Popular (NASDAQ:BPOP) Raised to Buy at Bank of America

Popular (NASDAQ:BPOP) was upgraded by equities research analysts at Bank of America from a “neutral” rating to a “buy” rating in a note issued to investors on Tuesday, Marketbeat reports. The firm presently has a $156.00 price target on the bank’s stock. Bank of America‘s price objective would suggest a potential upside of 14.13% from the stock’s previous close.

Several other research analysts have also commented on BPOP. Zacks Research lowered shares of Popular from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 10th. Barclays lifted their price target on shares of Popular from $160.00 to $175.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 28th. Wells Fargo & Company dropped their target price on Popular from $150.00 to $135.00 and set an “overweight” rating for the company in a research report on Friday, October 24th. Royal Bank Of Canada raised their price target on Popular from $137.00 to $141.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 28th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Popular from $146.00 to $155.00 and gave the company an “outperform” rating in a research note on Wednesday, January 28th. Ten equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, Popular presently has an average rating of “Moderate Buy” and an average target price of $154.20.

Popular Trading Up 2.4%

BPOP opened at $136.69 on Tuesday. The stock has a 50-day moving average of $124.13 and a 200 day moving average of $120.90. Popular has a 12 month low of $78.23 and a 12 month high of $136.86. The firm has a market cap of $9.11 billion, a P/E ratio of 11.09, a P/E/G ratio of 0.55 and a beta of 0.63.

Popular (NASDAQ:BPOP) last issued its quarterly earnings data on Tuesday, January 27th. The bank reported $3.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.02 by $0.36. The business had revenue of $815.98 million for the quarter, compared to the consensus estimate of $811.55 million. Popular had a return on equity of 13.87% and a net margin of 18.75%.During the same period in the prior year, the business posted $2.51 earnings per share. On average, research analysts forecast that Popular will post 10.06 earnings per share for the current fiscal year.

Insider Transactions at Popular

In other Popular news, Director Alejandro M. Ballester sold 2,360 shares of the stock in a transaction dated Friday, January 30th. The stock was sold at an average price of $132.50, for a total value of $312,700.00. Following the completion of the sale, the director directly owned 57,449 shares in the company, valued at approximately $7,611,992.50. This trade represents a 3.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Adorno Denissa Rodriguez sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, November 21st. The stock was sold at an average price of $114.84, for a total transaction of $114,840.00. Following the sale, the vice president directly owned 2,604 shares in the company, valued at approximately $299,043.36. This represents a 27.75% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 28,360 shares of company stock valued at $3,265,040. Corporate insiders own 2.23% of the company’s stock.

Hedge Funds Weigh In On Popular

Hedge funds have recently made changes to their positions in the company. Advisory Services Network LLC purchased a new stake in Popular during the 3rd quarter valued at about $31,000. Allworth Financial LP boosted its position in Popular by 2,158.8% in the second quarter. Allworth Financial LP now owns 384 shares of the bank’s stock valued at $42,000 after buying an additional 367 shares during the last quarter. True Wealth Design LLC increased its holdings in Popular by 262.9% in the 3rd quarter. True Wealth Design LLC now owns 352 shares of the bank’s stock worth $45,000 after buying an additional 255 shares during the period. Farther Finance Advisors LLC raised its position in Popular by 112.2% during the 2nd quarter. Farther Finance Advisors LLC now owns 418 shares of the bank’s stock worth $46,000 after buying an additional 221 shares during the last quarter. Finally, IFP Advisors Inc boosted its holdings in shares of Popular by 3,925.0% in the 2nd quarter. IFP Advisors Inc now owns 483 shares of the bank’s stock valued at $53,000 after acquiring an additional 471 shares during the last quarter. 87.27% of the stock is owned by institutional investors and hedge funds.

Popular Company Profile

Popular, Inc, headquartered in San Juan, Puerto Rico, is a financial holding company and a leading provider of banking services in the United States mainland and Puerto Rico. Through its primary subsidiaries—Banco Popular de Puerto Rico and Popular Bank—the company delivers comprehensive commercial and consumer banking solutions. It offers deposit products, lending facilities, cash management services and payment-processing solutions designed for individuals, small businesses and large corporations.

The company’s product suite encompasses checking and savings accounts, certificates of deposit, residential and commercial mortgage loans, business lines of credit and credit cards.