Popular, Inc. (BPOP) Downgraded by Zacks Investment Research to “Sell”
Popular, Inc. (NASDAQ:BPOP) was downgraded by Zacks Investment Research from a “buy” rating to a “sell” rating in a report issued on Tuesday.
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 equities analysts have also recently weighed in on the stock. ValuEngine raised shares of Popular from a “hold” rating to a “buy” rating in a research note on Tuesday. Morgan Stanley cut their price target 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. 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. Finally, 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. Two equities research analysts have 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. The company presently has a consensus rating of “Hold” and an average target price of $47.50.
Popular (BPOP) traded down 2.28% on Tuesday, reaching $35.16. 1,638,740 shares of the company were exchanged. Popular has a 52 week low of $34.47 and a 52 week high of $45.96. The stock has a market capitalization of $3.59 billion, a price-to-earnings ratio of 15.88 and a beta of 1.25. The stock has a 50-day moving average price of $39.29 and a 200 day moving average price of $39.99.
Popular (NASDAQ:BPOP) last released its quarterly earnings data 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 return on equity of 7.11% and a net margin of 11.57%. The firm had revenue of $491.27 million during the quarter, compared to analysts’ expectations of $500.66 million. During the same quarter in the prior year, the business posted $0.85 earnings per share. Analysts forecast that Popular will post $3.79 earnings per share for the current year.
Institutional investors have recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company grew its stake 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 acquiring an additional 200 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Popular by 12.2% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,887 shares of the bank’s stock valued at $162,000 after acquiring an additional 423 shares in the last quarter. ETRADE Capital Management LLC purchased a new position in Popular during the 2nd quarter valued at about $204,000. Cornerstone Capital Management Holdings LLC. increased its holdings in Popular by 229.4% during the 2nd quarter. Cornerstone Capital Management Holdings LLC. now owns 5,600 shares of the bank’s stock valued at $233,000 after acquiring an additional 3,900 shares in the last quarter. Finally, M&T Bank Corp increased its holdings in Popular by 2.8% during the 2nd quarter. M&T Bank Corp now owns 5,777 shares of the bank’s stock valued at $241,000 after acquiring an additional 159 shares in the last quarter. Institutional investors and hedge funds own 85.84% of the company’s stock.
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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