Popular (NASDAQ:BPOP) Downgraded to “Hold” Rating by StockNews.com

Popular (NASDAQ:BPOP) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday.

A number of other research analysts have also weighed in on the stock. Keefe, Bruyette & Woods boosted their target price on shares of Popular from $116.00 to $129.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 29th. UBS Group started coverage on Popular in a research report on Tuesday, December 17th. They set a “neutral” rating and a $104.00 price objective for the company. Barclays raised their target price on Popular from $110.00 to $115.00 and gave the company an “overweight” rating in a report on Friday, December 20th. Royal Bank of Canada upped their price target on Popular from $100.00 to $110.00 and gave the stock an “outperform” rating in a report on Wednesday, January 29th. Finally, Wells Fargo & Company raised their price objective on shares of Popular from $105.00 to $110.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 30th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $113.00.

Popular Stock Performance

Shares of BPOP traded down $0.34 during trading hours on Thursday, hitting $93.20. 396,655 shares of the company were exchanged, compared to its average volume of 437,703. The company has a market cap of $6.49 billion, a PE ratio of 10.89, a PEG ratio of 0.75 and a beta of 0.77. The firm’s 50 day moving average is $98.14 and its 200-day moving average is $96.99. Popular has a 52 week low of $80.60 and a 52 week high of $106.81.

Popular (NASDAQ:BPOP) last announced its quarterly earnings results on Tuesday, January 28th. The bank reported $2.51 EPS for the quarter, beating 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%. As a group, equities analysts forecast that Popular will post 10.06 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Eduardo J. Negron sold 10,000 shares of the company’s stock in a transaction dated 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 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Gilberto Monzon sold 9,600 shares of the business’s stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $102.57, for a total transaction of $984,672.00. Following the completion of the transaction, the executive vice president now owns 39,170 shares in the company, valued at approximately $4,017,666.90. This trade represents a 19.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.09% of the company’s stock.

Institutional Trading of Popular

Hedge funds have recently modified their holdings of the company. Cerity Partners LLC grew its position in Popular by 83.9% during the 3rd quarter. Cerity Partners LLC now owns 9,546 shares of the bank’s stock worth $957,000 after acquiring an additional 4,354 shares during the last quarter. Bank of Montreal Can acquired a new position in Popular in the third quarter worth $2,337,000. Quantbot Technologies LP bought a new stake in shares of Popular during the third quarter worth $506,000. Brooklyn Investment Group bought a new stake in shares of Popular during the third quarter worth $47,000. Finally, BNP Paribas Financial Markets increased its stake in shares of Popular by 303.2% in the third quarter. BNP Paribas Financial Markets now owns 23,696 shares of the bank’s stock valued at $2,376,000 after buying an additional 17,819 shares in the last quarter. Institutional investors and hedge funds own 87.27% of the company’s stock.

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.