Popular, Inc. (BPOP) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of Popular, Inc. (NASDAQ:BPOP) from a hold rating to a buy rating in a research note released on Friday. They currently have $45.00 price objective on the bank’s stock.
According to Zacks, “Popular, Inc. is a diversified, publicly owned bank holding company. The corporation’s principal subsidiary, Banco Popular de Puerto Rico, has one of the largest retail franchise in Puerto Rico, operating numerous branches and automated teller machines. The Bank also operates branches in the U.S. Virgin Islands, the British Virgin Islands, and New York. “
Other research analysts have also issued reports about the stock. Morgan Stanley reduced their price objective on shares of Popular from $44.00 to $42.00 and set an equal weight rating for the company in a research note on Tuesday, June 6th. BidaskClub upgraded shares of Popular from a sell rating to a hold rating in a research note on Friday, June 30th. Piper Jaffray Companies reiterated a buy rating and issued a $53.00 price objective on shares of Popular in a research note on Friday, July 28th. Keefe, Bruyette & Woods set a $46.00 price objective on shares of Popular and gave the company a hold rating in a research note on Monday, June 5th. Finally, Royal Bank Of Canada reiterated a buy rating and issued a $51.00 price objective on shares of Popular in a research note on Thursday, June 29th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the stock. The company currently has an average rating of Hold and a consensus target price of $47.50.
Shares of Popular (BPOP) opened at 40.71 on Friday. Popular has a 52 week low of $35.08 and a 52 week high of $45.96. The company has a 50 day moving average price of $40.34 and a 200 day moving average price of $40.34. The company has a market capitalization of $4.15 billion, a PE ratio of 18.39 and a beta of 1.29.
Popular (NASDAQ:BPOP) last issued its quarterly earnings results on Wednesday, July 26th. The bank reported $0.94 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.92 by $0.02. Popular had a net margin of 11.57% and a return on equity of 7.11%. The company had revenue of $491.27 million during the quarter, compared to analyst estimates of $500.66 million. During the same quarter last year, the business posted $0.85 EPS. On average, equities research analysts expect that Popular will post $3.84 earnings per share for the current year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Thursday, September 14th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Wednesday, September 13th. This represents a $1.00 dividend on an annualized basis and a yield of 2.46%. Popular’s dividend payout ratio is 45.05%.
A number of large investors have recently made changes to their positions in BPOP. The Manufacturers Life Insurance Company boosted its holdings in Popular by 7.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,980 shares of the bank’s stock valued at $124,000 after purchasing an additional 200 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Popular by 12.2% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,887 shares of the bank’s stock valued at $162,000 after purchasing an additional 423 shares during the period. ETRADE Capital Management LLC bought a new position in Popular in the 2nd quarter valued at $204,000. Cornerstone Capital Management Holdings LLC. boosted its holdings in Popular by 229.4% in the 2nd quarter. Cornerstone Capital Management Holdings LLC. now owns 5,600 shares of the bank’s stock valued at $233,000 after purchasing an additional 3,900 shares during the period. Finally, M&T Bank Corp boosted its holdings in Popular by 2.8% in the 2nd quarter. M&T Bank Corp now owns 5,777 shares of the bank’s stock valued at $241,000 after purchasing an additional 159 shares during the period. 85.84% of the stock is owned by hedge funds and other institutional investors.
Popular, Inc (Popular) is a financial holding company. The Company operates in two segments: Banco Popular de Puerto Rico (BPPR), which includes its Puerto Rico business, and Banco Popular North America (BPNA), which includes its the United States mainland business. The Company has operations in Puerto Rico, the United States and the Caribbean.
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