Popular Inc (BPOP) Given Consensus Recommendation of “Buy” by Analysts
Popular Inc (NASDAQ:BPOP) has been given an average rating of “Buy” by the twelve ratings firms that are presently covering the firm, MarketBeat.com reports. Three research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $53.61.
A number of analysts have commented on the company. Citigroup raised their price objective on Popular from $55.00 to $59.00 and gave the stock a “buy” rating in a research report on Tuesday, July 24th. Royal Bank of Canada reiterated a “buy” rating and issued a $55.00 price objective on shares of Popular in a research report on Wednesday, July 25th. Morgan Stanley raised their price objective on Popular from $50.00 to $54.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 31st. BidaskClub downgraded Popular from a “buy” rating to a “hold” rating in a research report on Friday, June 1st. Finally, Sandler O’Neill reiterated a “buy” rating and issued a $58.00 price objective on shares of Popular in a research report on Monday, July 23rd.
BPOP traded down $0.43 during midday trading on Wednesday, reaching $51.47. The company’s stock had a trading volume of 538,600 shares, compared to its average volume of 719,398. The firm has a market capitalization of $5.31 billion, a P/E ratio of 19.40 and a beta of 1.06. Popular has a twelve month low of $32.04 and a twelve month high of $53.00.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 1st. Shareholders of record on Thursday, September 13th will be given a $0.25 dividend. The ex-dividend date of this dividend is Wednesday, September 12th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.94%. Popular’s dividend payout ratio is currently 37.31%.
In related news, Director Maria Luisa Ferre sold 22,797 shares of the firm’s stock in a transaction that occurred on Friday, August 10th. The stock was sold at an average price of $50.12, for a total transaction of $1,142,585.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Alejandro M. Ballester sold 2,536 shares of the firm’s stock in a transaction that occurred on Friday, August 3rd. The stock was sold at an average price of $50.34, for a total value of $127,662.24. The disclosure for this sale can be found here. Insiders sold a total of 350,156 shares of company stock valued at $17,547,056 in the last quarter. Corporate insiders own 1.38% of the company’s stock.
Institutional investors have recently bought and sold shares of the stock. Nisa Investment Advisors LLC bought a new position in shares of Popular during the 2nd quarter worth approximately $118,000. Cerebellum GP LLC bought a new position in shares of Popular during the 2nd quarter worth approximately $176,000. Sun Life Financial INC bought a new position in shares of Popular during the 2nd quarter worth approximately $206,000. First Republic Investment Management Inc. bought a new position in shares of Popular during the 1st quarter worth approximately $229,000. Finally, Allianz Asset Management GmbH bought a new position in shares of Popular during the 1st quarter worth approximately $240,000. Institutional investors and hedge funds own 87.68% of the company’s stock.
Popular Company Profile
Popular, Inc, through its subsidiaries, provides various retail, mortgage, and commercial banking products and services primarily to institutional and retail customers. The company accepts various deposit products. It also offers commercial and industrial loans; commercial real estate loans; residential mortgage loans; consumer loans, including personal loans, credit cards, home equity lines of credit, and other loans to individual borrowers; construction loans; and lease financing comprising automobile loans/leases.
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