Popular, Inc. (NASDAQ:BPOP) Sees Significant Increase in Short Interest

Popular, Inc. (NASDAQ:BPOP - Get Free Report) was the target of a significant increase in short interest in the month of September. As of September 30th, there was short interest totalling 871,600 shares, an increase of 19.3% from the September 15th total of 730,800 shares. Based on an average daily volume of 420,400 shares, the days-to-cover ratio is currently 2.1 days. Currently, 1.2% of the shares of the stock are short sold.

Popular Stock Performance

Popular stock traded down $0.01 during mid-day trading on Monday, reaching $100.56. 324,228 shares of the company were exchanged, compared to its average volume of 398,182. The firm has a market cap of $7.27 billion, a P/E ratio of 14.92, a PEG ratio of 0.66 and a beta of 0.78. Popular has a 12-month low of $59.27 and a 12-month high of $105.01. The business has a fifty day moving average of $98.00 and a 200 day moving average of $92.39.

Popular (NASDAQ:BPOP - Get Free Report) last released its quarterly earnings results on Wednesday, July 24th. The bank reported $2.46 EPS for the quarter, beating the consensus estimate of $2.08 by $0.38. The business had revenue of $1.09 billion during the quarter, compared to analyst estimates of $751.57 million. Popular had a net margin of 12.20% and a return on equity of 11.73%. During the same period in the prior year, the firm posted $2.10 earnings per share. Sell-side analysts predict that Popular will post 8.74 EPS for the current year.

Popular Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th were paid a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a yield of 2.47%. The ex-dividend date was Friday, September 13th. Popular's dividend payout ratio (DPR) is presently 36.80%.

Analysts Set New Price Targets

BPOP has been the subject of several research analyst reports. Royal Bank of Canada raised their price target on Popular from $90.00 to $108.00 and gave the company an "outperform" rating in a report on Thursday, July 25th. Keefe, Bruyette & Woods reiterated an "outperform" rating and issued a $120.00 target price (up previously from $110.00) on shares of Popular in a report on Thursday, July 25th. Piper Sandler began coverage on Popular in a research report on Monday, August 26th. They issued an "overweight" rating and a $112.00 price target for the company. Wells Fargo & Company downgraded shares of Popular from an "overweight" rating to an "equal weight" rating and cut their price target for the company from $115.00 to $105.00 in a report on Tuesday, October 1st. Finally, Hovde Group increased their price target on Popular from $113.00 to $123.00 and gave the stock an "outperform" rating in a report on Thursday, July 25th. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $110.38.

Insiders Place Their Bets

In other news, EVP Camille Burckhart sold 5,917 shares of the firm's stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $97.60, for a total transaction of $577,499.20. Following the sale, the executive vice president now directly owns 29,922 shares in the company, valued at $2,920,387.20. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 2.09% of the company's stock.

Institutional Trading of Popular

Institutional investors have recently bought and sold shares of the stock. Wedge Capital Management L L P NC lifted its holdings in shares of Popular by 3.7% during the third quarter. Wedge Capital Management L L P NC now owns 18,912 shares of the bank's stock worth $1,896,000 after purchasing an additional 671 shares during the period. CWM LLC lifted its stake in Popular by 98.1% during the 3rd quarter. CWM LLC now owns 5,036 shares of the bank's stock valued at $505,000 after acquiring an additional 2,494 shares during the period. Perkins Coie Trust Co boosted its holdings in shares of Popular by 50.0% in the 3rd quarter. Perkins Coie Trust Co now owns 3,000 shares of the bank's stock valued at $301,000 after acquiring an additional 1,000 shares during the last quarter. Park Avenue Securities LLC boosted its holdings in shares of Popular by 8.6% in the 3rd quarter. Park Avenue Securities LLC now owns 3,874 shares of the bank's stock valued at $388,000 after acquiring an additional 307 shares during the last quarter. Finally, SG Americas Securities LLC increased its stake in shares of Popular by 36.9% in the third quarter. SG Americas Securities LLC now owns 19,630 shares of the bank's stock worth $1,968,000 after acquiring an additional 5,287 shares during the period. 87.27% of the stock is currently owned by institutional investors and hedge funds.

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.

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