Popular, Inc. (NASDAQ:BPOP) Sees Large Increase in Short Interest

Popular, Inc. (NASDAQ:BPOP) was the target of a large increase in short interest during the month of December. As of December 31st, there was short interest totalling 1,160,000 shares, an increase of 7.4% from the December 15th total of 1,080,000 shares. Based on an average daily volume of 529,600 shares, the short-interest ratio is presently 2.2 days. Currently, 1.7% of the company’s stock are short sold.

Popular Stock Performance

Shares of NASDAQ BPOP traded up $0.93 during midday trading on Friday, reaching $99.64. The stock had a trading volume of 452,885 shares, compared to its average volume of 407,504. Popular has a 12-month low of $79.50 and a 12-month high of $105.01. The stock has a 50-day moving average of $96.36 and a 200-day moving average of $96.68. The company has a market capitalization of $7.11 billion, a price-to-earnings ratio of 13.54, a price-to-earnings-growth ratio of 0.60 and a beta of 0.81.

Popular (NASDAQ:BPOP) last posted its quarterly earnings results on Wednesday, October 23rd. The bank reported $2.16 EPS for the quarter, missing analysts’ consensus estimates of $2.33 by ($0.17). The business had revenue of $736.56 million for the quarter, compared to the consensus estimate of $766.62 million. Popular had a net margin of 12.36% and a return on equity of 11.35%. Popular’s revenue was up 6.2% compared to the same quarter last year. During the same period in the prior year, the business earned $1.90 earnings per share. As a group, analysts forecast that Popular will post 8.41 EPS for the current fiscal year.

Popular Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Friday, December 6th were issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 2.81%. The ex-dividend date of this dividend was Friday, December 6th. This is an increase from Popular’s previous quarterly dividend of $0.62. Popular’s dividend payout ratio is 38.04%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on BPOP shares. Barclays increased their target price on Popular from $110.00 to $115.00 and gave the company an “overweight” rating in a report on Friday, December 20th. Royal Bank of Canada dropped their price objective on shares of Popular from $108.00 to $96.00 and set an “outperform” rating on the stock in a report on Thursday, October 24th. Piper Sandler cut 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. UBS Group began coverage on shares of Popular in a research report on Tuesday, December 17th. They issued a “neutral” rating and a $104.00 price target on the stock. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of Popular from $103.00 to $116.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $108.25.

Insider Buying and Selling at Popular

In other Popular news, EVP Beatriz Castellvi sold 3,500 shares of Popular stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $99.16, for a total value of $347,060.00. Following the completion of the sale, the executive vice president now owns 25,115 shares of the company’s stock, valued at approximately $2,490,403.40. The trade was a 12.23 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Adorno Denissa Rodriguez sold 1,825 shares of the business’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 approximately $325,569.72. This represents a 35.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.13% of the company’s stock.

Institutional Investors Weigh In On Popular

Large investors have recently made changes to their positions in the company. Financial Management Professionals Inc. bought a new stake in Popular in the third quarter worth $29,000. Capital Performance Advisors LLP purchased a new position in shares of Popular in the 3rd quarter worth $35,000. Brooklyn Investment Group bought a new stake in shares of Popular in the 3rd quarter worth about $47,000. Wilmington Savings Fund Society FSB bought a new stake in shares of Popular in the 3rd quarter worth about $81,000. Finally, Arcus Capital Partners LLC purchased a new stake in shares of Popular during the 3rd quarter valued at about $201,000. 87.27% of the stock is 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.