Popular, Inc. (NASDAQ:BPOP) Short Interest Up 7.4% in January

Popular, Inc. (NASDAQ:BPOP) was the target of a large increase in short interest during the month of January. As of January 15th, there was short interest totalling 1,160,000 shares, an increase of 7.4% from the December 31st total of 1,080,000 shares. Based on an average trading volume of 529,600 shares, the days-to-cover ratio is currently 2.2 days. Approximately 1.7% of the company’s stock are sold short.

Popular Price Performance

Popular stock traded down $3.03 during mid-day trading on Monday, reaching $99.91. The company had a trading volume of 454,915 shares, compared to its average volume of 480,801. The stock’s 50-day simple moving average is $97.36 and its 200-day simple moving average is $97.44. The company has a market capitalization of $7.12 billion, a P/E ratio of 11.67, a P/E/G ratio of 0.74 and a beta of 0.81. Popular has a 1 year low of $80.60 and a 1 year high of $106.46.

Popular (NASDAQ:BPOP) last issued its quarterly earnings data on Tuesday, January 28th. The bank reported $2.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.04 by $0.47. Popular had a return on equity of 11.89% and a net margin of 14.15%. On average, equities analysts forecast that Popular will post 10.06 EPS for the current fiscal year.

Popular Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Friday, December 6th were paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 2.80%. This is a boost from Popular’s previous quarterly dividend of $0.62. The ex-dividend date was Friday, December 6th. Popular’s dividend payout ratio is presently 32.71%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on BPOP shares. Piper Sandler decreased their price target on Popular from $112.00 to $100.00 and set an “overweight” rating for the company in a report on Thursday, October 24th. Royal Bank of Canada lifted their target price on shares of Popular from $100.00 to $110.00 and gave the company an “outperform” rating in a report on Wednesday, January 29th. StockNews.com raised shares of Popular from a “hold” rating to a “buy” rating in a report on Wednesday, January 29th. UBS Group initiated coverage on shares of Popular in a research report on Tuesday, December 17th. They issued a “neutral” rating and a $104.00 price objective for the company. Finally, Keefe, Bruyette & Woods boosted their target price on Popular from $116.00 to $129.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 29th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $112.25.

Insider Activity

In related news, VP Adorno Denissa Rodriguez sold 1,825 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $97.71, for a total transaction of $178,320.75. Following the transaction, the vice president now owns 3,332 shares in the company, valued at $325,569.72. This trade represents a 35.39 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Eduardo J. Negron sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $104.02, for a total value of $1,040,200.00. Following the completion of the sale, the executive vice president now owns 32,866 shares of the company’s stock, valued at approximately $3,418,721.32. This represents a 23.33 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 15,325 shares of company stock worth $1,565,581. 2.09% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Popular

Several hedge funds have recently added to or reduced their stakes in the business. Financial Management Professionals Inc. acquired a new stake in shares of Popular in the third quarter valued at approximately $29,000. Capital Performance Advisors LLP purchased a new stake in Popular in the 3rd quarter valued at approximately $35,000. Brooklyn Investment Group acquired a new stake in Popular during the 3rd quarter valued at $47,000. Wilmington Savings Fund Society FSB purchased a new position in Popular during the third quarter worth $81,000. Finally, R Squared Ltd acquired a new position in shares of Popular in the fourth quarter worth $166,000. 87.27% of the stock is currently owned by hedge funds and other institutional investors.

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.