Popular (NASDAQ:BPOP) Sets New 12-Month High - What's Next?

Popular, Inc. (NASDAQ:BPOP - Get Free Report) hit a new 52-week high on Monday . The stock traded as high as $107.72 and last traded at $107.54, with a volume of 619020 shares. The stock had previously closed at $104.50.

Wall Street Analyst Weigh In

Several research firms recently issued reports on BPOP. Hovde Group increased their price target on shares of Popular from $114.00 to $126.00 and gave the stock an "outperform" rating in a report on Wednesday, June 18th. Wells Fargo & Company raised Popular from an "equal weight" rating to an "overweight" rating and cut their target price for the stock from $110.00 to $100.00 in a research note on Wednesday, April 9th. Keefe, Bruyette & Woods upped their price objective on Popular from $122.00 to $125.00 and gave the stock an "outperform" rating in a report on Thursday, April 24th. Wall Street Zen downgraded Popular from a "buy" rating to a "hold" rating in a report on Friday, May 2nd. Finally, Piper Sandler upped their price target on shares of Popular from $110.00 to $123.00 and gave the stock an "overweight" rating in a research note on Thursday, May 15th. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $116.14.

Popular Trading Up 2.9%

The company's 50 day simple moving average is $99.90 and its 200 day simple moving average is $97.00. The stock has a market capitalization of $7.37 billion, a PE ratio of 11.10, a PEG ratio of 0.62 and a beta of 0.62.

Popular (NASDAQ:BPOP - Get Free Report) last released 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. The business had revenue of $755.46 million for the quarter, compared to analysts' expectations of $760.45 million. Popular had a net margin of 15.82% and a return on equity of 12.22%. The company's quarterly revenue was up 6.0% on a year-over-year basis. During the same period last year, the company earned $1.43 earnings per share. As a group, analysts predict that Popular, Inc. will post 10.06 EPS for the current year.

Popular Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Thursday, May 29th will be issued a $0.70 dividend. The ex-dividend date of this dividend is Thursday, May 29th. This represents a $2.80 annualized dividend and a yield of 2.60%. Popular's payout ratio is 28.90%.

Insider Transactions at Popular

In other Popular news, VP Adorno Denissa Rodriguez sold 500 shares of the business's stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $104.43, for a total value of $52,215.00. Following the transaction, the vice president now owns 3,604 shares in the company, valued at $376,365.72. The trade was a 12.18% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Camille Burckhart sold 7,000 shares of the company's stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $104.14, for a total transaction of $728,980.00. Following the completion of the transaction, the executive vice president now directly owns 27,382 shares of the company's stock, valued at approximately $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. Company insiders own 2.09% of the company's stock.

Institutional Trading of Popular

Hedge funds have recently made changes to their positions in the stock. CIBC Asset Management Inc raised its stake in Popular by 5.3% during the fourth quarter. CIBC Asset Management Inc now owns 2,239 shares of the bank's stock valued at $211,000 after buying an additional 112 shares in the last quarter. Venturi Wealth Management LLC increased its holdings in shares of Popular by 4.2% in the 1st quarter. Venturi Wealth Management LLC now owns 2,847 shares of the bank's stock valued at $263,000 after acquiring an additional 116 shares during the last quarter. Picton Mahoney Asset Management raised its position in shares of Popular by 56.7% during the 4th quarter. Picton Mahoney Asset Management now owns 326 shares of the bank's stock valued at $31,000 after acquiring an additional 118 shares in the last quarter. Arizona State Retirement System lifted its stake in Popular by 0.7% during the fourth quarter. Arizona State Retirement System now owns 20,953 shares of the bank's stock worth $1,971,000 after purchasing an additional 143 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH boosted its holdings in Popular by 0.3% in the first quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 62,660 shares of the bank's stock worth $5,788,000 after purchasing an additional 185 shares during the period. Institutional investors and hedge funds 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.