Short Interest in Popular, Inc. (NASDAQ:BPOP) Declines By 12.0%

Popular, Inc. (NASDAQ:BPOP) was the recipient of a significant decline in short interest in the month of September. As of September 15th, there was short interest totalling 730,800 shares, a decline of 12.0% from the August 31st total of 830,800 shares. Approximately 1.0% of the company’s shares are sold short. Based on an average daily trading volume, of 408,400 shares, the short-interest ratio is currently 1.8 days.

Analyst Ratings Changes

A number of analysts have recently weighed in on BPOP shares. Barclays increased their target price on shares of Popular from $115.00 to $117.00 and gave the stock an “overweight” rating in a report on Friday. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $120.00 price objective (up from $110.00) on shares of Popular in a research report on Thursday, July 25th. Royal Bank of Canada boosted their target price on Popular from $90.00 to $108.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Piper Sandler started coverage on shares of Popular in a report on Monday, August 26th. They issued an “overweight” rating and a $112.00 price target on the stock. Finally, Hovde Group upped their price objective on shares of Popular from $113.00 to $123.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $106.22.

Popular Trading Up 1.3 %

BPOP traded up $1.26 during trading on Monday, reaching $99.84. The stock had a trading volume of 134,374 shares, compared to its average volume of 398,642. The company has a market capitalization of $7.22 billion, a price-to-earnings ratio of 14.84, a P/E/G ratio of 0.68 and a beta of 0.78. The stock’s 50 day moving average is $98.84 and its two-hundred day moving average is $91.52. Popular has a one year low of $59.27 and a one year high of $105.01.

Popular (NASDAQ:BPOP) last posted its quarterly earnings data 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 return on equity of 11.73% and a net margin of 12.20%. The company had revenue of $1.09 billion during the quarter, compared to analyst estimates of $751.57 million. During the same quarter last year, the company earned $2.10 EPS. On average, equities research analysts predict that Popular will post 8.86 earnings per share for the current year.

Popular Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be paid a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a yield of 2.48%. The ex-dividend date of this dividend is Friday, September 13th. Popular’s payout ratio is 36.80%.

Insider Transactions at Popular

In related news, EVP Camille Burckhart sold 5,917 shares of the firm’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $97.60, for a total transaction of $577,499.20. Following the transaction, the executive vice president now directly owns 29,922 shares in the company, valued at approximately $2,920,387.20. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 2.09% of the company’s stock.

Institutional Trading of Popular

A number of institutional investors and hedge funds have recently bought and sold shares of BPOP. Principal Financial Group Inc. lifted its stake in shares of Popular by 57.2% in the first quarter. Principal Financial Group Inc. now owns 1,008,732 shares of the bank’s stock worth $88,859,000 after buying an additional 366,870 shares in the last quarter. Verition Fund Management LLC lifted its position in Popular by 395.0% in the 4th quarter. Verition Fund Management LLC now owns 429,197 shares of the bank’s stock valued at $35,224,000 after acquiring an additional 342,492 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its stake in Popular by 52.2% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 835,311 shares of the bank’s stock valued at $73,867,000 after purchasing an additional 286,450 shares during the last quarter. Jupiter Asset Management Ltd. bought a new stake in shares of Popular in the 1st quarter worth $19,997,000. Finally, Wellington Management Group LLP raised its stake in shares of Popular by 6.0% in the fourth quarter. Wellington Management Group LLP now owns 3,816,736 shares of the bank’s stock worth $313,240,000 after purchasing an additional 216,855 shares during the last quarter. 87.27% of the stock is currently 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.