Popular (NASDAQ:BPOP) Reaches New 52-Week High - Time to Buy?

Popular, Inc. (NASDAQ:BPOP - Get Free Report)'s share price hit a new 52-week high during trading on Monday . The stock traded as high as $111.58 and last traded at $110.23, with a volume of 47524 shares. The stock had previously closed at $110.51.

Analyst Ratings Changes

Several research firms have recently weighed in on BPOP. Wells Fargo & Company raised Popular from an "equal weight" rating to an "overweight" rating and reduced their price objective for the stock from $110.00 to $100.00 in a research note on Wednesday, April 9th. Hovde Group lifted their target price on shares of Popular from $114.00 to $126.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 18th. Barclays restated an "overweight" rating and issued a $125.00 price target (up previously from $115.00) on shares of Popular in a research report on Thursday, April 24th. Piper Sandler boosted their target price on shares of Popular from $110.00 to $123.00 and gave the company an "overweight" rating in a research note on Thursday, May 15th. Finally, Wall Street Zen cut Popular from a "buy" rating to a "hold" rating in a research report on Friday, May 2nd. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $116.14.

Popular Trading Down 0.1%

The company has a fifty day moving average price of $103.27 and a two-hundred day moving average price of $97.59. The firm has a market cap of $7.71 billion, a P/E ratio of 11.59, a PEG ratio of 0.65 and a beta of 0.63.

Popular (NASDAQ:BPOP - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The bank reported $2.56 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.26 by $0.30. The company had revenue of $755.46 million for the quarter, compared to the consensus estimate of $760.45 million. Popular had a net margin of 15.82% and a return on equity of 12.22%. The firm's revenue was up 6.0% compared to the same quarter last year. During the same period last year, the company earned $1.43 earnings per share. As a group, sell-side analysts expect that Popular, Inc. will post 10.06 EPS for the current year.

Popular Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Thursday, May 29th were paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.49%. The ex-dividend date was Thursday, May 29th. Popular's dividend payout ratio is presently 28.90%.

Insider Buying and Selling at Popular

In related news, VP Adorno Denissa Rodriguez sold 500 shares of the business's stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $104.43, for a total value of $52,215.00. Following the completion of the transaction, the vice president owned 3,604 shares of the company's stock, valued at $376,365.72. The trade was a 12.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Camille Burckhart sold 7,000 shares of the stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $104.14, for a total transaction of $728,980.00. Following the sale, the executive vice president owned 27,382 shares in the company, valued at $2,851,561.48. The trade was a 20.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.23% of the company's stock.

Institutional Investors Weigh In On Popular

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake in Popular by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 9,286,832 shares of the bank's stock worth $873,519,000 after acquiring an additional 56,222 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in Popular by 5.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 4,192,769 shares of the bank's stock worth $394,373,000 after purchasing an additional 201,067 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Popular by 1.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,569,149 shares of the bank's stock valued at $329,674,000 after purchasing an additional 34,322 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of Popular by 1.7% during the first quarter. Wellington Management Group LLP now owns 1,940,484 shares of the bank's stock worth $179,243,000 after buying an additional 32,078 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA increased its holdings in shares of Popular by 4.7% during the first quarter. Massachusetts Financial Services Co. MA now owns 1,485,141 shares of the bank's stock worth $137,182,000 after buying an additional 66,412 shares in the last quarter. 87.27% of the stock is currently 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.