Popular (NASDAQ:BPOP) Price Target Raised to $113.00 at Hovde Group

Popular (NASDAQ:BPOP) had its price objective lifted by Hovde Group from $112.00 to $113.00 in a research report sent to investors on Wednesday morning, Marketbeat Ratings reports. Hovde Group currently has an outperform rating on the bank’s stock.

BPOP has been the topic of a number of other research reports. Royal Bank of Canada raised their price target on Popular from $80.00 to $90.00 and gave the stock an outperform rating in a research note on Friday, January 26th. Citigroup raised their price target on Popular from $103.00 to $107.00 and gave the stock a buy rating in a research note on Wednesday, March 13th. Piper Sandler raised their price target on Popular from $96.00 to $105.00 and gave the stock an overweight rating in a research note on Tuesday, April 9th. Barclays initiated coverage on Popular in a research note on Friday, March 8th. They set an overweight rating and a $99.00 price target on the stock. Finally, Keefe, Bruyette & Woods lifted their target price on Popular from $95.00 to $103.00 and gave the company an outperform rating in a research note on Friday, January 26th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average target price of $99.89.

Popular Stock Performance

Shares of NASDAQ BPOP opened at $86.58 on Wednesday. The stock’s 50-day simple moving average is $84.61 and its 200-day simple moving average is $79.15. The firm has a market capitalization of $6.26 billion, a PE ratio of 12.85 and a beta of 0.82. Popular has a fifty-two week low of $52.32 and a fifty-two week high of $89.70.

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

Popular Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Thursday, March 14th were paid a $0.62 dividend. The ex-dividend date was Wednesday, March 13th. This represents a $2.48 annualized dividend and a dividend yield of 2.86%. 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 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 sale, 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 legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Luis E. Cestero sold 599 shares of the firm’s stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $85.65, for a total value of $51,304.35. Following the completion of the sale, the executive vice president now directly owns 26,529 shares of the company’s stock, valued at approximately $2,272,208.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Luis E. Cestero sold 4,641 shares of the firm’s stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $84.42, for a total value of $391,793.22. Following the completion of the sale, the executive vice president now directly owns 26,772 shares of the company’s stock, valued at $2,260,092.24. The disclosure for this sale can be found here. 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 the company. Vanguard Group Inc. raised its holdings in Popular by 1.9% during the third quarter. Vanguard Group Inc. now owns 9,016,116 shares of the bank’s stock worth $568,105,000 after purchasing an additional 171,391 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Popular by 0.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 4,108,821 shares of the bank’s stock worth $337,213,000 after purchasing an additional 19,849 shares during the last quarter. Wellington Management Group LLP raised its holdings in Popular by 6.0% during the fourth quarter. Wellington Management Group LLP now owns 3,816,736 shares of the bank’s stock worth $313,240,000 after purchasing an additional 216,855 shares during the last quarter. Norges Bank acquired a new position in Popular during the fourth quarter worth $66,881,000. Finally, Charles Schwab Investment Management Inc. raised its holdings in Popular by 3.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 733,072 shares of the bank’s stock worth $60,163,000 after purchasing an additional 21,386 shares during the last quarter. 87.27% of the stock is owned by institutional investors and hedge funds.

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.