Popular (NASDAQ:BPOP) Price Target Cut to $98.00 by Analysts at Wells Fargo & Company

Popular (NASDAQ:BPOP) had its target price reduced by Wells Fargo & Company from $105.00 to $98.00 in a research report released on Thursday morning, Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the bank’s stock.

Other equities analysts also recently issued reports about the stock. Hovde Group increased their target price on shares of Popular from $113.00 to $123.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. Piper Sandler cut their price objective on Popular from $112.00 to $100.00 and set an “overweight” rating on the stock in a research note on Thursday. Barclays decreased their target price on Popular from $117.00 to $104.00 and set an “overweight” rating for the company in a research report on Thursday. Royal Bank of Canada increased their price target on Popular from $90.00 to $108.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. Finally, Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $120.00 price objective (up from $110.00) on shares of Popular in a report on Thursday, July 25th. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $104.88.

Popular Price Performance

Shares of BPOP stock opened at $88.97 on Thursday. The firm has a market cap of $6.43 billion, a P/E ratio of 13.20, a PEG ratio of 0.66 and a beta of 0.78. The stock’s 50-day moving average is $98.54 and its two-hundred day moving average is $93.04. Popular has a fifty-two week low of $59.27 and a fifty-two week high of $105.01.

Popular (NASDAQ:BPOP) last posted its earnings results on Wednesday, October 23rd. The bank reported $2.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.33 by ($0.17). The business had revenue of $736.56 million during the quarter, compared to analyst estimates of $766.62 million. Popular had a net margin of 12.20% and a return on equity of 11.73%. Popular’s revenue was up 6.2% compared to the same quarter last year. During the same quarter last year, the firm earned $1.90 earnings per share. As a group, research analysts expect that Popular will post 8.74 EPS for the current year.

Popular Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 13th were paid a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a yield of 2.79%. The ex-dividend date was Friday, September 13th. Popular’s payout ratio is currently 36.80%.

Insiders Place Their Bets

In other news, EVP Camille Burckhart sold 5,917 shares of the company’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $97.60, for a total transaction of $577,499.20. Following the completion of the transaction, the executive vice president now owns 29,922 shares of the company’s stock, valued at approximately $2,920,387.20. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.09% of the company’s stock.

Institutional Trading of Popular

A number of institutional investors and hedge funds have recently modified their holdings of BPOP. Mercer Global Advisors Inc. ADV grew its holdings in shares of Popular by 3.0% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 4,087 shares of the bank’s stock worth $361,000 after purchasing an additional 118 shares during the last quarter. GAMMA Investing LLC boosted its position in Popular by 16.8% in the second quarter. GAMMA Investing LLC now owns 1,259 shares of the bank’s stock valued at $111,000 after buying an additional 181 shares in the last quarter. Envestnet Portfolio Solutions Inc. grew its stake in Popular by 7.3% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 3,040 shares of the bank’s stock worth $268,000 after buying an additional 208 shares during the last quarter. Wedmont Private Capital increased its holdings in shares of Popular by 9.5% during the second quarter. Wedmont Private Capital now owns 2,987 shares of the bank’s stock worth $278,000 after buying an additional 258 shares in the last quarter. Finally, Financial Management Professionals Inc. bought a new position in shares of Popular in the third quarter valued at approximately $29,000. 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.