Popular, Inc. (BPOP) Upgraded at Zacks Investment Research
Popular, Inc. (NASDAQ:BPOP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Friday. The brokerage currently has a $45.00 price objective on the bank’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 10.54% from the stock’s previous close.
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. “
Several other brokerages also recently issued reports on BPOP. Piper Jaffray Companies reiterated a “buy” rating and issued a $53.00 target price on shares of Popular in a research note on Friday, July 28th. Morgan Stanley reduced their target price on shares of Popular from $44.00 to $42.00 and set an “equal weight” rating for the company in a report on Tuesday, June 6th. Keefe, Bruyette & Woods set a $46.00 target price on shares of Popular and gave the company a “hold” rating in a report on Monday, June 5th. BidaskClub raised shares of Popular from a “strong sell” rating to a “sell” rating in a report on Friday, June 9th. Finally, Royal Bank Of Canada reissued 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 issued a hold rating and three have issued a buy rating to the company. Popular presently has a consensus rating of “Hold” and a consensus target price of $47.50.
Popular (NASDAQ BPOP) traded up 0.37% during mid-day trading on Friday, reaching $40.71. The company had a trading volume of 1,629,288 shares. The firm has a 50-day moving average price of $40.41 and a 200 day moving average price of $40.37. The firm has a market capitalization of $4.15 billion, a price-to-earnings ratio of 18.39 and a beta of 1.29. Popular has a 12-month low of $35.08 and a 12-month high of $45.96.
Popular (NASDAQ:BPOP) last posted its quarterly earnings data on Wednesday, July 26th. The bank reported $0.94 EPS for the quarter, topping the 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 business had revenue of $491.27 million for the quarter, compared to analyst estimates of $500.66 million. During the same quarter in the previous year, the firm posted $0.85 earnings per share. Analysts expect that Popular will post $3.84 EPS for the current year.
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Several institutional investors have recently added to or reduced their stakes in the company. Wedge Capital Management L L P NC lifted its holdings in shares of Popular by 0.4% in the 2nd quarter. Wedge Capital Management L L P NC now owns 17,525 shares of the bank’s stock worth $731,000 after acquiring an additional 75 shares during the last quarter. Teacher Retirement System of Texas lifted its holdings in shares of Popular by 1.6% in the 2nd quarter. Teacher Retirement System of Texas now owns 8,326 shares of the bank’s stock worth $347,000 after acquiring an additional 128 shares during the last quarter. Suntrust Banks Inc. lifted its holdings in shares of Popular by 0.9% in the 1st quarter. Suntrust Banks Inc. now owns 16,965 shares of the bank’s stock worth $690,000 after acquiring an additional 153 shares during the last quarter. M&T Bank Corp lifted its holdings in shares of Popular by 2.8% in the 2nd quarter. M&T Bank Corp now owns 5,777 shares of the bank’s stock worth $241,000 after acquiring an additional 159 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of Popular by 7.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,980 shares of the bank’s stock worth $124,000 after acquiring an additional 200 shares during the last quarter. Hedge funds and other institutional investors own 85.85% of the company’s stock.
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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