Morgan Stanley Raises Popular (BPOP) Price Target to $41.00
Popular (NASDAQ:BPOP) had its price target raised by research analysts at Morgan Stanley from $40.00 to $41.00 in a research note issued on Wednesday. The firm presently has an “equal weight” rating on the bank’s stock. Morgan Stanley’s price target indicates a potential upside of 16.74% from the company’s previous close.
A number of other research analysts have also recently commented on the company. ValuEngine upgraded Popular from a “hold” rating to a “buy” rating in a research note on Friday, December 1st. Keefe, Bruyette & Woods upgraded Popular from a “market perform” rating to an “outperform” rating in a research note on Tuesday, November 28th. Compass Point upgraded Popular from a “neutral” rating to a “buy” rating in a research note on Friday, November 3rd. Barclays boosted their price objective on Popular from $44.00 to $45.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 1st. Finally, Piper Jaffray Companies restated a “buy” rating and set a $50.50 price objective on shares of Popular in a research note on Wednesday, November 1st. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the stock. Popular currently has a consensus rating of “Hold” and an average price target of $46.42.
Shares of Popular (NASDAQ BPOP) traded down $0.76 during trading on Wednesday, reaching $35.12. The company had a trading volume of 962,103 shares, compared to its average volume of 743,643. Popular has a 52-week low of $32.04 and a 52-week high of $45.96. The firm has a market capitalization of $3,672.95, a PE ratio of 12.50 and a beta of 1.31.
Popular (NASDAQ:BPOP) last issued its quarterly earnings data on Tuesday, October 31st. The bank reported $0.19 EPS for the quarter, missing the Zacks’ consensus estimate of $0.95 by ($0.76). The company had revenue of $478.50 million for the quarter, compared to analyst estimates of $513.85 million. Popular had a return on equity of 5.70% and a net margin of 9.98%. The company’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.44 EPS. equities research analysts anticipate that Popular will post 2.45 EPS for the current fiscal year.
Hedge funds and other institutional investors have recently made changes to their positions in the company. The Manufacturers Life Insurance Company increased its position in shares of Popular by 7.2% during the second 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. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Popular by 12.2% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,887 shares of the bank’s stock worth $162,000 after acquiring an additional 423 shares during the last quarter. ETRADE Capital Management LLC purchased a new stake in shares of Popular during the second quarter worth about $204,000. Cornerstone Capital Management Holdings LLC. increased its position in shares of Popular by 229.4% during the second quarter. Cornerstone Capital Management Holdings LLC. now owns 5,600 shares of the bank’s stock worth $233,000 after acquiring 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 second 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. 88.96% 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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