Popular, Inc. (NASDAQ:BPOP - Get Free Report) shares reached a new 52-week high during trading on Tuesday following a better than expected earnings announcement. The stock traded as high as $106.46 and last traded at $100.91, with a volume of 42196 shares changing hands. The stock had previously closed at $103.77.
The bank reported $2.51 earnings per share for the quarter, beating the consensus estimate of $2.04 by $0.47. Popular had a return on equity of 11.89% and a net margin of 14.15%.
Popular Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Friday, December 6th were given a $0.70 dividend. The ex-dividend date of this dividend was Friday, December 6th. This is an increase from Popular's previous quarterly dividend of $0.62. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.72%. Popular's dividend payout ratio is currently 32.71%.
Wall Street Analyst Weigh In
BPOP has been the topic of a number of recent analyst reports. Royal Bank of Canada upped their price objective on Popular from $100.00 to $110.00 and gave the company an "outperform" rating in a research report on Wednesday. StockNews.com upgraded Popular from a "hold" rating to a "buy" rating in a research report on Wednesday. UBS Group assumed coverage on Popular in a report on Tuesday, December 17th. They issued a "neutral" rating and a $104.00 target price on the stock. Keefe, Bruyette & Woods lifted their price target on Popular from $116.00 to $129.00 and gave the stock an "outperform" rating in a research report on Wednesday. Finally, Wells Fargo & Company raised their price target on Popular from $105.00 to $110.00 and gave the stock an "equal weight" rating in a research note on Thursday. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $112.25.
Get Our Latest Stock Report on Popular
Insider Activity at Popular
In related news, EVP Beatriz Castellvi sold 3,500 shares of the stock in a transaction that occurred 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 completion of the sale, the executive vice president now owns 25,115 shares of the company's stock, valued at approximately $2,490,403.40. This trade represents a 12.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Adorno Denissa Rodriguez sold 1,825 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $97.71, for a total transaction of $178,320.75. Following the completion of the sale, the vice president now directly owns 3,332 shares of the company's stock, valued at approximately $325,569.72. This trade represents a 35.39 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.09% of the company's stock.
Institutional Investors Weigh In On Popular
Large investors have recently modified their holdings of the company. Los Angeles Capital Management LLC lifted its holdings in shares of Popular by 235.5% during the third quarter. Los Angeles Capital Management LLC now owns 332,093 shares of the bank's stock worth $33,299,000 after purchasing an additional 233,119 shares during the period. Soros Fund Management LLC acquired a new position in shares of Popular during the third quarter worth $9,115,000. Jacobs Levy Equity Management Inc. grew its position in shares of Popular by 18.3% during the third quarter. Jacobs Levy Equity Management Inc. now owns 548,057 shares of the bank's stock worth $54,954,000 after buying an additional 84,839 shares in the last quarter. Point72 Asset Management L.P. bought a new position in Popular during the 3rd quarter worth approximately $8,385,000. Finally, Franklin Resources Inc. grew its position in shares of Popular by 304.3% during the 3rd quarter. Franklin Resources Inc. now owns 99,861 shares of the bank's stock valued at $10,042,000 after buying an additional 75,164 shares during the last quarter. 87.27% of the stock is owned by hedge funds and other institutional investors.
Popular Stock Performance
The stock has a market cap of $7.34 billion, a P/E ratio of 12.03, a P/E/G ratio of 0.69 and a beta of 0.81. The firm has a 50 day simple moving average of $97.17 and a two-hundred day simple moving average of $97.39.
Popular Company Profile
(
Get Free Report)
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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