Citigroup Raises Popular (BPOP) Price Target to $62.00
Several other analysts also recently weighed in on the stock. Sandler O’Neill reiterated a buy rating and issued a $58.00 price objective on shares of Popular in a research report on Monday, July 23rd. Morgan Stanley lifted their price objective on shares of Popular from $50.00 to $54.00 and gave the company an equal weight rating in a research report on Tuesday, July 31st. Royal Bank of Canada reiterated a buy rating and issued a $55.00 price objective on shares of Popular in a research report on Wednesday, July 25th. Finally, Barclays lifted their price objective on shares of Popular from $51.00 to $55.00 and gave the company an overweight rating in a research report on Tuesday, July 24th. Two research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of Buy and an average price target of $54.39.
Shares of NASDAQ:BPOP opened at $51.16 on Thursday. The stock has a market capitalization of $5.23 billion, a P/E ratio of 19.09 and a beta of 1.14. Popular has a fifty-two week low of $32.27 and a fifty-two week high of $53.00.
The company also recently disclosed a quarterly dividend, which was paid on Monday, October 1st. Investors of record on Thursday, September 13th were given a $0.25 dividend. The ex-dividend date was Wednesday, September 12th. This represents a $1.00 annualized dividend and a yield of 1.95%. Popular’s dividend payout ratio is presently 37.31%.
In other Popular news, Director Alejandro M. Ballester sold 2,536 shares of the firm’s stock in a transaction dated Friday, August 3rd. The shares were sold at an average price of $50.34, for a total transaction of $127,662.24. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Ignacio Alvarez sold 6,000 shares of the firm’s stock in a transaction dated Monday, August 13th. The shares were sold at an average price of $50.32, for a total transaction of $301,920.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 39,005 shares of company stock worth $1,956,006. 1.27% of the stock is currently owned by insiders.
Institutional investors have recently added to or reduced their stakes in the business. Nisa Investment Advisors LLC acquired a new position in Popular during the 2nd quarter valued at about $118,000. Cerebellum GP LLC acquired a new position in Popular during the 2nd quarter valued at about $176,000. Sun Life Financial INC acquired a new position in Popular during the 2nd quarter valued at about $206,000. Balasa Dinverno & Foltz LLC acquired a new position in Popular during the 3rd quarter valued at about $212,000. Finally, Allianz Asset Management GmbH acquired a new position in Popular during the 1st quarter valued at about $240,000. 87.61% of the stock is currently owned by hedge funds and other institutional investors.
Popular, Inc, through its subsidiaries, provides various retail, mortgage, and commercial banking products and services primarily to institutional and retail customers. The company accepts various deposit products. It also offers commercial and industrial loans; commercial real estate loans; residential mortgage loans; consumer loans, including personal loans, credit cards, home equity lines of credit, and other loans to individual borrowers; construction loans; and lease financing comprising automobile loans/leases.
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