Popular (NASDAQ:BPOP) Sets New 52-Week High on Strong Earnings

Shares of Popular, Inc. (NASDAQ:BPOP) hit a new 52-week high on Tuesday following a better than expected earnings announcement. The company traded as high as $106.46 and last traded at $100.91, with a volume of 42196 shares traded. The stock had previously closed at $103.77.

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

Popular Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Friday, December 6th were paid a $0.70 dividend. This is an increase from Popular’s previous quarterly dividend of $0.62. The ex-dividend date was Friday, December 6th. This represents a $2.80 dividend on an annualized basis and a yield of 2.75%. Popular’s payout ratio is 38.04%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on BPOP. Keefe, Bruyette & Woods lifted their price target on Popular from $103.00 to $116.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Royal Bank of Canada lowered their price target on shares of Popular from $108.00 to $96.00 and set an “outperform” rating on the stock in a report on Thursday, October 24th. Barclays increased their target price on shares of Popular from $110.00 to $115.00 and gave the company an “overweight” rating in a research report on Friday, December 20th. Wells Fargo & Company lifted their price target on shares of Popular from $90.00 to $105.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 3rd. Finally, UBS Group started coverage on shares of Popular in a research report on Tuesday, December 17th. They issued a “neutral” rating and a $104.00 price objective for the company. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $108.25.

Insiders Place Their Bets

In other news, VP Adorno Denissa Rodriguez sold 1,825 shares of Popular stock in a transaction that occurred 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 directly owns 3,332 shares of the company’s stock, valued at $325,569.72. The trade was a 35.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Beatriz Castellvi sold 3,500 shares of the business’s 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 sale, the executive vice president now owns 25,115 shares of the company’s stock, valued at $2,490,403.40. The trade was a 12.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.09% of the company’s stock.

Institutional Investors Weigh In On Popular

Large investors have recently modified their holdings of the business. Renaissance Technologies LLC acquired a new stake in shares of Popular in the second quarter valued at approximately $444,000. Mercer Global Advisors Inc. ADV grew its holdings in Popular by 3.0% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 4,087 shares of the bank’s stock valued at $361,000 after buying an additional 118 shares in the last quarter. Xponance Inc. increased its stake in shares of Popular by 22.6% in the 2nd quarter. Xponance Inc. now owns 3,130 shares of the bank’s stock worth $277,000 after acquiring an additional 576 shares during the last quarter. Millennium Management LLC raised its holdings in shares of Popular by 2.2% during the 2nd quarter. Millennium Management LLC now owns 546,981 shares of the bank’s stock worth $48,370,000 after acquiring an additional 11,843 shares during the period. Finally, Mackenzie Financial Corp boosted its position in shares of Popular by 0.6% during the 2nd quarter. Mackenzie Financial Corp now owns 171,016 shares of the bank’s stock valued at $15,123,000 after acquiring an additional 1,023 shares during the last quarter. Hedge funds and other institutional investors own 87.27% of the company’s stock.

Popular Stock Performance

The stock has a market cap of $7.27 billion, a price-to-earnings ratio of 13.85, a PEG ratio of 0.65 and a beta of 0.81. The firm’s 50-day moving average price is $96.72 and its two-hundred day moving average price is $97.21.

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.