Popular (NASDAQ:BPOP) Stock Price Target Raised at Citigroup

Popular (NASDAQ:BPOP) had its target price boosted by equities researchers at Citigroup from $192.00 to $193.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm currently has a “buy” rating on the bank’s stock. Citigroup‘s price objective points to a potential upside of 20.08% from the company’s current price.

Several other equities research analysts have also recently weighed in on the company. Keefe, Bruyette & Woods increased their price objective on Popular from $190.00 to $207.00 and gave the stock an “outperform” rating in a report on Friday, July 24th. Benchmark upped their target price on Popular from $214.00 to $216.00 and gave the company a “buy” rating in a report on Monday, August 31st. Piper Sandler restated an “overweight” rating and set a $190.00 target price (down from $198.00) on shares of Popular in a report on Monday. Zacks Research lowered Popular from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 8th. Finally, Wells Fargo & Company cut their price target on shares of Popular from $200.00 to $195.00 and set an “overweight” rating on the stock in a report on Tuesday, September 29th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $186.83.

Popular Trading Up 0.9%

Shares of BPOP stock traded up $1.48 during trading on Monday, hitting $160.72. The company’s stock had a trading volume of 156,201 shares, compared to its average volume of 524,812. The company has a market cap of $10.25 billion, a PE ratio of 10.12, a P/E/G ratio of 0.59 and a beta of 0.63. The business has a fifty day moving average of $163.14 and a 200-day moving average of $160.52. Popular has a 52 week low of $108.74 and a 52 week high of $179.24.

Popular (NASDAQ:BPOP) last released its quarterly earnings data on Thursday, October 22nd. The bank reported $4.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.95 by $0.26. The company had revenue of $874.59 million for the quarter, compared to analyst estimates of $904.43 million. Popular had a return on equity of 16.08% and a net margin of 22.36%. During the same period in the previous year, the company posted $3.14 EPS. As a group, research analysts predict that Popular will post 15.70 EPS for the current year.

Insider Activity

In related news, Director Maria Ferre sold 3,385 shares of the company’s stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $175.42, for a total transaction of $593,796.70. Following the transaction, the director directly owned 10,156 shares in the company, valued at approximately $1,781,565.52. This represents a 25.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Javier Ferrer sold 35,000 shares of the firm’s stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $175.43, for a total transaction of $6,140,050.00. Following the completion of the transaction, the chief executive officer directly owned 96,478 shares in the company, valued at $16,925,135.54. This represents a 26.62% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 53,561 shares of company stock worth $9,392,259. 2.13% of the stock is owned by insiders.

Hedge Funds Weigh In On Popular

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Reyes Financial Architecture Inc. purchased a new position in Popular during the 3rd quarter worth $34,000. Parallel Advisors LLC boosted its holdings in Popular by 30.5% in the first quarter. Parallel Advisors LLC now owns 321 shares of the bank’s stock worth $43,000 after acquiring an additional 75 shares in the last quarter. Elevation Wealth Partners LLC boosted its holdings in Popular by 97.2% in the third quarter. Elevation Wealth Partners LLC now owns 280 shares of the bank’s stock worth $44,000 after acquiring an additional 138 shares in the last quarter. Farther Finance Advisors LLC boosted its holdings in Popular by 86.7% in the third quarter. Farther Finance Advisors LLC now owns 1,049 shares of the bank’s stock worth $163,000 after acquiring an additional 487 shares in the last quarter. Finally, USA Financial Formulas purchased a new stake in shares of Popular during the third quarter worth about $184,000. Hedge funds and other institutional investors own 87.27% of the company’s stock.

About Popular

Popular, Inc (NASDAQ: BPOP) is a financial services company headquartered in San Juan, Puerto Rico. Its principal subsidiary, Banco Popular de Puerto Rico, provides banking services to individuals, businesses and institutions, including deposit accounts, consumer and commercial loans, residential mortgages, credit cards and electronic banking services.

The company also offers investment, brokerage, insurance and wealth management services through specialized subsidiaries and affiliated businesses.