Popular, Inc. (NASDAQ:BPOP) Sees Significant Growth in Short Interest

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

Popular Trading Up 1.5 %

BPOP stock traded up $1.52 during mid-day trading on Thursday, reaching $100.55. The company's stock had a trading volume of 435,113 shares, compared to its average volume of 493,153. The company's 50 day moving average is $90.52 and its two-hundred day moving average is $95.13. Popular has a fifty-two week low of $78.23 and a fifty-two week high of $106.81. The stock has a market cap of $6.97 billion, a PE ratio of 11.75, a P/E/G ratio of 0.75 and a beta of 0.60.

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

Popular Announces Dividend

The company also recently disclosed 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. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.78%. Popular's dividend payout ratio is currently 28.90%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on BPOP. StockNews.com cut Popular from a "buy" rating to a "hold" rating in a report on Friday, May 2nd. Wells Fargo & Company raised shares of Popular from an "equal weight" rating to an "overweight" rating and cut their price target for the stock from $110.00 to $100.00 in a report on Wednesday, April 9th. Royal Bank of Canada increased their price objective on shares of Popular from $100.00 to $110.00 and gave the company an "outperform" rating in a report on Wednesday, January 29th. Hovde Group dropped their target price on shares of Popular from $118.00 to $114.00 and set an "outperform" rating on the stock in a research report on Thursday, April 24th. Finally, Barclays reaffirmed 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. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to MarketBeat.com, Popular currently has a consensus rating of "Moderate Buy" and a consensus price target of $111.14.

Institutional Investors Weigh In On Popular

Several hedge funds and other institutional investors have recently bought and sold shares of BPOP. Norges Bank purchased a new position in Popular during the fourth quarter worth about $79,842,000. Massachusetts Financial Services Co. MA boosted its position in shares of Popular by 57.1% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,418,729 shares of the bank's stock worth $133,446,000 after purchasing an additional 515,798 shares during the period. First Trust Advisors LP increased its holdings in Popular by 53.8% in the 4th quarter. First Trust Advisors LP now owns 1,312,952 shares of the bank's stock valued at $123,496,000 after purchasing an additional 459,231 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in Popular by 5.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 4,192,769 shares of the bank's stock valued at $394,373,000 after purchasing an additional 201,067 shares during the period. Finally, Jacobs Levy Equity Management Inc. raised its position in Popular by 32.0% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 723,384 shares of the bank's stock valued at $68,041,000 after purchasing an additional 175,327 shares during the period. 87.27% of the stock is currently owned by institutional investors and hedge funds.

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.