Keefe, Bruyette & Woods Reiterates “Outperform” Rating for Popular (NASDAQ:BPOP)

Popular (NASDAQ:BPOP)‘s stock had its “outperform” rating restated by Keefe, Bruyette & Woods in a note issued to investors on Thursday, Benzinga reports. They presently have a $120.00 target price on the bank’s stock, up from their prior target price of $110.00. Keefe, Bruyette & Woods’ price objective would suggest a potential upside of 20.76% from the company’s previous close.

BPOP has been the subject of a number of other research reports. StockNews.com upgraded Popular from a “sell” rating to a “hold” rating in a research report on Wednesday, April 3rd. Hovde Group boosted their target price on Popular from $113.00 to $123.00 and gave the stock an “outperform” rating in a research report on Thursday. Barclays dropped their target price on Popular from $105.00 to $103.00 and set an “overweight” rating for the company in a research report on Monday, June 24th. Wells Fargo & Company boosted their target price on Popular from $105.00 to $115.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 24th. Finally, Piper Sandler boosted their target price on Popular from $96.00 to $105.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 9th. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $101.89.

Popular Trading Down 3.5 %

Shares of BPOP opened at $99.37 on Thursday. The company has a market cap of $7.18 billion, a PE ratio of 14.74, a price-to-earnings-growth ratio of 0.85 and a beta of 0.80. The stock has a 50-day moving average price of $89.56 and a 200-day moving average price of $86.57. Popular has a 12-month low of $59.27 and a 12-month high of $105.01.

Popular (NASDAQ:BPOP) last issued its quarterly earnings results on Tuesday, April 23rd. The bank reported $1.87 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.96 by ($0.09). The business had revenue of $714.56 million for the quarter, compared to the consensus estimate of $706.00 million. Popular had a net margin of 11.95% and a return on equity of 11.67%. As a group, analysts predict that Popular will post 8.41 earnings per share for the current year.

Insiders Place Their Bets

In other news, EVP Manuel Chinea sold 12,000 shares of the business’s stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $90.70, for a total transaction of $1,088,400.00. Following the transaction, the executive vice president now directly owns 27,086 shares of the company’s stock, valued at $2,456,700.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, EVP Gilberto Monzon sold 5,000 shares of the company’s stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $85.80, for a total value of $429,000.00. Following the sale, the executive vice president now directly owns 48,320 shares of the company’s stock, valued at $4,145,856. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Manuel Chinea sold 12,000 shares of the company’s stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $90.70, for a total value of $1,088,400.00. Following the completion of the sale, the executive vice president now directly owns 27,086 shares in the company, valued at $2,456,700.20. The disclosure for this sale can be found here. Insiders own 2.09% 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. Headlands Technologies LLC purchased a new stake in Popular in the first quarter worth $42,000. Mather Group LLC. bought a new stake in Popular in the second quarter worth $44,000. Principal Securities Inc. bought a new stake in Popular in the fourth quarter worth $83,000. GAMMA Investing LLC bought a new stake in Popular in the fourth quarter worth $90,000. Finally, Clear Street Markets LLC bought a new stake in Popular in the fourth quarter worth $139,000. 87.27% of the stock is owned by hedge funds and other institutional investors.

Popular Company Profile

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.