Popular, Inc. (BPOP) Cut to Hold at Zacks Investment Research
Popular, Inc. (NASDAQ:BPOP) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research 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 research firms have also commented on BPOP. Piper Jaffray Companies reaffirmed a “buy” rating and set a $53.00 price target on shares of Popular in a research report on Friday, July 28th. Morgan Stanley dropped their price target on Popular from $44.00 to $42.00 and set an “equal weight” rating on the stock in a research report on Tuesday, June 6th. Keefe, Bruyette & Woods set a $46.00 price target on Popular and gave the stock a “hold” rating in a research report on Monday, June 5th. BidaskClub raised Popular from a “strong sell” rating to a “sell” rating in a research report on Friday, June 9th. Finally, Royal Bank Of Canada reaffirmed a “buy” rating and set a $51.00 price target on shares of Popular in a research report on Thursday, June 29th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $47.17.
Shares of Popular (BPOP) traded down 0.61% during trading on Thursday, hitting $40.57. The stock had a trading volume of 1,293,349 shares. The company has a market capitalization of $4.14 billion, a price-to-earnings ratio of 18.32 and a beta of 1.29. Popular has a 1-year low of $35.08 and a 1-year high of $45.96. The firm has a 50 day moving average of $40.48 and a 200 day moving average of $40.37.
Popular (NASDAQ:BPOP) last released its quarterly earnings results on Wednesday, July 26th. The bank reported $0.94 EPS for the quarter, topping the Zacks’ consensus estimate of $0.92 by $0.02. The company had revenue of $491.27 million for the quarter, compared to analyst estimates of $500.66 million. Popular had a return on equity of 7.11% and a net margin of 11.57%. During the same quarter last year, the firm posted $0.85 earnings per share. Analysts expect that Popular will post $3.84 EPS for the current fiscal year.
A number of institutional investors have recently made changes to their positions in BPOP. The Manufacturers Life Insurance Company increased its position in shares of Popular by 7.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,980 shares of the bank’s stock worth $124,000 after purchasing an additional 200 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Popular by 12.2% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,887 shares of the bank’s stock worth $162,000 after purchasing an additional 423 shares during the last quarter. ETRADE Capital Management LLC acquired a new position in shares of Popular during the 2nd quarter worth approximately $204,000. Cornerstone Capital Management Holdings LLC. increased its position in shares of Popular by 229.4% during the 2nd quarter. Cornerstone Capital Management Holdings LLC. now owns 5,600 shares of the bank’s stock worth $233,000 after purchasing an additional 3,900 shares during the last quarter. Finally, M&T Bank Corp increased its position in shares of Popular by 2.8% during the 2nd quarter. M&T Bank Corp now owns 5,777 shares of the bank’s stock worth $241,000 after purchasing an additional 159 shares during the last quarter. 85.85% of the stock is currently owned by institutional investors and hedge funds.
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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