Popular (NASDAQ:BPOP) Hits New 52-Week High – Here’s Why

Popular, Inc. (NASDAQ:BPOP) reached a new 52-week high during mid-day trading on Friday . The company traded as high as $153.99 and last traded at $153.34, with a volume of 78037 shares. The stock had previously closed at $152.77.

Analysts Set New Price Targets

BPOP has been the subject of a number of research reports. Weiss Ratings raised Popular from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Monday, May 4th. Citigroup boosted their price objective on shares of Popular from $170.00 to $178.00 and gave the company a “buy” rating in a research report on Tuesday, April 28th. Wells Fargo & Company upped their target price on shares of Popular from $135.00 to $163.00 and gave the stock an “overweight” rating in a research note on Monday, March 30th. Piper Sandler increased their target price on Popular from $156.00 to $173.00 and gave the stock an “overweight” rating in a report on Friday, April 24th. Finally, UBS Group lifted their price target on Popular from $160.00 to $170.00 and gave the company a “buy” rating in a research note on Friday, April 24th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $168.73.

Popular Trading Up 0.2%

The company has a market capitalization of $9.88 billion, a P/E ratio of 11.31, a PEG ratio of 0.76 and a beta of 0.62. The firm’s 50 day moving average price is $145.82 and its two-hundred day moving average price is $134.76.

Popular (NASDAQ:BPOP) last issued its quarterly earnings results on Thursday, April 23rd. The bank reported $3.78 earnings per share for the quarter, topping the consensus estimate of $3.30 by $0.48. The company had revenue of $816.08 million during the quarter, compared to analysts’ expectations of $866.54 million. Popular had a net margin of 20.10% and a return on equity of 14.53%. During the same period last year, the business earned $2.56 EPS. Analysts anticipate that Popular, Inc. will post 15.14 earnings per share for the current fiscal year.

Popular Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Friday, May 29th will be paid a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 2.0%. The ex-dividend date is Friday, May 29th. Popular’s payout ratio is presently 22.16%.

Insider Buying and Selling at Popular

In other Popular news, EVP Maria Cristin Gonzalez-Noguera sold 6,200 shares of Popular stock in a transaction on Friday, May 1st. The shares were sold at an average price of $148.51, for a total value of $920,762.00. Following the sale, the executive vice president directly owned 11,255 shares in the company, valued at approximately $1,671,480.05. The trade was a 35.52% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Alejandro M. Sanchez sold 300 shares of Popular stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $150.36, for a total transaction of $45,108.00. Following the completion of the sale, the director owned 3,960 shares in the company, valued at $595,425.60. The trade was a 7.04% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 29,500 shares of company stock worth $4,415,870. Insiders own 2.13% of the company’s stock.

Institutional Investors Weigh In On Popular

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Acumen Wealth Advisors LLC bought a new stake in shares of Popular during the 4th quarter worth approximately $26,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in shares of Popular in the fourth quarter valued at $28,000. Parallel Advisors LLC grew its stake in shares of Popular by 70.8% in the fourth quarter. Parallel Advisors LLC now owns 246 shares of the bank’s stock valued at $31,000 after buying an additional 102 shares in the last quarter. Advisory Services Network LLC bought a new position in shares of Popular in the third quarter valued at $31,000. Finally, Atlas Capital Advisors Inc. bought a new position in shares of Popular in the fourth quarter valued at $50,000. 87.27% of the stock is currently owned by institutional investors and hedge funds.

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.