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Popular (NASDAQ:BPOP) Given New $135.00 Price Target at Wells Fargo & Company

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Popular (NASDAQ:BPOP - Free Report) had its price objective upped by Wells Fargo & Company from $130.00 to $135.00 in a research note released on Thursday morning,Benzinga reports. The brokerage currently has an overweight rating on the bank's stock.

BPOP has been the topic of several other reports. Royal Bank Of Canada restated an "outperform" rating on shares of Popular in a report on Monday, June 30th. Barclays upped their price objective on shares of Popular from $125.00 to $140.00 and gave the stock an "overweight" rating in a report on Tuesday. Piper Sandler increased their target price on shares of Popular from $110.00 to $123.00 and gave the stock an "overweight" rating in a report on Thursday, May 15th. Hovde Group increased their target price on shares of Popular from $114.00 to $126.00 and gave the stock an "outperform" rating in a report on Wednesday, June 18th. Finally, Keefe, Bruyette & Woods increased their target price on shares of Popular from $122.00 to $125.00 and gave the stock an "outperform" rating in a report on Thursday, April 24th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $123.29.

View Our Latest Research Report on BPOP

Popular Stock Down 0.3%

Shares of Popular stock traded down $0.35 during mid-day trading on Thursday, hitting $113.41. The stock had a trading volume of 362,220 shares, compared to its average volume of 537,336. The firm has a 50-day moving average of $105.45 and a two-hundred day moving average of $98.45. Popular has a 12-month low of $78.23 and a 12-month high of $115.96. The firm has a market cap of $7.77 billion, a P/E ratio of 11.70, a price-to-earnings-growth ratio of 0.68 and a beta of 0.63.

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

Popular Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Thursday, May 29th were issued a $0.70 dividend. The ex-dividend date was Thursday, May 29th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.47%. Popular's payout ratio is 28.90%.

Insiders Place Their Bets

In other news, EVP Camille Burckhart sold 7,000 shares of the firm's 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 sale, the executive vice president directly owned 27,382 shares in the company, valued at approximately $2,851,561.48. This trade represents a 20.36% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Adorno Denissa Rodriguez sold 500 shares of the firm's stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $104.43, for a total transaction of $52,215.00. Following the completion of the sale, the vice president owned 3,604 shares in the company, valued at $376,365.72. The trade was a 12.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.09% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Norges Bank purchased a new position in Popular during the 4th quarter worth $79,842,000. Massachusetts Financial Services Co. MA grew its position in 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 last quarter. AQR Capital Management LLC grew its position in Popular by 52.8% during the 1st quarter. AQR Capital Management LLC now owns 1,432,599 shares of the bank's stock worth $129,722,000 after purchasing an additional 495,325 shares during the last quarter. First Trust Advisors LP grew its position in Popular by 53.8% during the 4th quarter. First Trust Advisors LP now owns 1,312,952 shares of the bank's stock worth $123,496,000 after purchasing an additional 459,231 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew 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 during the last quarter. 87.27% of the stock is owned by hedge funds and other institutional investors.

About Popular

(Get Free Report)

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.

Further Reading

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