Popular (NASDAQ:BPOP) Hits New 52-Week High After Strong Earnings

Popular, Inc. (NASDAQ:BPOP) shares hit a new 52-week high during mid-day trading on Tuesday after the company announced better than expected quarterly earnings. The stock traded as high as $106.46 and last traded at $100.91, with a volume of 42196 shares. The stock had previously closed at $103.77.

The bank reported $2.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.04 by $0.47. Popular had a return on equity of 11.35% and a net margin of 12.36%.

Popular Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Friday, December 6th were paid a $0.70 dividend. The ex-dividend date was Friday, December 6th. This represents a $2.80 dividend on an annualized basis and a yield of 2.70%. This is a boost from Popular’s previous quarterly dividend of $0.62. Popular’s dividend payout ratio (DPR) is currently 38.04%.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. UBS Group initiated coverage on shares of Popular in a report on Tuesday, December 17th. They set a “neutral” rating and a $104.00 price objective on the stock. Royal Bank of Canada lifted their price objective on Popular from $100.00 to $110.00 and gave the stock an “outperform” rating in a report on Wednesday. Piper Sandler reduced their target price on Popular from $112.00 to $100.00 and set an “overweight” rating for the company in a report on Thursday, October 24th. Barclays lifted their price target on Popular from $110.00 to $115.00 and gave the stock an “overweight” rating in a research note on Friday, December 20th. Finally, Keefe, Bruyette & Woods boosted their price target on Popular from $116.00 to $129.00 and gave the stock an “outperform” rating in a research report on Wednesday. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $111.63.

Insider Buying and Selling

In other Popular news, VP Adorno Denissa Rodriguez sold 1,825 shares of Popular stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $97.71, for a total value of $178,320.75. Following the sale, the vice president now owns 3,332 shares in the company, valued at $325,569.72. The trade was a 35.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Beatriz Castellvi sold 3,500 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $99.16, for a total value of $347,060.00. Following the transaction, the executive vice president now owns 25,115 shares of the company’s stock, valued at approximately $2,490,403.40. This represents a 12.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.09% of the stock is currently owned by company insiders.

Institutional Trading of Popular

Several institutional investors and hedge funds have recently bought and sold shares of BPOP. Assetmark Inc. raised its holdings in shares of Popular by 4.0% in the 3rd quarter. Assetmark Inc. now owns 3,749 shares of the bank’s stock valued at $376,000 after buying an additional 143 shares during the period. Pathstone Holdings LLC increased its stake in Popular by 0.8% during the third quarter. Pathstone Holdings LLC now owns 19,690 shares of the bank’s stock worth $1,974,000 after purchasing an additional 148 shares during the period. Financial Management Professionals Inc. acquired a new stake in shares of Popular during the third quarter worth about $29,000. Park Avenue Securities LLC boosted its stake in shares of Popular by 8.6% in the third quarter. Park Avenue Securities LLC now owns 3,874 shares of the bank’s stock valued at $388,000 after purchasing an additional 307 shares during the period. Finally, KBC Group NV grew its holdings in shares of Popular by 19.0% in the third quarter. KBC Group NV now owns 2,076 shares of the bank’s stock valued at $208,000 after purchasing an additional 331 shares in the last quarter. 87.27% of the stock is currently owned by hedge funds and other institutional investors.

Popular Stock Performance

The stock has a market capitalization of $7.40 billion, a PE ratio of 14.09, a P/E/G ratio of 0.65 and a beta of 0.81. The firm’s 50 day moving average is $97.03 and its two-hundred day moving average is $97.35.

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.