Royal Bank of Canada Cuts Popular (NASDAQ:BPOP) Price Target to $96.00

Popular (NASDAQ:BPOP) had its price objective dropped by investment analysts at Royal Bank of Canada from $108.00 to $96.00 in a report released on Thursday, Benzinga reports. The brokerage currently has an “outperform” rating on the bank’s stock. Royal Bank of Canada’s price target would indicate a potential upside of 7.51% from the company’s previous close.

Other research analysts have also issued reports about the stock. Hovde Group raised their price target on shares of Popular from $113.00 to $123.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. Piper Sandler dropped their price target on shares of Popular from $112.00 to $100.00 and set an “overweight” rating on the stock in a research report on Thursday. Barclays dropped their price target on shares of Popular from $117.00 to $104.00 and set an “overweight” rating on the stock in a research report on Thursday. Wells Fargo & Company lowered their price objective on shares of Popular from $105.00 to $98.00 and set an “equal weight” rating on the stock in a research report on Thursday. Finally, Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $120.00 price objective (up previously from $110.00) on shares of Popular in a research report on Thursday, July 25th. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, Popular has a consensus rating of “Moderate Buy” and a consensus target price of $104.88.

Popular Price Performance

Shares of NASDAQ BPOP traded down $0.44 during mid-day trading on Thursday, reaching $89.29. 314,126 shares of the company’s stock traded hands, compared to its average volume of 409,942. The stock has a market cap of $6.45 billion, a P/E ratio of 13.28, a PEG ratio of 0.66 and a beta of 0.78. The business has a 50-day simple moving average of $98.70 and a 200 day simple moving average of $93.07. Popular has a 1-year low of $59.27 and a 1-year high of $105.01.

Popular (NASDAQ:BPOP) last released its quarterly earnings results on Wednesday, July 24th. The bank reported $2.46 earnings per share for the quarter, beating analysts’ consensus estimates of $2.08 by $0.38. Popular had a net margin of 12.20% and a return on equity of 11.73%. The company had revenue of $1.09 billion for the quarter, compared to analyst estimates of $751.57 million. During the same period last year, the firm earned $2.10 earnings per share. Equities research analysts anticipate that Popular will post 8.74 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Camille Burckhart sold 5,917 shares of the business’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $97.60, for a total value of $577,499.20. Following the sale, the executive vice president now owns 29,922 shares in the company, valued at approximately $2,920,387.20. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 2.09% of the company’s stock.

Institutional Trading of Popular

Large investors have recently made changes to their positions in the stock. Mercer Global Advisors Inc. ADV lifted its stake in Popular by 3.0% in the second quarter. Mercer Global Advisors Inc. ADV now owns 4,087 shares of the bank’s stock worth $361,000 after acquiring an additional 118 shares during the period. GAMMA Investing LLC boosted its position in Popular by 16.8% in the 2nd quarter. GAMMA Investing LLC now owns 1,259 shares of the bank’s stock worth $111,000 after purchasing an additional 181 shares in the last quarter. Envestnet Portfolio Solutions Inc. boosted its position in Popular by 7.3% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 3,040 shares of the bank’s stock worth $268,000 after purchasing an additional 208 shares in the last quarter. Wedmont Private Capital lifted its position in shares of Popular by 9.5% during the 2nd quarter. Wedmont Private Capital now owns 2,987 shares of the bank’s stock valued at $278,000 after buying an additional 258 shares in the last quarter. Finally, Park Avenue Securities LLC lifted its position in shares of Popular by 8.6% during the 3rd quarter. Park Avenue Securities LLC now owns 3,874 shares of the bank’s stock valued at $388,000 after buying an additional 307 shares in the last quarter. 87.27% of the stock is owned by hedge funds and other 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.