Popular (NASDAQ:BPOP) Given New $115.00 Price Target at Barclays

Popular (NASDAQ:BPOP) had its target price increased by analysts at Barclays from $103.00 to $115.00 in a report issued on Thursday, Benzinga reports. The firm presently has an “overweight” rating on the bank’s stock. Barclays‘s target price suggests a potential upside of 11.75% from the stock’s current price.

BPOP has been the topic of a number of other reports. Hovde Group lifted their target price on shares of Popular from $113.00 to $123.00 and gave the company an “outperform” rating in a report on Thursday. Wells Fargo & Company lifted their price objective on Popular from $105.00 to $115.00 and gave the company an “overweight” rating in a report on Wednesday, April 24th. StockNews.com upgraded Popular from a “sell” rating to a “hold” rating in a research report on Wednesday, April 3rd. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $120.00 target price (up from $110.00) on shares of Popular in a report on Thursday. Finally, Piper Sandler lifted their price objective on Popular from $96.00 to $105.00 and gave the company an “overweight” rating in a research report on Tuesday, April 9th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $105.22.

Popular Price Performance

Shares of BPOP traded up $3.54 during mid-day trading on Thursday, reaching $102.91. The stock had a trading volume of 210,191 shares, compared to its average volume of 392,525. The business’s fifty day moving average is $89.56 and its 200 day moving average is $86.57. Popular has a 52-week low of $59.27 and a 52-week high of $105.01. The firm has a market cap of $7.44 billion, a price-to-earnings ratio of 15.25, a P/E/G ratio of 0.85 and a beta of 0.80.

Popular (NASDAQ:BPOP) last posted its earnings results on Wednesday, July 24th. The bank reported $2.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.08 by $0.38. The company had revenue of $1.09 billion during the quarter, compared to analysts’ expectations of $751.57 million. Popular had a return on equity of 11.67% and a net margin of 11.95%. During the same quarter last year, the firm earned $2.10 earnings per share. As a group, sell-side analysts anticipate that Popular will post 8.41 EPS for the current fiscal year.

Insider Buying and Selling at Popular

In other news, EVP Gilberto Monzon sold 5,000 shares of the business’s stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $85.80, for a total value of $429,000.00. Following the completion of the sale, the executive vice president now owns 48,320 shares of the company’s stock, valued at approximately $4,145,856. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Popular news, EVP Gilberto Monzon sold 5,000 shares of Popular stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $85.80, for a total value of $429,000.00. Following the completion of the transaction, the executive vice president now directly owns 48,320 shares in the company, valued at $4,145,856. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Manuel Chinea sold 12,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $90.70, for a total value of $1,088,400.00. Following the completion of the sale, the executive vice president now directly owns 27,086 shares in the company, valued at approximately $2,456,700.20. The disclosure for this sale can be found here. 2.09% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Popular

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Norges Bank bought a new position in shares of Popular in the fourth quarter worth $66,881,000. Principal Financial Group Inc. increased its stake in shares of Popular by 57.2% during the first quarter. Principal Financial Group Inc. now owns 1,008,732 shares of the bank’s stock valued at $88,859,000 after acquiring an additional 366,870 shares during the period. Verition Fund Management LLC raised its holdings in Popular by 395.0% during the fourth quarter. Verition Fund Management LLC now owns 429,197 shares of the bank’s stock worth $35,224,000 after purchasing an additional 342,492 shares in the last quarter. Fourth Sail Capital LP acquired a new stake in Popular in the fourth quarter worth approximately $22,184,000. Finally, Jupiter Asset Management Ltd. bought a new position in Popular during the 1st quarter valued at $19,997,000. 87.27% of the stock is owned by institutional investors.

About Popular

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.