Popular (NASDAQ:BPOP) Price Target Lowered to $98.00 at Wells Fargo & Company

Popular (NASDAQ:BPOP) had its price objective cut by analysts at Wells Fargo & Company from $105.00 to $98.00 in a report issued on Thursday, Benzinga reports. The brokerage currently has an “equal weight” rating on the bank’s stock. Wells Fargo & Company‘s target price would indicate a potential upside of 9.94% from the stock’s previous close.

Several other brokerages have also recently weighed in on BPOP. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $120.00 price target (up from $110.00) on shares of Popular in a research report on Thursday, July 25th. Royal Bank of Canada lifted their target price on Popular from $90.00 to $108.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. Hovde Group increased their price target on shares of Popular from $113.00 to $123.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. Piper Sandler reduced their price objective on shares of Popular from $112.00 to $100.00 and set an “overweight” rating for the company in a research note on Thursday. Finally, Barclays cut their price target on shares of Popular from $117.00 to $104.00 and set an “overweight” rating for the company in a report on Thursday. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $106.38.

Popular Stock Performance

NASDAQ BPOP traded down $0.59 during trading on Thursday, hitting $89.14. 174,226 shares of the company’s stock traded hands, compared to its average volume of 409,299. The stock has a market capitalization of $6.44 billion, a price-to-earnings ratio of 13.20, a PEG ratio of 0.66 and a beta of 0.78. Popular has a 12-month low of $59.27 and a 12-month high of $105.01. The business has a 50 day moving average of $98.70 and a 200-day moving average of $93.07.

Popular (NASDAQ:BPOP) last announced its quarterly earnings results on Wednesday, July 24th. The bank reported $2.46 EPS for the quarter, beating analysts’ consensus estimates of $2.08 by $0.38. Popular had a net margin of 12.20% and a return on equity of 11.73%. The company had revenue of $1.09 billion for the quarter, compared to analysts’ expectations of $751.57 million. During the same period in the prior year, the company posted $2.10 EPS. On average, analysts expect that Popular will post 8.74 EPS for the current year.

Insider Transactions at Popular

In other Popular news, EVP Camille Burckhart sold 5,917 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $97.60, for a total transaction of $577,499.20. Following the sale, the executive vice president now owns 29,922 shares in the company, valued at $2,920,387.20. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.09% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Popular

Several institutional investors have recently modified their holdings of BPOP. Headlands Technologies LLC purchased a new stake in Popular in the first quarter worth approximately $42,000. Mather Group LLC. bought a new stake in shares of Popular in the 2nd quarter worth approximately $44,000. Meeder Asset Management Inc. purchased a new stake in shares of Popular in the 2nd quarter valued at $48,000. GAMMA Investing LLC grew its holdings in shares of Popular by 16.8% during the 2nd quarter. GAMMA Investing LLC now owns 1,259 shares of the bank’s stock valued at $111,000 after purchasing an additional 181 shares during the last quarter. Finally, Perkins Coie Trust Co purchased a new position in Popular in the 2nd quarter worth $177,000. 87.27% of the stock is currently owned by 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.