Popular (NASDAQ:BPOP) Rating Lowered to Equal Weight at Wells Fargo & Company

by · The Cerbat Gem

Wells Fargo & Company downgraded shares of Popular (NASDAQ:BPOP – Free Report) from an overweight rating to an equal weight rating in a report published on Tuesday, MarketBeat Ratings reports. Wells Fargo & Company currently has $105.00 price target on the bank’s stock, down from their previous price target of $115.00.

Other analysts also recently issued reports about the stock. Royal Bank of Canada boosted their price target on shares of Popular from $90.00 to $108.00 and gave the stock an outperform rating in a research report on Thursday, July 25th. Piper Sandler initiated coverage on Popular in a research report on Monday, August 26th. They issued an overweight rating and a $112.00 target price for the company. Barclays increased their price target on Popular from $115.00 to $117.00 and gave the company an overweight rating in a research note on Friday, September 27th. Hovde Group upped their price objective on Popular from $113.00 to $123.00 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 target price (up previously from $110.00) on shares of Popular in a research note on Thursday, July 25th. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of Moderate Buy and a consensus target price of $105.11.

Check Out Our Latest Stock Analysis on BPOP

Popular Price Performance

Shares of BPOP stock opened at $97.26 on Tuesday. The business has a 50 day simple moving average of $98.32 and a 200 day simple moving average of $91.89. The firm has a market capitalization of $7.03 billion, a price-to-earnings ratio of 14.43, a price-to-earnings-growth ratio of 0.68 and a beta of 0.78. Popular has a 12-month low of $59.27 and a 12-month high of $105.01.

Popular (NASDAQ:BPOP – Get Free Report) last issued its quarterly earnings results on Wednesday, July 24th. The bank reported $2.46 EPS 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 for the quarter, compared to analyst estimates of $751.57 million. During the same period last year, the company earned $2.10 earnings per share. On average, equities analysts anticipate that Popular will post 8.86 EPS for the current fiscal year.

Popular Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th were issued a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a dividend yield of 2.55%. The ex-dividend date was Friday, September 13th. Popular’s dividend payout ratio is 36.80%.

Insider Buying and Selling

In other Popular 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 sale, the executive vice president now directly 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.09% of the stock is currently owned by company insiders.

Institutional Trading of Popular

Large investors have recently added to or reduced their stakes in the company. Headlands Technologies LLC purchased a new position in shares of Popular during the first quarter valued at $42,000. Mather Group LLC. purchased a new position in Popular during the 2nd quarter valued at about $44,000. Meeder Asset Management Inc. acquired a new position in shares of Popular in the 2nd quarter valued at about $48,000. GAMMA Investing LLC lifted its position in shares of Popular by 16.8% in the second quarter. GAMMA Investing LLC now owns 1,259 shares of the bank’s stock worth $111,000 after purchasing an additional 181 shares in the last quarter. Finally, Clear Street Markets LLC acquired a new stake in shares of Popular during the fourth quarter worth approximately $139,000. 87.27% of the stock is owned by institutional investors and hedge funds.

Popular Company Profile

(Get Free Report)

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.

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