Popular (NASDAQ:BPOP) Reaches New 1-Year High – What’s Next?

Popular, Inc. (NASDAQ:BPOP) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $148.24 and last traded at $148.0450, with a volume of 67231 shares. The stock had previously closed at $145.97.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Hovde Group raised their price target on shares of Popular from $153.00 to $176.00 and gave the company an “outperform” rating in a research report on Wednesday, January 28th. Zacks Research raised shares of Popular from a “hold” rating to a “strong-buy” rating in a report on Tuesday, February 3rd. Truist Financial increased their price target on shares of Popular from $153.00 to $164.00 and gave the stock a “buy” rating in a report on Thursday, January 29th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Popular in a research note on Wednesday, January 21st. Finally, UBS Group reiterated a “neutral” rating and issued a $142.00 price objective on shares of Popular in a report on Wednesday, February 4th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $155.73.

Popular Price Performance

The stock has a market capitalization of $9.73 billion, a P/E ratio of 11.84, a price-to-earnings-growth ratio of 0.91 and a beta of 0.63. The business’s 50 day moving average price is $128.24 and its 200 day moving average price is $122.29.

Popular (NASDAQ:BPOP) last announced its earnings results on Tuesday, January 27th. The bank reported $3.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.02 by $0.36. The company had revenue of $815.98 million during the quarter, compared to analyst estimates of $811.55 million. Popular had a net margin of 18.75% and a return on equity of 13.87%. During the same period in the previous year, the business posted $2.51 earnings per share. As a group, analysts forecast that Popular, Inc. will post 10.06 earnings per share for the current fiscal year.

Popular Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 2nd. Shareholders of record on Friday, December 5th were given a $0.75 dividend. The ex-dividend date was Friday, December 5th. This represents a $3.00 dividend on an annualized basis and a yield of 2.1%. Popular’s dividend payout ratio is presently 24.35%.

Insider Buying and Selling at Popular

In other news, Director Richard L. Carrion sold 25,000 shares of the business’s stock in a transaction dated Monday, November 24th. The stock was sold at an average price of $113.50, for a total value of $2,837,500.00. Following the transaction, the director directly owned 193,020 shares in the company, valued at $21,907,770. The trade was a 11.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Alejandro M. Ballester sold 2,360 shares of the company’s stock in a transaction dated Friday, January 30th. The stock was sold at an average price of $132.50, for a total value of $312,700.00. Following the completion of the transaction, the director directly owned 57,449 shares of the company’s stock, valued at approximately $7,611,992.50. This trade represents a 3.95% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 28,360 shares of company stock valued at $3,265,040 over the last 90 days. 2.09% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Parallel Advisors LLC grew its stake in shares of Popular by 70.8% in the 4th quarter. Parallel Advisors LLC now owns 246 shares of the bank’s stock worth $31,000 after buying an additional 102 shares in the last quarter. Advisory Services Network LLC purchased a new position in shares of Popular in the 3rd quarter worth approximately $31,000. Allworth Financial LP lifted its holdings in shares of Popular by 2,158.8% during the 2nd quarter. Allworth Financial LP now owns 384 shares of the bank’s stock valued at $42,000 after purchasing an additional 367 shares during the last quarter. True Wealth Design LLC lifted its holdings in shares of Popular by 262.9% during the 3rd quarter. True Wealth Design LLC now owns 352 shares of the bank’s stock valued at $45,000 after purchasing an additional 255 shares during the last quarter. Finally, IFP Advisors Inc boosted its position in shares of Popular by 3,925.0% in the 2nd quarter. IFP Advisors Inc now owns 483 shares of the bank’s stock worth $53,000 after purchasing an additional 471 shares in the last quarter. 87.27% of the stock is currently owned by institutional investors.

About Popular

Popular, Inc, headquartered in San Juan, Puerto Rico, is a financial holding company and a leading provider of banking services in the United States mainland and Puerto Rico. Through its primary subsidiaries—Banco Popular de Puerto Rico and Popular Bank—the company delivers comprehensive commercial and consumer banking solutions. It offers deposit products, lending facilities, cash management services and payment-processing solutions designed for individuals, small businesses and large corporations.

The company’s product suite encompasses checking and savings accounts, certificates of deposit, residential and commercial mortgage loans, business lines of credit and credit cards.