Popular (NASDAQ:BPOP) Given New $126.00 Price Target at Hovde Group

Popular (NASDAQ:BPOP - Get Free Report) had its price target boosted by equities researchers at Hovde Group from $114.00 to $126.00 in a research report issued on Wednesday,Briefing.com Automated Import reports. The firm presently has an "outperform" rating on the bank's stock. Hovde Group's price target would suggest a potential upside of 22.12% from the company's previous close.

A number of other brokerages also recently issued reports on BPOP. Keefe, Bruyette & Woods boosted their price objective on shares of Popular from $122.00 to $125.00 and gave the company an "outperform" rating in a research report on Thursday, April 24th. Wells Fargo & Company raised shares of Popular from an "equal weight" rating to an "overweight" rating and cut their target price for the company from $110.00 to $100.00 in a research note on Wednesday, April 9th. Barclays reissued an "overweight" rating and issued a $125.00 price target (up from $115.00) on shares of Popular in a research note on Thursday, April 24th. Piper Sandler upped their target price on Popular from $110.00 to $123.00 and gave the stock an "overweight" rating in a report on Thursday, May 15th. Finally, Wall Street Zen lowered Popular from a "buy" rating to a "hold" rating in a research report on Friday, May 2nd. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $116.14.

Popular Stock Down 1.2%

NASDAQ BPOP opened at $103.18 on Wednesday. The stock's 50-day simple moving average is $98.37 and its two-hundred day simple moving average is $96.87. Popular has a twelve month low of $78.23 and a twelve month high of $107.31. The company has a market capitalization of $7.07 billion, a price-to-earnings ratio of 10.65, a PEG ratio of 0.62 and a beta of 0.62.

Popular (NASDAQ:BPOP - Get Free Report) last issued its earnings results on Wednesday, April 23rd. The bank reported $2.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.26 by $0.30. Popular had a return on equity of 12.22% and a net margin of 15.82%. The business had revenue of $755.46 million during the quarter, compared to analyst estimates of $760.45 million. During the same quarter in the prior year, the firm earned $1.43 earnings per share. Popular's revenue for the quarter was up 6.0% on a year-over-year basis. On average, equities analysts expect that Popular will post 10.06 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Camille Burckhart sold 7,000 shares of the company's stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $104.14, for a total transaction of $728,980.00. Following the transaction, the executive vice president now owns 27,382 shares of the company's stock, valued at approximately $2,851,561.48. This represents a 20.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Adorno Denissa Rodriguez sold 500 shares of Popular stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $104.43, for a total value of $52,215.00. Following the sale, the vice president now owns 3,604 shares of the company's stock, valued at approximately $376,365.72. This trade represents a 12.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.23% of the company's stock.

Institutional Investors Weigh In On Popular

Large investors have recently added to or reduced their stakes in the stock. Proficio Capital Partners LLC bought a new position in Popular in the fourth quarter worth approximately $27,000. Picton Mahoney Asset Management lifted its holdings in shares of Popular by 56.7% in the 4th quarter. Picton Mahoney Asset Management now owns 326 shares of the bank's stock worth $31,000 after buying an additional 118 shares during the period. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of Popular in the 1st quarter worth $47,000. Smartleaf Asset Management LLC grew its position in shares of Popular by 56.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 603 shares of the bank's stock worth $57,000 after buying an additional 218 shares in the last quarter. Finally, Versant Capital Management Inc increased its stake in shares of Popular by 589.9% during the first quarter. Versant Capital Management Inc now owns 821 shares of the bank's stock valued at $76,000 after buying an additional 702 shares during the period. 87.27% of the stock is owned by hedge funds and other 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.

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