Popular (NASDAQ:BPOP) Lowered to “Hold” Rating by StockNews.com

StockNews.com downgraded shares of Popular (NASDAQ:BPOP) from a buy rating to a hold rating in a research report released on Thursday.

Other equities research analysts have also issued research reports about the stock. Keefe, Bruyette & Woods raised their price target on shares of Popular from $116.00 to $129.00 and gave the company an “outperform” rating in a research note on Wednesday, January 29th. Barclays raised their target price on Popular from $110.00 to $115.00 and gave the company an “overweight” rating in a research report on Friday, December 20th. UBS Group began coverage on Popular in a research report on Tuesday, December 17th. They set a “neutral” rating and a $104.00 price target for the company. Wells Fargo & Company raised their price target on Popular from $105.00 to $110.00 and gave the company an “equal weight” rating in a report on Thursday, January 30th. Finally, Royal Bank of Canada lifted their price objective on shares of Popular from $100.00 to $110.00 and gave the company an “outperform” rating in a research note on Wednesday, January 29th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Popular currently has a consensus rating of “Moderate Buy” and an average price target of $113.00.

Popular Trading Down 0.4 %

Shares of Popular stock opened at $93.20 on Thursday. Popular has a twelve month low of $80.60 and a twelve month high of $106.81. The business’s 50 day simple moving average is $98.14 and its 200-day simple moving average is $96.99. The stock has a market capitalization of $6.49 billion, a price-to-earnings ratio of 10.89, a PEG ratio of 0.75 and a beta of 0.77.

Popular (NASDAQ:BPOP) last announced its quarterly earnings results on Tuesday, January 28th. The bank reported $2.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.04 by $0.47. Popular had a net margin of 14.15% and a return on equity of 11.89%. Sell-side analysts predict that Popular will post 10.06 earnings per share for the current year.

Popular Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Tuesday, March 18th will be paid a dividend of $0.70 per share. The ex-dividend date is Tuesday, March 18th. This represents a $2.80 annualized dividend and a yield of 3.00%. Popular’s dividend payout ratio is currently 32.71%.

Insiders Place Their Bets

In other news, EVP Gilberto Monzon sold 9,600 shares of the firm’s stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $102.57, for a total transaction of $984,672.00. Following the completion of the sale, the executive vice president now directly owns 39,170 shares of the company’s stock, valued at $4,017,666.90. This trade represents a 19.68 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Eduardo J. Negron sold 10,000 shares of the business’s stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $104.02, for a total value of $1,040,200.00. Following the sale, the executive vice president now directly owns 32,866 shares in the company, valued at $3,418,721.32. This trade represents a 23.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.09% of the stock is owned by company insiders.

Hedge Funds Weigh In On Popular

Hedge funds and other institutional investors have recently modified their holdings of the stock. CIBC Asset Management Inc lifted its stake in Popular by 5.3% during the fourth quarter. CIBC Asset Management Inc now owns 2,239 shares of the bank’s stock valued at $211,000 after buying an additional 112 shares in the last quarter. Picton Mahoney Asset Management raised its holdings in shares of Popular by 56.7% during the fourth quarter. Picton Mahoney Asset Management now owns 326 shares of the bank’s stock valued at $31,000 after acquiring an additional 118 shares during the period. Arizona State Retirement System lifted its position in shares of Popular by 0.7% in the 4th quarter. Arizona State Retirement System now owns 20,953 shares of the bank’s stock valued at $1,971,000 after acquiring an additional 143 shares in the last quarter. Treasurer of the State of North Carolina boosted its stake in Popular by 0.6% in the 4th quarter. Treasurer of the State of North Carolina now owns 31,357 shares of the bank’s stock worth $2,949,000 after purchasing an additional 190 shares during the period. Finally, Oppenheimer Asset Management Inc. grew its position in Popular by 0.7% during the 4th quarter. Oppenheimer Asset Management Inc. now owns 30,709 shares of the bank’s stock worth $2,888,000 after purchasing an additional 214 shares in the last quarter. Institutional investors and hedge funds own 87.27% of the company’s stock.

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.