Hovde Group Initiates Coverage on Popular (NASDAQ:BPOP)

Equities researchers at Hovde Group assumed coverage on shares of Popular (NASDAQ:BPOP) in a note issued to investors on Friday. The brokerage set a “market perform” rating and a $171.00 price target on the bank’s stock. Hovde Group‘s target price would suggest a potential upside of 8.85% from the stock’s previous close.

A number of other research firms have also weighed in on BPOP. Wells Fargo & Company decreased their target price on shares of Popular from $195.00 to $190.00 and set an “overweight” rating on the stock in a research note on Monday. Royal Bank Of Canada upped their price target on Popular from $163.00 to $181.00 and gave the company an “outperform” rating in a research report on Friday, July 24th. Benchmark increased their price target on Popular from $214.00 to $216.00 and gave the company a “buy” rating in a report on Monday, August 31st. Weiss Ratings reiterated a “buy (a-)” rating on shares of Popular in a research report on Thursday, October 29th. Finally, Citigroup boosted their price objective on Popular from $192.00 to $193.00 and gave the stock a “buy” rating in a research note on Monday, October 26th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, Popular currently has a consensus rating of “Moderate Buy” and a consensus price target of $186.00.

Popular Stock Performance

Shares of NASDAQ:BPOP traded down $1.41 during midday trading on Friday, hitting $157.09. The company’s stock had a trading volume of 7,821 shares, compared to its average volume of 523,636. The business’s 50 day simple moving average is $159.74 and its 200 day simple moving average is $154.61. The company has a market cap of $9.80 billion, a P/E ratio of 9.91, a price-to-earnings-growth ratio of 0.48 and a beta of 0.63. Popular has a 12-month low of $109.01 and a 12-month high of $179.24.

Popular (NASDAQ:BPOP) last posted its quarterly earnings results on Thursday, October 22nd. The bank reported $4.21 earnings per share for the quarter, topping analysts’ consensus estimates of $3.95 by $0.26. Popular had a net margin of 22.36% and a return on equity of 16.15%. The firm had revenue of $874.59 million for the quarter, compared to analyst estimates of $904.43 million. During the same period in the previous year, the business posted $3.14 earnings per share. On average, sell-side analysts predict that Popular will post 16.05 earnings per share for the current fiscal year.

Insider Activity at Popular

In other news, VP Adorno Rodriguez sold 600 shares of Popular stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $168.79, for a total transaction of $101,274.00. Following the sale, the vice president owned 2,492 shares of the company’s stock, valued at approximately $420,624.68. The trade was a 19.40% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.13% of the company’s stock.

Institutional Investors Weigh In On Popular

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BPOP. Wellington Management Group LLP boosted its stake in Popular by 1.9% during the second quarter. Wellington Management Group LLP now owns 1,004,676 shares of the bank’s stock worth $164,948,000 after buying an additional 18,647 shares during the period. Sei Investments Co. raised its stake in shares of Popular by 24.9% in the 1st quarter. Sei Investments Co. now owns 556,630 shares of the bank’s stock valued at $74,684,000 after acquiring an additional 110,887 shares during the period. Bank of America Corp DE raised its stake in shares of Popular by 8.2% in the 1st quarter. Bank of America Corp DE now owns 465,720 shares of the bank’s stock valued at $62,486,000 after acquiring an additional 35,226 shares during the period. Bank of New York Mellon Corp purchased a new stake in shares of Popular in the 2nd quarter valued at approximately $54,916,000. Finally, Russell Investments Group Ltd. lifted its holdings in shares of Popular by 24.0% in the 3rd quarter. Russell Investments Group Ltd. now owns 313,417 shares of the bank’s stock worth $48,721,000 after acquiring an additional 60,704 shares during the last quarter. Institutional investors and hedge funds own 87.27% of the company’s stock.

About Popular

Popular, Inc. is a financial holding company headquartered in San Juan, Puerto Rico. Founded in 1893, it provides banking and other financial services primarily in Puerto Rico and the U.S. mainland. Its principal subsidiary, Banco Popular de Puerto Rico, serves individuals and businesses with consumer and commercial banking, mortgage lending, and related financial services. Popular also operates Popular Bank in the mainland United States and provides auto financing through Popular Auto. Ignacio Alvarez is Popular’s president and chief executive officer.