Keefe, Bruyette & Woods Issues Positive Forecast for Popular (NASDAQ:BPOP) Stock Price

Key Points

• Keefe, Bruyette & Woods raised Popular’s price target from $190 to $207 and kept an outperform rating, implying about 20.5% upside from the current share price.
• Popular’s recent quarterly results were stronger than expected, with EPS of $4.35 beating estimates of $3.69, while revenue came in at $846.9 million and return on equity reached 14.53%.
• Analyst sentiment remains bullish overall: the stock now has a consensus Buy rating, with multiple firms recently raising their targets, though the article also notes some insider share sales and a CEO retirement announcement.

Popular (NASDAQ:BPOP - Get Free Report) had its price target hoisted by investment analysts at Keefe, Bruyette & Woods from $190.00 to $207.00 in a report issued on Friday,Benzinga reports. The firm presently has an "outperform" rating on the bank's stock. Keefe, Bruyette & Woods' price objective would suggest a potential upside of 20.51% from the company's current price.

BPOP has been the topic of a number of other reports. Weiss Ratings upgraded Popular from a "buy (b+)" rating to a "buy (a-)" rating in a report on Monday, May 4th. Truist Financial boosted their target price on shares of Popular from $172.00 to $192.00 and gave the company a "buy" rating in a research report on Monday, July 13th. Piper Sandler reissued an "overweight" rating and set a $198.00 target price (up from $190.00) on shares of Popular in a research note on Friday. Wells Fargo & Company raised their price target on shares of Popular from $165.00 to $180.00 and gave the stock an "overweight" rating in a report on Monday, July 6th. Finally, Royal Bank Of Canada lifted their price target on shares of Popular from $163.00 to $181.00 and gave the company an "outperform" rating in a research note on Friday. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $184.00.

Popular Stock Up 0.5%

Shares of BPOP stock traded up $0.89 on Friday, reaching $171.77. The company had a trading volume of 178,384 shares, compared to its average volume of 544,340. The business's 50-day moving average is $160.35 and its 200 day moving average is $145.87. Popular has a one year low of $108.74 and a one year high of $175.12. The stock has a market capitalization of $11.09 billion, a PE ratio of 12.68, a price-to-earnings-growth ratio of 0.94 and a beta of 0.61.

Popular (NASDAQ:BPOP - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The bank reported $4.35 EPS for the quarter, beating analysts' consensus estimates of $3.69 by $0.66. The firm had revenue of $846.92 million for the quarter, compared to analyst estimates of $865.61 million. Popular had a return on equity of 14.53% and a net margin of 20.10%.During the same period last year, the firm posted $3.09 earnings per share. On average, sell-side analysts forecast that Popular will post 15.05 earnings per share for the current fiscal year.

Insider Activity at Popular

In other news, EVP Maria Cristin Gonzalez-Noguera sold 6,200 shares of the company's stock in a transaction on Friday, May 1st. The shares were sold at an average price of $148.51, for a total value of $920,762.00. Following the transaction, the executive vice president owned 11,255 shares of the company's stock, valued at approximately $1,671,480.05. This represents a 35.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Alejandro M. Ballester sold 23,000 shares of Popular stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $150.00, for a total value of $3,450,000.00. Following the sale, the director owned 34,588 shares of the company's stock, valued at approximately $5,188,200. This trade represents a 39.94% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 29,500 shares of company stock worth $4,415,870. Corporate insiders own 2.13% of the company's stock.

Hedge Funds Weigh In On Popular

Hedge funds and other institutional investors have recently modified their holdings of the company. Insight Wealth Strategies LLC purchased a new stake in Popular in the second quarter worth approximately $6,914,000. Assenagon Asset Management S.A. boosted its stake in shares of Popular by 108.3% in the 2nd quarter. Assenagon Asset Management S.A. now owns 149,094 shares of the bank's stock valued at $24,478,000 after purchasing an additional 77,507 shares in the last quarter. Versant Capital Management Inc raised its position in Popular by 6.2% in the 2nd quarter. Versant Capital Management Inc now owns 2,240 shares of the bank's stock worth $368,000 after purchasing an additional 130 shares during the period. Parallel Advisors LLC lifted its stake in Popular by 30.5% in the first quarter. Parallel Advisors LLC now owns 321 shares of the bank's stock worth $43,000 after purchasing an additional 75 shares during the last quarter. Finally, Bank of America Corp DE boosted its position in Popular by 8.2% during the first quarter. Bank of America Corp DE now owns 465,720 shares of the bank's stock valued at $62,486,000 after buying an additional 35,226 shares during the period. 87.27% of the stock is currently owned by hedge funds and other institutional investors.

Key Headlines Impacting Popular

Here are the key news stories impacting Popular this week:

• Positive Sentiment: Popular beat Q2 expectations with earnings of $4.35 per share versus $3.69 expected, and revenue came in at $846.9 million; the company also reported solid profitability metrics, including a 14.53% return on equity. Popular Q2 earnings and conference call
• Positive Sentiment: The bank announced capital actions that should support the stock, including a higher quarterly dividend and a new buyback program, signaling confidence in capital strength and future cash generation. Popular Announces Capital Actions
• Positive Sentiment: Benchmark raised its price target on Popular to $214 from $201 and kept a buy rating, suggesting further upside from current levels. Benchmark price target raise via Benzinga/The Fly
• Neutral Sentiment: Popular also announced a leadership transition, with CEO Javier D. Ferrer set to retire, which may not affect near-term results but adds some succession-related uncertainty. Popular Announces CEO Retirement and Leadership Transition

About Popular

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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