Wells Fargo & Company Has Lowered Expectations for Popular (NASDAQ:BPOP) Stock Price

Popular (NASDAQ:BPOP) had its price objective reduced by Wells Fargo & Company from $195.00 to $190.00 in a note issued to investors on Monday, Benzinga reports. The firm presently has an “overweight” rating on the bank’s stock. Wells Fargo & Company‘s price target would indicate a potential upside of 21.04% from the company’s previous close.

BPOP has been the topic of several other reports. Benchmark increased their price target on shares of Popular from $214.00 to $216.00 and gave the company a “buy” rating in a research note on Monday, August 31st. Royal Bank Of Canada boosted their price objective on shares of Popular from $163.00 to $181.00 and gave the stock an “outperform” rating in a research report on Friday, July 24th. Barclays boosted their price objective on shares of Popular from $200.00 to $205.00 and gave the stock an “overweight” rating in a research report on Monday, October 5th. Piper Sandler restated an “overweight” rating and issued a $190.00 target price (down from $198.00) on shares of Popular in a report on Monday, October 26th. Finally, Weiss Ratings reaffirmed a “buy (a-)” rating on shares of Popular in a research report on Thursday, October 29th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Popular currently has an average rating of “Buy” and an average price target of $186.42.

Popular Stock Up 0.3%

Popular stock opened at $156.97 on Monday. The firm has a market cap of $10.01 billion, a PE ratio of 9.91, a price-to-earnings-growth ratio of 0.47 and a beta of 0.63. Popular has a 52-week low of $109.01 and a 52-week high of $179.24. The company’s 50 day moving average is $160.55 and its two-hundred day moving average is $153.94.

Popular (NASDAQ:BPOP) last announced its quarterly earnings data on Thursday, October 22nd. The bank reported $4.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.95 by $0.26. Popular had a return on equity of 16.08% and a net margin of 22.36%. The business had revenue of $874.59 million during the quarter, compared to analysts’ expectations of $904.43 million. During the same quarter last year, the business posted $3.14 EPS. On average, equities research analysts anticipate that Popular will post 16.05 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, VP Adorno Rodriguez sold 600 shares of the firm’s stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $168.79, for a total value of $101,274.00. Following the completion of the sale, the vice president directly owned 2,492 shares of the company’s stock, valued at $420,624.68. This trade represents a 19.40% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.13% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Popular

Institutional investors and hedge funds have recently modified their holdings of the company. JCSD Capital LLC grew its holdings in Popular by 34.2% in the third quarter. JCSD Capital LLC now owns 19,600 shares of the bank’s stock valued at $3,047,000 after purchasing an additional 5,000 shares during the last quarter. Russell Investments Group Ltd. increased its position in shares of Popular by 24.0% in the third quarter. Russell Investments Group Ltd. now owns 313,417 shares of the bank’s stock valued at $48,721,000 after buying an additional 60,704 shares in the last quarter. R Squared Ltd acquired a new position in shares of Popular during the 3rd quarter worth $610,000. Maryland State Retirement & Pension System raised its stake in shares of Popular by 12.8% during the 3rd quarter. Maryland State Retirement & Pension System now owns 3,758 shares of the bank’s stock worth $584,000 after buying an additional 425 shares during the last quarter. Finally, Machina Capital S.A.S. acquired a new position in shares of Popular during the 3rd quarter worth $728,000. Institutional investors and hedge funds own 87.27% of the company’s stock.

About Popular

Popular, Inc is a financial holding company headquartered in San Juan, Puerto Rico. Founded in 1893, it provides banking and other financial services primarily in Puerto Rico and the U.S. mainland.

Its principal subsidiary, Banco Popular de Puerto Rico, serves individuals and businesses with consumer and commercial banking, mortgage lending, and related financial services. Popular also operates Popular Bank in the mainland United States and provides auto financing through Popular Auto.

Ignacio Alvarez is Popular’s president and chief executive officer.