Popular (NASDAQ:BPOP) Reaches New 12-Month High - Still a Buy?

Key Points

• Popular, Inc. (NASDAQ:BPOP) achieved a new 52-week high of $118.74, closing at $117.90 with a trading volume of 111,282 shares.
• Analysts are recommending BPOP with seven "buy" ratings and a price target consensus of $128.88 following recent upgrades from multiple firms.
• Popular reported earnings of $3.09 per share, significantly surpassing analysts' expectations of $2.60, with revenue also exceeding forecasts at $800.03 million.

Popular, Inc. (NASDAQ:BPOP - Get Free Report)'s share price hit a new 52-week high during trading on Wednesday . The company traded as high as $118.74 and last traded at $117.90, with a volume of 111282 shares traded. The stock had previously closed at $117.26.

Analyst Upgrades and Downgrades

BPOP has been the subject of a number of analyst reports. Keefe, Bruyette & Woods upped their price objective on shares of Popular from $125.00 to $132.00 and gave the stock an "outperform" rating in a research report on Thursday, July 24th. UBS Group restated a "neutral" rating on shares of Popular in a research report on Wednesday, July 9th. Royal Bank Of Canada restated an "outperform" rating on shares of Popular in a research report on Thursday, July 24th. Hovde Group upped their price objective on shares of Popular from $126.00 to $140.00 and gave the stock an "outperform" rating in a research report on Thursday, July 24th. Finally, Citigroup upped their price objective on shares of Popular from $133.00 to $142.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $128.88.

Popular Price Performance

The business's 50-day moving average price is $111.21 and its 200 day moving average price is $101.51. The firm has a market capitalization of $8.13 billion, a price-to-earnings ratio of 11.48, a PEG ratio of 0.59 and a beta of 0.65.

Popular (NASDAQ:BPOP - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The bank reported $3.09 EPS for the quarter, topping analysts' consensus estimates of $2.60 by $0.49. Popular had a net margin of 16.49% and a return on equity of 12.60%. The business had revenue of $800.03 million for the quarter, compared to analysts' expectations of $777.38 million. During the same period in the previous year, the company posted $2.46 earnings per share. As a group, sell-side analysts expect that Popular, Inc. will post 10.06 earnings per share for the current year.

Insider Activity

In related news, EVP Camille Burckhart sold 7,000 shares of Popular stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $104.14, for a total value of $728,980.00. Following the completion of the sale, the executive vice president owned 27,382 shares in the company, valued at approximately $2,851,561.48. The trade was a 20.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.09% of the company's stock.

Institutional Trading of Popular

Several institutional investors have recently added to or reduced their stakes in BPOP. Steph & Co. bought a new position in shares of Popular during the second quarter worth about $39,000. Allworth Financial LP grew its position in shares of Popular by 2,158.8% during the second quarter. Allworth Financial LP now owns 384 shares of the bank's stock worth $42,000 after acquiring an additional 367 shares during the last quarter. Farther Finance Advisors LLC grew its position in shares of Popular by 112.2% during the second quarter. Farther Finance Advisors LLC now owns 418 shares of the bank's stock worth $46,000 after acquiring an additional 221 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Popular during the first quarter worth about $47,000. Finally, IFP Advisors Inc grew its position in shares of Popular by 3,925.0% during the second quarter. IFP Advisors Inc now owns 483 shares of the bank's stock worth $53,000 after acquiring an additional 471 shares during the last quarter. Institutional investors own 87.27% of the company's stock.

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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