Popular (NASDAQ:BPOP) Earns Outperform Rating from Keefe, Bruyette & Woods

Keefe, Bruyette & Woods restated their outperform rating on shares of Popular (NASDAQ:BPOP) in a report released on Wednesday, Benzinga reports. The brokerage currently has a $110.00 price target on the bank’s stock, up from their prior price target of $103.00.

Several other analysts have also commented on BPOP. Barclays assumed coverage on shares of Popular in a research report on Friday, March 8th. They set an overweight rating and a $99.00 price target for the company. Piper Sandler increased their price target on shares of Popular from $96.00 to $105.00 and gave the company an overweight rating in a research report on Tuesday, April 9th. Hovde Group increased their price target on shares of Popular from $112.00 to $113.00 and gave the company an outperform rating in a research report on Wednesday. Royal Bank of Canada increased their price target on shares of Popular from $80.00 to $90.00 and gave the company an outperform rating in a research report on Friday, January 26th. Finally, UBS Group increased their price target on shares of Popular from $84.00 to $91.00 and gave the company a neutral rating in a research report on Friday, January 26th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average price target of $99.89.

Popular Price Performance

NASDAQ:BPOP opened at $86.58 on Wednesday. Popular has a 1-year low of $52.32 and a 1-year high of $89.70. The company has a 50-day moving average of $84.61 and a 200 day moving average of $79.15. The firm has a market cap of $6.26 billion, a PE ratio of 12.85 and a beta of 0.82.

Popular (NASDAQ:BPOP) last released its quarterly earnings data on Thursday, January 25th. The bank reported $1.94 earnings per share for the quarter, topping analysts’ consensus estimates of $1.05 by $0.89. Popular had a net margin of 11.95% and a return on equity of 11.95%. The company had revenue of $702.92 million during the quarter, compared to analyst estimates of $699.76 million. Sell-side analysts anticipate that Popular will post 8.46 EPS for the current fiscal year.

Popular Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Thursday, March 14th were issued a dividend of $0.62 per share. The ex-dividend date was Wednesday, March 13th. This represents a $2.48 annualized dividend and a dividend yield of 2.86%. Popular’s dividend payout ratio (DPR) is currently 36.80%.

Insider Activity

In other news, EVP Luis E. Cestero sold 4,641 shares of the company’s stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $84.42, for a total transaction of $391,793.22. Following the transaction, the executive vice president now owns 26,772 shares in the company, valued at $2,260,092.24. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, EVP Luis E. Cestero sold 599 shares of the stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $85.65, for a total value of $51,304.35. Following the transaction, the executive vice president now owns 26,529 shares in the company, valued at approximately $2,272,208.85. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Luis E. Cestero sold 4,641 shares of the stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $84.42, for a total transaction of $391,793.22. Following the completion of the transaction, the executive vice president now owns 26,772 shares in the company, valued at approximately $2,260,092.24. The disclosure for this sale can be found here. Corporate insiders own 2.09% of the company’s stock.

Hedge Funds Weigh In On Popular

Several hedge funds and other institutional investors have recently bought and sold shares of BPOP. Bruce G. Allen Investments LLC purchased a new stake in Popular in the 4th quarter worth approximately $44,000. Principal Securities Inc. purchased a new stake in Popular in the 4th quarter worth approximately $83,000. GAMMA Investing LLC purchased a new stake in Popular in the 4th quarter worth approximately $90,000. Assetmark Inc. boosted its position in Popular by 55.4% in the 3rd quarter. Assetmark Inc. now owns 1,420 shares of the bank’s stock worth $89,000 after purchasing an additional 506 shares in the last quarter. Finally, Clear Street Markets LLC purchased a new stake in Popular in the 4th quarter worth approximately $139,000. Institutional investors and hedge funds 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.