Popular (NASDAQ:BPOP) Price Target Raised to $150.00

Key Points

• Wells Fargo & Company has increased its price target for Popular's stock from $140.00 to $150.00, indicating a potential upside of 18.02% from its current price.
• Several other analysts have also raised their price targets for Popular, with an average price target of $130.13 and a general rating of "Buy".
• Popular reported a quarterly earnings per share of $3.09, significantly beating analysts' estimates of $2.60, contributing to strong market interest in the stock.

Popular (NASDAQ:BPOP - Free Report) had its target price upped by Wells Fargo & Company from $140.00 to $150.00 in a research report sent to investors on Monday,Benzinga reports. They currently have an overweight rating on the bank's stock.

Other equities analysts have also issued research reports about the stock. Barclays upped their price target on shares of Popular from $125.00 to $140.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Hovde Group restated an "outperform" rating on shares of Popular in a research report on Friday, August 29th. Zacks Research upgraded shares of Popular from a "hold" rating to a "strong-buy" rating in a research report on Monday, September 1st. Citigroup upped their price target 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. Finally, Royal Bank Of Canada restated an "outperform" rating on shares of Popular in a research report on Thursday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $130.13.

Popular Stock Down 0.8%

BPOP stock traded down $1.01 during trading on Monday, hitting $126.98. 530,424 shares of the company's stock traded hands, compared to its average volume of 571,806. Popular has a 52 week low of $78.23 and a 52 week high of $128.89. The stock has a fifty day moving average price of $119.80 and a two-hundred day moving average price of $106.02. The stock has a market capitalization of $8.58 billion, a price-to-earnings ratio of 12.30, a price-to-earnings-growth ratio of 0.66 and a beta of 0.68.

Popular (NASDAQ:BPOP - Get Free Report) last released its earnings results on Wednesday, July 23rd. The bank reported $3.09 earnings per share for the quarter, beating the consensus estimate of $2.60 by $0.49. Popular had a net margin of 16.49% and a return on equity of 12.48%. The firm had revenue of $800.03 million during the quarter, compared to analyst estimates of $777.38 million. During the same quarter in the previous year, the firm earned $2.46 earnings per share. As a group, equities research analysts expect that Popular will post 10.06 EPS for the current fiscal year.

Popular Dividend Announcement

The business also recently announced a sep 25 dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be given a $0.1328 dividend. Popular's dividend payout ratio is presently 29.07%.

Insider Transactions at Popular

In other Popular news, EVP Gilberto Monzon sold 18,001 shares of the company's stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $124.47, for a total value of $2,240,584.47. Following the completion of the sale, the executive vice president directly owned 24,773 shares of the company's stock, valued at approximately $3,083,495.31. This represents a 42.08% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.23% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Popular

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Osaic Holdings Inc. lifted its holdings in Popular by 63.6% in the 2nd quarter. Osaic Holdings Inc. now owns 1,515 shares of the bank's stock valued at $164,000 after acquiring an additional 589 shares during the last quarter. Nomura Holdings Inc. acquired a new stake in Popular in the 2nd quarter valued at about $3,532,000. FORA Capital LLC acquired a new stake in Popular in the 2nd quarter valued at about $816,000. Headlands Technologies LLC lifted its holdings in Popular by 88.7% in the 2nd quarter. Headlands Technologies LLC now owns 12,787 shares of the bank's stock valued at $1,409,000 after acquiring an additional 6,009 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co lifted its holdings in Popular by 1.0% in the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 26,095 shares of the bank's stock valued at $2,879,000 after acquiring an additional 271 shares during the last quarter. 87.27% of the stock is 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.