Popular Inc (NASDAQ:BPOP) was the recipient of a large growth in short interest in August. As of August 31st, there was short interest totalling 4,572,036 shares, a growth of 166.5% from the August 15th total of 1,715,470 shares. Based on an average daily volume of 645,981 shares, the days-to-cover ratio is presently 7.1 days. Currently, 4.5% of the shares of the stock are sold short.
BPOP has been the subject of several analyst reports. BidaskClub cut Popular from a “buy” rating to a “hold” rating in a report on Friday, June 1st. Sandler O’Neill restated a “buy” rating and set a $58.00 target price on shares of Popular in a report on Monday, July 23rd. Citigroup increased their target price on Popular from $55.00 to $59.00 and gave the company a “buy” rating in a report on Tuesday, July 24th. Barclays increased their target price on Popular from $51.00 to $55.00 and gave the company an “overweight” rating in a report on Tuesday, July 24th. Finally, Royal Bank of Canada restated a “buy” rating and set a $55.00 target price on shares of Popular in a report on Wednesday, July 25th. Three investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $53.61.
Shares of BPOP stock opened at $50.42 on Friday. The stock has a market cap of $5.19 billion, a P/E ratio of 19.03 and a beta of 1.06. Popular has a 1-year low of $32.04 and a 1-year high of $52.50.
Popular (NASDAQ:BPOP) last issued its earnings results on Monday, July 23rd. The bank reported $1.18 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.23. Popular had a return on equity of 5.78% and a net margin of 12.21%. The company had revenue of $648.95 million during the quarter, compared to analysts’ expectations of $526.70 million. During the same period in the prior year, the business posted $0.94 EPS. equities analysts predict that Popular will post 4.7 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 1st. Shareholders of record on Thursday, September 13th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.98%. The ex-dividend date is Wednesday, September 12th. Popular’s dividend payout ratio (DPR) is currently 37.31%.
In other news, VP Jorge J. Garcia sold 3,000 shares of the company’s stock in a transaction dated Tuesday, July 31st. The stock was sold at an average price of $49.69, for a total value of $149,070.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Richard L. Carrion sold 200,000 shares of the company’s stock in a transaction dated Thursday, July 26th. The stock was sold at an average price of $50.16, for a total value of $10,032,000.00. The disclosure for this sale can be found here. Insiders sold a total of 350,156 shares of company stock valued at $17,547,056 over the last quarter. Company insiders own 1.27% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Nisa Investment Advisors LLC purchased a new stake in Popular in the 2nd quarter worth approximately $118,000. Cerebellum GP LLC purchased a new stake in Popular in the 2nd quarter worth approximately $176,000. Sun Life Financial INC purchased a new stake in Popular in the 2nd quarter worth approximately $206,000. Timber Hill LLC purchased a new stake in Popular in the 1st quarter worth approximately $223,000. Finally, First Republic Investment Management Inc. purchased a new stake in Popular in the 1st quarter worth approximately $229,000. Institutional investors and hedge funds own 87.69% of the company’s stock.
Popular, Inc, through its subsidiaries, provides various retail, mortgage, and commercial banking products and services primarily to institutional and retail customers. The company accepts various deposit products. It also offers commercial and industrial loans; commercial real estate loans; residential mortgage loans; consumer loans, including personal loans, credit cards, home equity lines of credit, and other loans to individual borrowers; construction loans; and lease financing comprising automobile loans/leases.
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