Popular Inc. (BPOP) Cut to Sell at Zacks Investment Research
Popular Inc. (NASDAQ:BPOP) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Thursday.
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. “
A number of other analysts have also commented on BPOP. Barclays PLC assumed coverage on shares of Popular in a research note on Thursday, June 23rd. They set an “equal weight” rating and a $32.00 price target for the company. Keefe, Bruyette & Woods restated an “outperform” rating on shares of Popular in a research note on Wednesday. Piper Jaffray Cos. restated an “overweight” rating and set a $48.00 price target on shares of Popular in a research note on Friday, August 26th. BTIG Research restated a “buy” rating and set a $41.00 price target on shares of Popular in a research note on Tuesday, July 12th. Finally, TheStreet upgraded shares of Popular from a “hold” rating to a “buy” rating in a research note on Wednesday, August 17th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $37.29.
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Popular (NASDAQ:BPOP) traded down 2.10% during mid-day trading on Thursday, hitting $36.91. 566,176 shares of the stock were exchanged. The stock’s 50-day moving average is $38.64 and its 200 day moving average is $32.75. Popular has a 52 week low of $22.40 and a 52 week high of $39.88. The company has a market capitalization of $3.83 billion, a PE ratio of 9.68 and a beta of 1.73.
Popular (NASDAQ:BPOP) last announced its quarterly earnings results on Tuesday, July 26th. The company reported $0.85 EPS for the quarter, beating the Zacks’ consensus estimate of $0.81 by $0.04. Popular had a net margin of 18.69% and a return on equity of 7.06%. During the same quarter last year, the firm posted $5.79 earnings per share. On average, analysts anticipate that Popular will post $3.42 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, October 3rd. Stockholders of record on Friday, September 9th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Wednesday, September 7th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.63%. Popular’s payout ratio is currently 15.79%.
Several hedge funds and other institutional investors have recently bought and sold shares of BPOP. Geode Capital Management LLC boosted its position in Popular by 2.5% in the first quarter. Geode Capital Management LLC now owns 680,946 shares of the company’s stock worth $19,481,000 after buying an additional 16,552 shares during the last quarter. Loomis Sayles & Co. L P boosted its position in Popular by 14.4% in the first quarter. Loomis Sayles & Co. L P now owns 1,063,670 shares of the company’s stock worth $30,431,000 after buying an additional 134,220 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in Popular by 16.9% in the first quarter. Goldman Sachs Group Inc. now owns 327,216 shares of the company’s stock worth $9,362,000 after buying an additional 47,244 shares during the last quarter. Rafferty Asset Management LLC boosted its position in Popular by 46.4% in the first quarter. Rafferty Asset Management LLC now owns 14,328 shares of the company’s stock worth $410,000 after buying an additional 4,542 shares during the last quarter. Finally, Credit Agricole S A boosted its position in Popular by 900.0% in the first quarter. Credit Agricole S A now owns 118,200 shares of the company’s stock worth $3,382,000 after buying an additional 106,380 shares during the last quarter. 84.10% of the stock is currently owned by hedge funds and other institutional investors.
Popular Company Profile
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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