Popular, Inc. (BPOP) Raised to Buy at Zacks Investment Research
Popular, Inc. (NASDAQ:BPOP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Thursday. The firm presently has a $43.00 price target on the bank’s stock. Zacks Investment Research‘s price objective points to a potential upside of 12.15% from the company’s current price.
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 equities analysts have also recently issued research 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 raised shares of Popular from a “sell” rating to a “hold” rating in a research note on Friday, June 30th. Piper Jaffray Companies reaffirmed a “buy” rating and set 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 reaffirmed a “buy” rating and set a $51.00 price objective on shares of Popular in a research note on Thursday, June 29th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the company’s stock. Popular currently has a consensus rating of “Hold” and a consensus target price of $47.17.
Shares of Popular (NASDAQ:BPOP) traded up 0.84% during mid-day trading on Thursday, hitting $38.34. 2,038,170 shares of the stock were exchanged. Popular has a 52 week low of $35.08 and a 52 week high of $45.96. The stock has a market capitalization of $3.91 billion, a price-to-earnings ratio of 17.32 and a beta of 1.29. The stock’s 50-day moving average is $40.75 and its 200-day moving average is $40.52.
Popular (NASDAQ:BPOP) last issued its quarterly earnings data on Wednesday, July 26th. The bank reported $0.94 EPS for the quarter, beating the consensus estimate of $0.92 by $0.02. The company had revenue of $491.27 million during the quarter, compared to analysts’ expectations of $500.66 million. Popular had a net margin of 11.57% and a return on equity of 7.11%. During the same quarter in the previous year, the company earned $0.85 earnings per share. Analysts forecast that Popular will post $3.84 earnings per share for the current fiscal year.
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A number of hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in Popular by 7.2% in the 2nd quarter. Vanguard Group Inc. now owns 8,816,983 shares of the bank’s stock worth $258,337,000 after buying an additional 595,934 shares in the last quarter. Diamond Hill Capital Management Inc. grew its stake in Popular by 2.1% in the 4th quarter. Diamond Hill Capital Management Inc. now owns 6,873,665 shares of the bank’s stock worth $194,800,000 after buying an additional 140,308 shares in the last quarter. Hotchkis & Wiley Capital Management LLC grew its stake in Popular by 5.8% in the 2nd quarter. Hotchkis & Wiley Capital Management LLC now owns 6,261,030 shares of the bank’s stock worth $261,148,000 after buying an additional 343,637 shares in the last quarter. BlackRock Inc. grew its stake in Popular by 12.7% in the 2nd quarter. BlackRock Inc. now owns 5,033,292 shares of the bank’s stock worth $209,937,000 after buying an additional 567,642 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in Popular by 1.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,865,696 shares of the bank’s stock worth $169,394,000 after buying an additional 55,074 shares in the last quarter. 85.85% of the stock is owned by institutional investors and hedge funds.
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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