Popular, Inc. (NASDAQ:BPOP) Short Interest Down 16.2% in January

Popular, Inc. (NASDAQ:BPOP) was the recipient of a large decline in short interest in the month of January. As of January 15th, there was short interest totalling 972,100 shares, a decline of 16.2% from the December 31st total of 1,160,000 shares. Approximately 1.4% of the company’s shares are sold short. Based on an average daily trading volume, of 545,000 shares, the days-to-cover ratio is presently 1.8 days.

Popular Trading Down 2.9 %

Shares of Popular stock traded down $3.03 during mid-day trading on Monday, hitting $99.91. 454,915 shares of the stock were exchanged, compared to its average volume of 480,801. The company has a 50-day simple moving average of $97.36 and a 200 day simple moving average of $97.44. The stock has a market capitalization of $7.12 billion, a price-to-earnings ratio of 11.67, a price-to-earnings-growth ratio of 0.74 and a beta of 0.81. Popular has a twelve month low of $80.60 and a twelve month high of $106.46.

Popular (NASDAQ:BPOP) last announced its quarterly earnings results on Tuesday, January 28th. The bank reported $2.51 earnings per share for the quarter, beating analysts’ consensus estimates of $2.04 by $0.47. Popular had a net margin of 14.15% and a return on equity of 11.89%. Equities research analysts forecast that Popular will post 10.06 earnings per share for the current fiscal year.

Popular Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Friday, December 6th were paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 2.80%. This is an increase from Popular’s previous quarterly dividend of $0.62. The ex-dividend date of this dividend was Friday, December 6th. Popular’s dividend payout ratio (DPR) is 32.71%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on BPOP shares. Keefe, Bruyette & Woods upped their price target on Popular from $116.00 to $129.00 and gave the stock an “outperform” rating in a report on Wednesday, January 29th. Piper Sandler lowered their price target on shares of Popular from $112.00 to $100.00 and set an “overweight” rating for the company in a report on Thursday, October 24th. UBS Group assumed coverage on shares of Popular in a report on Tuesday, December 17th. They issued a “neutral” rating and a $104.00 price objective on the stock. Royal Bank of Canada raised their price objective on shares of Popular from $100.00 to $110.00 and gave the stock an “outperform” rating in a report on Wednesday, January 29th. Finally, StockNews.com upgraded Popular from a “hold” rating to a “buy” rating in a research note on Wednesday, January 29th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $112.25.

Insider Activity

In related news, EVP Eduardo J. Negron sold 10,000 shares of the firm’s stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $104.02, for a total transaction of $1,040,200.00. Following the completion of the transaction, the executive vice president now directly owns 32,866 shares in the company, valued at $3,418,721.32. This trade represents a 23.33 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Adorno Denissa Rodriguez sold 1,825 shares of the business’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $97.71, for a total transaction of $178,320.75. Following the sale, the vice president now owns 3,332 shares in the company, valued at $325,569.72. This trade represents a 35.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 15,325 shares of company stock valued at $1,565,581. 2.09% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the company. Handelsbanken Fonder AB raised its position in shares of Popular by 17.0% during the 4th quarter. Handelsbanken Fonder AB now owns 15,839 shares of the bank’s stock valued at $1,490,000 after acquiring an additional 2,300 shares in the last quarter. Ieq Capital LLC lifted its position in shares of Popular by 647.6% in the 4th quarter. Ieq Capital LLC now owns 19,775 shares of the bank’s stock worth $1,860,000 after buying an additional 17,130 shares during the last quarter. Venturi Wealth Management LLC boosted its holdings in shares of Popular by 1,938.1% in the 4th quarter. Venturi Wealth Management LLC now owns 2,731 shares of the bank’s stock valued at $257,000 after buying an additional 2,597 shares during the period. CIBC Asset Management Inc grew its position in shares of Popular by 5.3% during the 4th quarter. CIBC Asset Management Inc now owns 2,239 shares of the bank’s stock valued at $211,000 after buying an additional 112 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D raised its stake in Popular by 3.9% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 22,089 shares of the bank’s stock worth $2,078,000 after acquiring an additional 819 shares during the period. Institutional investors own 87.27% of the company’s stock.

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.