Popular (NASDAQ:BPOP) PT Lowered to $98.00 at Wells Fargo & Company

Popular (NASDAQ:BPOP) had its price objective lowered by stock analysts at Wells Fargo & Company from $105.00 to $98.00 in a research report issued on Thursday, Benzinga reports. The firm currently has an “equal weight” rating on the bank’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 9.94% from the stock’s previous close.

BPOP has been the topic of several other reports. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $120.00 target price (up from $110.00) on shares of Popular in a report on Thursday, July 25th. Hovde Group increased their target price on shares of Popular from $113.00 to $123.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. Piper Sandler lowered their price target on Popular from $112.00 to $100.00 and set an “overweight” rating on the stock in a research report on Thursday. Barclays cut their price target on shares of Popular from $117.00 to $104.00 and set an “overweight” rating for the company in a research note on Thursday. Finally, Royal Bank of Canada upped their price target on shares of Popular from $90.00 to $108.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, Popular has an average rating of “Moderate Buy” and an average target price of $106.38.

Popular Price Performance

Shares of BPOP traded down $0.59 during trading hours on Thursday, hitting $89.14. The stock had a trading volume of 174,226 shares, compared to its average volume of 409,299. The stock has a market capitalization of $6.44 billion, a price-to-earnings ratio of 13.20, a P/E/G ratio of 0.66 and a beta of 0.78. Popular has a 52 week low of $59.27 and a 52 week high of $105.01. The company’s fifty day moving average is $98.70 and its two-hundred day moving average is $93.07.

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

Insiders Place Their Bets

In related news, EVP Camille Burckhart sold 5,917 shares of the business’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $97.60, for a total transaction of $577,499.20. Following the sale, the executive vice president now owns 29,922 shares in the company, valued at $2,920,387.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 2.09% of the company’s stock.

Institutional Trading of Popular

Several large investors have recently modified their holdings of BPOP. Massachusetts Financial Services Co. MA grew its holdings in shares of Popular by 52.2% during the second quarter. Massachusetts Financial Services Co. MA now owns 835,311 shares of the bank’s stock valued at $73,867,000 after buying an additional 286,450 shares during the last quarter. Jupiter Asset Management Ltd. purchased a new stake in shares of Popular in the first quarter valued at about $19,997,000. AQR Capital Management LLC boosted its holdings in Popular by 23.6% during the second quarter. AQR Capital Management LLC now owns 859,794 shares of the bank’s stock worth $75,129,000 after purchasing an additional 164,270 shares during the last quarter. American Century Companies Inc. grew its holdings in shares of Popular by 10.3% in the second quarter. American Century Companies Inc. now owns 1,218,828 shares of the bank’s stock valued at $107,781,000 after acquiring an additional 113,838 shares in the last quarter. Finally, Boston Partners boosted its position in Popular by 262.7% in the first quarter. Boston Partners now owns 103,293 shares of the bank’s stock worth $9,097,000 after purchasing an additional 74,818 shares during the last quarter. Institutional investors and hedge funds own 87.27% of the company’s stock.

About Popular

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.