Short Interest in Popular, Inc. (NASDAQ:BPOP) Grows By 20.9%

Popular, Inc. (NASDAQ:BPOP - Get Free Report) was the recipient of a large growth in short interest in April. As of April 15th, there was short interest totalling 1,560,000 shares, a growth of 20.9% from the March 31st total of 1,290,000 shares. Currently, 2.3% of the shares of the stock are short sold. Based on an average trading volume of 660,700 shares, the short-interest ratio is presently 2.4 days.

Popular Price Performance

BPOP stock traded up $2.86 during midday trading on Friday, reaching $99.61. 469,306 shares of the stock were exchanged, compared to its average volume of 490,500. Popular has a 52 week low of $78.23 and a 52 week high of $106.81. The company has a fifty day moving average price of $90.59 and a 200 day moving average price of $95.18. The stock has a market capitalization of $6.91 billion, a PE ratio of 11.64, a P/E/G ratio of 0.75 and a beta of 0.62.

Popular (NASDAQ:BPOP - Get Free Report) last released its quarterly earnings data on Wednesday, April 23rd. The bank reported $2.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.26 by $0.30. Popular had a return on equity of 11.89% and a net margin of 14.15%. The company had revenue of $755.46 million during the quarter, compared to the consensus estimate of $760.45 million. During the same quarter in the prior year, the firm posted $1.43 earnings per share. The firm's revenue was up 6.0% compared to the same quarter last year. As a group, analysts anticipate that Popular will post 10.06 earnings per share for the current fiscal year.

Popular Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Tuesday, March 18th were paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 2.81%. The ex-dividend date of this dividend was Tuesday, March 18th. Popular's payout ratio is currently 28.90%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on BPOP. Royal Bank of Canada boosted their target price on shares of Popular from $100.00 to $110.00 and gave the company an "outperform" rating in a research report on Wednesday, January 29th. Hovde Group lowered their price objective on shares of Popular from $118.00 to $114.00 and set an "outperform" rating for the company in a research report on Thursday, April 24th. Wells Fargo & Company upgraded 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. Barclays reiterated an "overweight" rating and issued a $125.00 price target (up previously from $115.00) on shares of Popular in a research note on Thursday, April 24th. Finally, StockNews.com downgraded Popular from a "buy" rating to a "hold" rating in a research report on Friday. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $111.14.

Insider Buying and Selling at Popular

In related news, EVP Gilberto Monzon sold 9,600 shares of the firm's stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $102.57, for a total value of $984,672.00. Following the transaction, the executive vice president now owns 39,170 shares in the company, valued at approximately $4,017,666.90. This trade represents a 19.68 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.09% of the company's stock.

Institutional Trading of Popular

Several institutional investors have recently modified their holdings of the business. Barclays PLC lifted its holdings in Popular by 8.5% during the 3rd quarter. Barclays PLC now owns 60,099 shares of the bank's stock worth $6,024,000 after buying an additional 4,699 shares during the period. Wilmington Savings Fund Society FSB acquired a new position in shares of Popular in the third quarter worth approximately $81,000. Tidal Investments LLC bought a new stake in Popular in the third quarter valued at approximately $1,635,000. Franklin Resources Inc. increased its position in Popular by 304.3% during the 3rd quarter. Franklin Resources Inc. now owns 99,861 shares of the bank's stock valued at $10,042,000 after purchasing an additional 75,164 shares during the period. Finally, Principal Financial Group Inc. raised its holdings in Popular by 7.3% during the 3rd quarter. Principal Financial Group Inc. now owns 1,054,849 shares of the bank's stock worth $105,769,000 after purchasing an additional 71,782 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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