Popular (NASDAQ:BPOP) Given New $110.00 Price Target at Royal Bank of Canada

Popular (NASDAQ:BPOP) had its price objective hoisted by Royal Bank of Canada from $100.00 to $110.00 in a research note issued to investors on Wednesday morning,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the bank’s stock.

BPOP has been the topic of a number of other reports. UBS Group began coverage on Popular in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $104.00 price target on the stock. Keefe, Bruyette & Woods boosted their price target on Popular from $116.00 to $129.00 and gave the company an “outperform” rating in a research note on Wednesday. Barclays increased their price objective on shares of Popular from $110.00 to $115.00 and gave the stock an “overweight” rating in a research note on Friday, December 20th. Piper Sandler cut their target price on shares of Popular from $112.00 to $100.00 and set an “overweight” rating for the company in a research report on Thursday, October 24th. Finally, Wells Fargo & Company increased their price target on shares of Popular from $90.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 3rd. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $112.25.

Popular Stock Performance

NASDAQ BPOP opened at $102.94 on Wednesday. The company has a market capitalization of $7.34 billion, a price-to-earnings ratio of 12.03, a PEG ratio of 0.69 and a beta of 0.81. The stock has a 50-day moving average of $97.36 and a 200 day moving average of $97.48. Popular has a one year low of $80.60 and a one year high of $106.46.

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

Popular Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Friday, December 6th were given a dividend of $0.70 per share. The ex-dividend date was Friday, December 6th. This is an increase from Popular’s previous quarterly dividend of $0.62. This represents a $2.80 dividend on an annualized basis and a yield of 2.72%. Popular’s dividend payout ratio is 32.71%.

Insider Activity

In related news, EVP Beatriz Castellvi sold 3,500 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $99.16, for a total value of $347,060.00. Following the transaction, the executive vice president now owns 25,115 shares of the company’s stock, valued at $2,490,403.40. This trade represents a 12.23 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Eduardo J. Negron sold 10,000 shares of the business’s stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $104.02, for a total transaction of $1,040,200.00. Following the completion of the sale, the executive vice president now directly owns 32,866 shares of the company’s stock, valued at approximately $3,418,721.32. This trade represents a 23.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 15,325 shares of company stock valued at $1,565,581. 2.09% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Popular

A number of institutional investors have recently modified their holdings of the stock. State Street Corp grew its stake in Popular by 0.5% in the third quarter. State Street Corp now owns 2,056,377 shares of the bank’s stock worth $207,475,000 after purchasing an additional 10,599 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Popular by 7.3% in the 3rd quarter. Principal Financial Group Inc. now owns 1,054,849 shares of the bank’s stock worth $105,769,000 after buying an additional 71,782 shares during the period. Massachusetts Financial Services Co. MA lifted its holdings in shares of Popular by 8.1% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 902,931 shares of the bank’s stock worth $90,537,000 after buying an additional 67,620 shares during the period. Verition Fund Management LLC grew its position in shares of Popular by 3.7% during the 3rd quarter. Verition Fund Management LLC now owns 629,537 shares of the bank’s stock worth $63,124,000 after buying an additional 22,355 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. increased its stake in shares of Popular by 18.3% during the third quarter. Jacobs Levy Equity Management Inc. now owns 548,057 shares of the bank’s stock valued at $54,954,000 after buying an additional 84,839 shares during the period. 87.27% of the stock is owned by hedge funds and other institutional investors.

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.