio is presently 38.04%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. UBS Group began coverage on Popular in a report on Tuesday, December 17th. They issued a “neutral” rating and a $104.00 price objective for the company. Wells Fargo & Company lifted their price target on shares of Popular from $90.00 to $105.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 3rd. Piper Sandler cut their price objective on shares of Popular from $112.00 to $100.00 and set an “overweight” rating on the stock in a report on Thursday, October 24th. Royal Bank of Canada lowered their target price on shares of Popular from $108.00 to $96.00 and set an “outperform” rating for the company in a report on Thursday, October 24th. Finally, Barclays raised their price objective on Popular from $110.00 to $115.00 and gave the company an “overweight” rating in a research report on Friday, December 20th. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, Popular has an average rating of “Moderate Buy” and a consensus target price of $108.25.

Insider Buying and Selling at Popular

In related news, VP Adorno Denissa Rodriguez sold 1,825 shares of the firm’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $97.71, for a total value of $178,320.75. Following the completion of the transaction, the vice president now directly owns 3,332 shares of the company’s stock, valued at approximately $325,569.72. This trade represents a 35.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Beatriz Castellvi sold 3,500 shares of the business’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $99.16, for a total transaction of $347,060.00. Following the completion of the sale, the executive vice president now owns 25,115 shares in the company, valued at $2,490,403.40. This represents a 12.23 % decrease in their position. The disclosure for this sale can be found here. 2.09% of the stock is currently owned by corporate insiders.

Institutional Trading of Popular

Hedge funds have recently made changes to their positions in the business. Financial Management Professionals Inc. bought a new position in Popular during the third quarter valued at $29,000. Capital Performance Advisors LLP purchased a new stake in Popular in the 3rd quarter worth about $35,000. Brooklyn Investment Group bought a new stake in Popular in the third quarter worth about $47,000. Wilmington Savings Fund Society FSB purchased a new position in shares of Popular during the third quarter valued at approximately $81,000. Finally, R Squared Ltd bought a new position in shares of Popular during the fourth quarter valued at approximately $166,000. 87.27% of the stock is currently owned by hedge funds and other institutional investors.

Popular Price Performance

The stock has a market capitalization of $7.27 billion, a PE ratio of 13.85, a P/E/G ratio of 0.65 and a beta of 0.81. The firm has a fifty day moving average price of $96.72 and a two-hundred day moving average price of $97.21.

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.