Popular (NASDAQ:BPOP) Upgraded by Zacks Research to “Strong-Buy” Rating

Zacks Research upgraded shares of Popular (NASDAQ:BPOP) from a hold rating to a strong-buy rating in a report released on Monday,Zacks reports.

Several other research firms also recently issued reports on BPOP. Piper Sandler restated an “overweight” rating and set a $198.00 price objective (up from $190.00) on shares of Popular in a report on Friday, July 24th. Wells Fargo & Company increased their target price on shares of Popular from $180.00 to $200.00 and gave the company an “overweight” rating in a research note on Monday, August 10th. Truist Financial lifted their target price on Popular from $192.00 to $197.00 and gave the stock a “buy” rating in a research report on Friday, July 24th. Royal Bank Of Canada boosted their price target on Popular from $163.00 to $181.00 and gave the company an “outperform” rating in a research note on Friday, July 24th. Finally, Weiss Ratings reaffirmed a “buy (a-)” rating on shares of Popular in a report on Friday, July 31st. Three analysts have rated the stock with a Strong Buy rating and ten have assigned a Buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $187.08.

Popular Trading Down 2.2%

Shares of BPOP stock opened at $167.58 on Monday. Popular has a 1 year low of $108.74 and a 1 year high of $179.24. The firm’s fifty day simple moving average is $171.63 and its 200 day simple moving average is $154.78. The firm has a market capitalization of $10.69 billion, a P/E ratio of 11.32, a price-to-earnings-growth ratio of 0.66 and a beta of 0.60.

Popular (NASDAQ:BPOP) last released its earnings results on Thursday, July 23rd. The bank reported $4.35 EPS for the quarter, beating the consensus estimate of $3.72 by $0.63. Popular had a net margin of 21.37% and a return on equity of 15.34%. The firm had revenue of $846.92 million during the quarter, compared to analysts’ expectations of $878.41 million. During the same period in the prior year, the company earned $3.09 EPS. Equities research analysts anticipate that Popular will post 15.72 EPS for the current fiscal year.

Popular Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Thursday, September 10th will be paid a $0.90 dividend. The ex-dividend date is Thursday, September 10th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 2.1%. This is a positive change from Popular’s previous quarterly dividend of $0.75. Popular’s dividend payout ratio is currently 20.27%.

Insider Buying and Selling

In related news, CEO Javier D. Ferrer sold 35,000 shares of the company’s stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $175.43, for a total value of $6,140,050.00. Following the sale, the chief executive officer owned 96,478 shares of the company’s stock, valued at $16,925,135.54. The trade was a 26.62% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Lidio Soriano sold 3,000 shares of the stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $174.50, for a total transaction of $523,500.00. Following the completion of the transaction, the executive vice president directly owned 107,320 shares of the company’s stock, valued at $18,727,340. This trade represents a 2.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 53,561 shares of company stock worth $9,392,259. Insiders own 2.13% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Acumen Wealth Advisors LLC bought a new stake in shares of Popular in the 4th quarter valued at approximately $26,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in shares of Popular during the 4th quarter worth approximately $28,000. Parallel Advisors LLC lifted its position in shares of Popular by 70.8% during the 4th quarter. Parallel Advisors LLC now owns 246 shares of the bank’s stock worth $31,000 after buying an additional 102 shares during the period. Advisory Services Network LLC acquired a new stake in Popular in the 3rd quarter valued at $31,000. Finally, Atlas Capital Advisors Inc. acquired a new stake in Popular in the 4th quarter valued at $50,000. Institutional investors own 87.27% of the company’s stock.

About Popular

Popular, Inc, headquartered in San Juan, Puerto Rico, is a financial holding company and a leading provider of banking services in the United States mainland and Puerto Rico. Through its primary subsidiaries—Banco Popular de Puerto Rico and Popular Bank—the company delivers comprehensive commercial and consumer banking solutions. It offers deposit products, lending facilities, cash management services and payment-processing solutions designed for individuals, small businesses and large corporations.

The company’s product suite encompasses checking and savings accounts, certificates of deposit, residential and commercial mortgage loans, business lines of credit and credit cards.