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

Popular (NASDAQ:BPOP)‘s stock had its “outperform” rating reaffirmed by equities research analysts at Keefe, Bruyette & Woods in a research note issued to investors on Wednesday, Benzinga reports. They currently have a $110.00 price objective on the bank’s stock, up from their prior price objective of $103.00. Keefe, Bruyette & Woods’ target price would indicate a potential upside of 26.02% from the stock’s previous close.

A number of other equities research analysts also recently weighed in on the company. Hovde Group boosted their target price on Popular from $112.00 to $113.00 and gave the stock an “outperform” rating in a research report on Wednesday. Piper Sandler boosted their target price on Popular from $96.00 to $105.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 9th. Barclays began coverage on Popular in a report on Friday, March 8th. They issued an “overweight” rating and a $99.00 price objective for the company. Royal Bank of Canada upped 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. Finally, Wells Fargo & Company upped their price objective on Popular from $105.00 to $115.00 and gave the company an “overweight” rating in a report on Wednesday. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, Popular has a consensus rating of “Moderate Buy” and a consensus target price of $99.22.

Popular Stock Performance

Popular stock traded down $0.59 on Wednesday, reaching $87.29. The company’s stock had a trading volume of 131,550 shares, compared to its average volume of 448,477. The company has a market cap of $6.31 billion, a price-to-earnings ratio of 11.62 and a beta of 0.82. The business’s fifty day moving average price is $84.45 and its 200 day moving average price is $78.77. Popular has a twelve month low of $52.32 and a twelve month high of $89.70.

Popular (NASDAQ:BPOP) last released its earnings results 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. The company had revenue of $702.92 million during the quarter, compared to the consensus estimate of $699.76 million. Popular had a return on equity of 12.63% and a net margin of 13.86%. As a group, equities analysts forecast that Popular will post 8.52 earnings per share for the current year.

Insider Transactions at Popular

In other news, EVP Luis E. Cestero sold 4,641 shares of the firm’s stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $84.42, for a total transaction of $391,793.22. Following the sale, the executive vice president now owns 26,772 shares of the company’s stock, valued at $2,260,092.24. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, EVP Luis E. Cestero sold 4,641 shares of the stock in a transaction dated 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 directly owns 26,772 shares in the company, valued at $2,260,092.24. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Luis E. Cestero sold 599 shares of the stock in a transaction dated Friday, February 2nd. The stock was 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 of the company’s stock, valued at $2,272,208.85. The disclosure for this sale can be found here. 2.13% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of BPOP. AE Wealth Management LLC grew its stake in Popular by 9.1% in the third quarter. AE Wealth Management LLC now owns 19,863 shares of the bank’s stock valued at $1,252,000 after purchasing an additional 1,662 shares in the last quarter. Ritholtz Wealth Management bought a new position in Popular in the third quarter valued at approximately $331,000. Raymond James & Associates grew its stake in Popular by 11.3% in the third quarter. Raymond James & Associates now owns 29,986 shares of the bank’s stock valued at $1,889,000 after purchasing an additional 3,042 shares in the last quarter. Bailard Inc. grew its stake in Popular by 93.6% in the third quarter. Bailard Inc. now owns 9,100 shares of the bank’s stock valued at $573,000 after purchasing an additional 4,400 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Popular by 25.1% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,950 shares of the bank’s stock valued at $879,000 after purchasing an additional 2,795 shares in the last quarter. 87.27% of the stock is currently owned by institutional investors.

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.