Popular (NASDAQ:BPOP) Price Target Raised to $110.00 at Barclays

Popular (NASDAQ:BPOP) had its price target hoisted by investment analysts at Barclays from $104.00 to $110.00 in a report issued on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the bank’s stock. Barclays‘s target price would suggest a potential upside of 10.20% from the stock’s current price.

Other equities analysts have also issued research reports about the stock. Keefe, Bruyette & Woods upped their target price on shares of Popular from $103.00 to $116.00 and gave the stock an “outperform” rating in a research report on Wednesday. Piper Sandler dropped their target price on shares of Popular from $112.00 to $100.00 and set an “overweight” rating for the company in a research report on Thursday, October 24th. Wells Fargo & Company upped their target price on shares of Popular from $90.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Finally, Royal Bank of Canada dropped their target price on shares of Popular from $108.00 to $96.00 and set an “outperform” rating for the company in a research report on Thursday, October 24th. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $106.00.

Popular Price Performance

BPOP opened at $99.82 on Thursday. The firm has a market cap of $7.12 billion, a P/E ratio of 13.56, a PEG ratio of 0.77 and a beta of 0.81. Popular has a 1-year low of $74.97 and a 1-year high of $105.01. The company has a 50 day simple moving average of $96.51 and a two-hundred day simple moving average of $94.82.

Popular (NASDAQ:BPOP) last posted its quarterly earnings results on Wednesday, October 23rd. The bank reported $2.16 earnings per share for the quarter, missing analysts’ consensus estimates of $2.33 by ($0.17). The firm had revenue of $736.56 million during the quarter, compared to the consensus estimate of $766.62 million. Popular had a return on equity of 11.35% and a net margin of 12.36%. The business’s revenue for the quarter was up 6.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.90 earnings per share. Equities analysts anticipate that Popular will post 8.46 earnings per share for the current year.

Insider Activity at Popular

In related news, VP Adorno Denissa Rodriguez sold 1,825 shares of the company’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $97.71, for a total transaction of $178,320.75. Following the sale, the vice president now owns 3,332 shares of the company’s stock, valued at $325,569.72. This represents a 35.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Beatriz Castellvi sold 3,500 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $99.16, for a total transaction of $347,060.00. Following the completion of the sale, the executive vice president now directly owns 25,115 shares in the company, valued at approximately $2,490,403.40. This represents a 12.23 % decrease in their position. The disclosure for this sale can be found here. 2.09% of the stock is owned by insiders.

Institutional Investors Weigh In On Popular

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Mercer Global Advisors Inc. ADV raised its stake in shares of Popular by 3.0% in the second quarter. Mercer Global Advisors Inc. ADV now owns 4,087 shares of the bank’s stock valued at $361,000 after acquiring an additional 118 shares during the period. Assetmark Inc. raised its stake in shares of Popular by 4.0% in the third quarter. Assetmark Inc. now owns 3,749 shares of the bank’s stock valued at $376,000 after acquiring an additional 143 shares during the period. Pathstone Holdings LLC raised its stake in shares of Popular by 0.8% in the third quarter. Pathstone Holdings LLC now owns 19,690 shares of the bank’s stock valued at $1,974,000 after acquiring an additional 148 shares during the period. GAMMA Investing LLC raised its stake in shares of 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 acquiring an additional 181 shares during the period. Finally, Wedmont Private Capital raised its stake in shares of Popular by 9.5% in the second quarter. Wedmont Private Capital now owns 2,987 shares of the bank’s stock valued at $278,000 after acquiring an additional 258 shares during the period. Hedge funds and other institutional investors own 87.27% of the company’s stock.

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.