Popular (NASDAQ:BPOP) Raised to Strong-Buy at Zacks Research

Key Points

• Zacks Research upgraded Popular from “hold” to “strong buy,” while other analysts also raised price targets. The stock carries a consensus “buy” rating and an average target price of $187.08.
• Popular reported quarterly EPS of $4.35, beating estimates of $3.72 by $0.63. The bank posted a 15.34% return on equity and a 21.37% net margin, though revenue of $846.92 million fell short of expectations.
• Insiders sold 53,561 shares worth about $9.4 million over the past 90 days, while institutional investors own 87.27% of the company. Shares opened at $167.58, near the upper end of their 52-week range.

Popular (NASDAQ:BPOP - Get Free Report) was upgraded by analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a research report issued to clients and investors on Monday, Zacks reports.

BPOP has been the subject of several other research reports. Barclays boosted their price objective on Popular from $190.00 to $200.00 and gave the stock an "overweight" rating in a report on Monday, August 3rd. Wells Fargo & Company lifted their target price on shares of Popular from $180.00 to $200.00 and gave the company an "overweight" rating in a research report on Monday, August 10th. Keefe, Bruyette & Woods boosted their price target on shares of Popular from $190.00 to $207.00 and gave the stock an "outperform" rating in a research note on Friday, July 24th. Truist Financial increased their price target on shares of Popular from $192.00 to $197.00 and gave the stock a "buy" rating in a report on Friday, July 24th. Finally, Piper Sandler restated an "overweight" rating and set a $198.00 price objective (up from $190.00) on shares of Popular in a research report on Friday, July 24th. Three research analysts have rated the stock with a Strong Buy rating and ten have issued a Buy rating to the stock. Based on data from MarketBeat.com, Popular currently has an average rating of "Buy" and a consensus target price of $187.08.

Popular Stock Performance

NASDAQ:BPOP opened at $167.58 on Monday. Popular has a 52-week low of $108.74 and a 52-week high of $179.24. The stock has a fifty day moving average of $171.63 and a 200 day moving average of $154.78. The firm has a market capitalization of $10.69 billion, a price-to-earnings ratio of 11.32, a P/E/G ratio of 0.66 and a beta of 0.60.

Popular (NASDAQ:BPOP - Get Free Report) last announced its earnings results on Thursday, July 23rd. The bank reported $4.35 earnings per share for the quarter, topping analysts' consensus estimates of $3.72 by $0.63. Popular had a return on equity of 15.34% and a net margin of 21.37%.The business had revenue of $846.92 million for the quarter, compared to analyst estimates of $878.41 million. During the same period in the prior year, the company earned $3.09 EPS. Equities analysts forecast that Popular will post 15.72 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Popular news, Director Maria Ferre sold 3,385 shares of Popular stock in a transaction that occurred on Thursday, July 30th. The shares were sold at an average price of $175.42, for a total transaction of $593,796.70. Following the transaction, the director directly owned 10,156 shares of the company's stock, valued at approximately $1,781,565.52. This trade represents a 25.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Luis E. Cestero sold 8,500 shares of the company's stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $176.36, for a total transaction of $1,499,060.00. Following the completion of the sale, the executive vice president directly owned 16,013 shares of the company's stock, valued at $2,824,052.68. This trade represents a 34.68% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 53,561 shares of company stock valued at $9,392,259 over the last 90 days. Company insiders own 2.13% of the company's stock.

Hedge Funds Weigh In On Popular

A number of large investors have recently added to or reduced their stakes in the business. Acumen Wealth Advisors LLC purchased a new stake in Popular during the fourth quarter valued at about $26,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new position in shares of Popular in the fourth quarter worth about $28,000. Parallel Advisors LLC increased its holdings in shares of Popular by 70.8% in the fourth quarter. Parallel Advisors LLC now owns 246 shares of the bank's stock worth $31,000 after buying an additional 102 shares during the period. Advisory Services Network LLC bought a new stake in shares of Popular in the 3rd quarter valued at about $31,000. Finally, Atlas Capital Advisors Inc. bought a new stake in shares of Popular in the 4th quarter valued at about $50,000. Hedge funds and other institutional investors own 87.27% of the company's stock.

Popular Company Profile

Popular, Inc, headquartered in San Juan, Puerto Rico, is a financial holding company and a leading provider of banking services in the United States mainland and Puerto Rico. Through its primary subsidiaries—Banco Popular de Puerto Rico and Popular Bank—the company delivers comprehensive commercial and consumer banking solutions. It offers deposit products, lending facilities, cash management services and payment-processing solutions designed for individuals, small businesses and large corporations.

The company's product suite encompasses checking and savings accounts, certificates of deposit, residential and commercial mortgage loans, business lines of credit and credit cards.

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