Popular (NASDAQ:BPOP) Announces Earnings Results, Misses Estimates By $0.22 EPS

Popular (NASDAQ:BPOP) announced its quarterly earnings data on Wednesday. The bank reported $2.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.38 by ($0.22), Briefing.com reports. Popular had a net margin of 12.20% and a return on equity of 11.73%. The firm had revenue of $736.56 million during the quarter, compared to analyst estimates of $766.62 million. The business’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.90 earnings per share.

Popular Price Performance

Popular stock traded down $0.76 during trading hours on Thursday, hitting $88.97. The stock had a trading volume of 877,874 shares, compared to its average volume of 412,714. The stock has a market capitalization of $6.43 billion, a price-to-earnings ratio of 13.20, a PEG ratio of 0.66 and a beta of 0.78. Popular has a 1-year low of $59.27 and a 1-year high of $105.01. The stock’s fifty day moving average is $98.54 and its two-hundred day moving average is $93.04.

Popular Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th were given a dividend of $0.62 per share. The ex-dividend date was Friday, September 13th. This represents a $2.48 dividend on an annualized basis and a yield of 2.79%. Popular’s payout ratio is 36.80%.

Insider Buying and Selling

In other Popular news, EVP Camille Burckhart sold 5,917 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $97.60, for a total transaction of $577,499.20. Following the completion of the transaction, the executive vice president now directly owns 29,922 shares in the company, valued at approximately $2,920,387.20. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 2.09% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on BPOP. Hovde Group boosted their price target on shares of Popular from $113.00 to $123.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Royal Bank of Canada dropped their target price on Popular from $108.00 to $96.00 and set an “outperform” rating on the stock in a research report on Thursday. Wells Fargo & Company reduced their price target on Popular from $105.00 to $98.00 and set an “equal weight” rating for the company in a report on Thursday. Piper Sandler decreased their price target on Popular from $112.00 to $100.00 and set an “overweight” rating on the stock in a research note on Thursday. Finally, Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $120.00 price objective (up previously from $110.00) on shares of Popular in a research report on Thursday, July 25th. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $104.88.

About Popular

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.