Popular (NASDAQ:BPOP) Reaches New 52-Week High at $89.81

Popular, Inc. (NASDAQ:BPOP)’s share price reached a new 52-week high on Friday . The stock traded as high as $89.81 and last traded at $89.24, with a volume of 168332 shares. The stock had previously closed at $88.05.

Analysts Set New Price Targets

BPOP has been the subject of several recent analyst reports. Wells Fargo & Company upped their target price on shares of Popular from $105.00 to $115.00 and gave the company an “overweight” rating in a research note on Wednesday, April 24th. Barclays upped their price objective on shares of Popular from $99.00 to $105.00 and gave the company an “overweight” rating in a research report on Thursday, April 25th. UBS Group lifted their target price on Popular from $84.00 to $91.00 and gave the stock a “neutral” rating in a report on Friday, January 26th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $110.00 price target (up previously from $103.00) on shares of Popular in a research report on Wednesday, April 24th. Finally, Piper Sandler lifted their price objective on Popular from $96.00 to $105.00 and gave the company an “overweight” rating in a report on Tuesday, April 9th. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $99.89.

Popular Price Performance

The stock’s 50-day moving average price is $84.89 and its 200 day moving average price is $79.96. The firm has a market cap of $6.42 billion, a P/E ratio of 13.18, a price-to-earnings-growth ratio of 0.83 and a beta of 0.81.

Popular Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Thursday, March 14th were paid a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a dividend yield of 2.79%. The ex-dividend date of this dividend was Wednesday, March 13th. Popular’s dividend payout ratio is currently 36.80%.

Insider Buying and Selling

In related news, EVP Luis E. Cestero sold 4,641 shares of the firm’s stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $84.42, for a total value of $391,793.22. Following the completion of the sale, the executive vice president now directly owns 26,772 shares in the company, valued at approximately $2,260,092.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.09% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Janney Montgomery Scott LLC grew its position in shares of Popular by 53.8% during the 1st quarter. Janney Montgomery Scott LLC now owns 9,360 shares of the bank’s stock worth $825,000 after purchasing an additional 3,275 shares in the last quarter. Van ECK Associates Corp boosted its stake in shares of Popular by 36.5% in the first quarter. Van ECK Associates Corp now owns 28,134 shares of the bank’s stock valued at $2,478,000 after buying an additional 7,525 shares during the period. Principal Financial Group Inc. grew its position in Popular by 57.2% during the first quarter. Principal Financial Group Inc. now owns 1,008,732 shares of the bank’s stock worth $88,859,000 after buying an additional 366,870 shares in the last quarter. Assenagon Asset Management S.A. bought a new position in Popular during the 1st quarter worth $8,648,000. Finally, Allspring Global Investments Holdings LLC raised its holdings in Popular by 661.3% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 10,795 shares of the bank’s stock valued at $951,000 after acquiring an additional 9,377 shares in the last quarter. 87.27% of the stock is owned by institutional investors.

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.