Popular (NASDAQ:BPOP) Shares Gap Down to $85.25

Popular, Inc. (NASDAQ:BPOP) gapped down before the market opened on Tuesday . The stock had previously closed at $85.25, but opened at $82.03. Popular shares last traded at $87.74, with a volume of 52,693 shares.

Analyst Ratings Changes

A number of research firms have recently commented on BPOP. Citigroup increased their price objective on Popular from $103.00 to $107.00 and gave the company a “buy” rating in a report on Wednesday, March 13th. Keefe, Bruyette & Woods increased their price objective on Popular from $95.00 to $103.00 and gave the company an “outperform” rating in a report on Friday, January 26th. Barclays began coverage on Popular in a report on Friday, March 8th. They issued an “overweight” rating and a $99.00 price objective on the stock. UBS Group increased their price objective on Popular from $84.00 to $91.00 and gave the company a “neutral” rating in a report on Friday, January 26th. Finally, Royal Bank of Canada increased their price objective on Popular from $80.00 to $90.00 and gave the company an “outperform” rating in a report on Friday, January 26th. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, Popular presently has an average rating of “Moderate Buy” and an average target price of $91.63.

Popular Stock Performance

The business has a 50-day simple moving average of $84.34 and a two-hundred day simple moving average of $78.60. The company has a market capitalization of $6.34 billion, a price-to-earnings ratio of 11.32 and a beta of 0.82.

Popular (NASDAQ:BPOP) last posted 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 return on equity of 12.63% and a net margin of 13.86%. The company had revenue of $702.92 million during the quarter, compared to analysts’ expectations of $699.76 million. Research analysts predict that Popular, Inc. will post 8.52 EPS for the current fiscal year.

Popular Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Thursday, March 14th were issued a $0.62 dividend. The ex-dividend date was Wednesday, March 13th. This represents a $2.48 annualized dividend and a dividend yield of 2.83%. Popular’s dividend payout ratio is currently 32.93%.

Insider Activity

In related news, EVP Luis E. Cestero sold 4,641 shares of the firm’s stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $84.42, for a total value of $391,793.22. Following the completion of the transaction, the executive vice president now directly owns 26,772 shares of the company’s stock, valued at approximately $2,260,092.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Popular news, EVP Luis E. Cestero sold 599 shares of the firm’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $85.65, for a total transaction of $51,304.35. Following the completion of the transaction, the executive vice president now owns 26,529 shares of the company’s stock, valued at $2,272,208.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Luis E. Cestero sold 4,641 shares of the firm’s stock in a transaction on Friday, March 8th. The stock was sold at an average price of $84.42, for a total value of $391,793.22. Following the transaction, the executive vice president now directly owns 26,772 shares of the company’s stock, valued at approximately $2,260,092.24. The disclosure for this sale can be found here. Insiders own 2.13% of the company’s stock.

Hedge Funds Weigh In On Popular

Several hedge funds have recently bought and sold shares of BPOP. Treasurer of the State of North Carolina increased its stake in Popular by 0.5% in the third quarter. Treasurer of the State of North Carolina now owns 30,898 shares of the bank’s stock valued at $1,947,000 after purchasing an additional 150 shares during the last quarter. Wedmont Private Capital lifted its stake in shares of Popular by 6.7% in the first quarter. Wedmont Private Capital now owns 2,729 shares of the bank’s stock worth $237,000 after acquiring an additional 171 shares in the last quarter. Arizona State Retirement System lifted its stake in shares of Popular by 1.4% in the third quarter. Arizona State Retirement System now owns 20,493 shares of the bank’s stock worth $1,291,000 after acquiring an additional 277 shares in the last quarter. Rock Point Advisors LLC lifted its stake in shares of Popular by 1.1% in the third quarter. Rock Point Advisors LLC now owns 31,792 shares of the bank’s stock worth $2,003,000 after acquiring an additional 345 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of Popular by 0.3% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 112,543 shares of the bank’s stock worth $7,091,000 after acquiring an additional 367 shares in the last quarter. Hedge funds and other institutional investors own 87.27% of the company’s stock.

About Popular

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.