Popular (BPOP) Upgraded by Zacks Investment Research to “Hold”

Zacks Investment Research upgraded shares of Popular (NASDAQ:BPOP) from a strong sell rating to a hold rating in a research report report published 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. “

Other research analysts have also issued reports about the company. Barclays upped their target price on Popular from $44.00 to $45.00 and gave the company an overweight rating in a research report on Wednesday, November 1st. Keefe, Bruyette & Woods raised Popular from a market perform rating to an outperform rating in a research report on Tuesday, November 28th. BTIG Research raised Popular from a neutral rating to a buy rating in a research report on Tuesday, October 31st. Citigroup assumed coverage on Popular in a research report on Thursday, December 21st. They set a buy rating and a $47.00 target price on the stock. Finally, Morgan Stanley upped their target price on Popular from $40.00 to $41.00 and gave the company an equal weight rating in a research report on Wednesday, December 13th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and eight have given a buy rating to the company. The stock presently has a consensus rating of Buy and a consensus price target of $46.50.

Shares of Popular (NASDAQ BPOP) traded down $0.01 during trading hours on Tuesday, reaching $35.64. The company had a trading volume of 610,508 shares, compared to its average volume of 1,080,000. Popular has a 12 month low of $32.04 and a 12 month high of $45.96. The firm has a market cap of $3,640.00, a price-to-earnings ratio of 18.18 and a beta of 1.31.

Popular (NASDAQ:BPOP) last announced its earnings results on Tuesday, October 31st. The bank reported $0.19 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.95 by ($0.76). Popular had a net margin of 9.98% and a return on equity of 5.70%. The business had revenue of $478.50 million for the quarter, compared to analyst estimates of $513.85 million. During the same period in the prior year, the company earned $0.44 earnings per share. The company’s quarterly revenue was up 11.3% on a year-over-year basis. research analysts expect that Popular will post 2.45 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, January 2nd. Stockholders of record on Tuesday, December 5th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.81%. The ex-dividend date of this dividend was Monday, December 4th. Popular’s dividend payout ratio is presently 51.02%.

Several hedge funds have recently made changes to their positions in the company. Hotchkis & Wiley Capital Management LLC increased its holdings in shares of Popular by 5.8% in the second quarter. Hotchkis & Wiley Capital Management LLC now owns 6,261,030 shares of the bank’s stock valued at $261,148,000 after purchasing an additional 343,637 shares during the period. BlackRock Inc. increased its holdings in shares of Popular by 12.7% in the second quarter. BlackRock Inc. now owns 5,033,292 shares of the bank’s stock valued at $209,937,000 after purchasing an additional 567,642 shares during the period. Investec Asset Management LTD increased its holdings in shares of Popular by 270.1% in the third quarter. Investec Asset Management LTD now owns 3,640,138 shares of the bank’s stock valued at $130,827,000 after purchasing an additional 2,656,548 shares during the period. Frontier Capital Management Co. LLC increased its holdings in shares of Popular by 0.6% in the third quarter. Frontier Capital Management Co. LLC now owns 3,449,027 shares of the bank’s stock valued at $123,958,000 after purchasing an additional 21,271 shares during the period. Finally, State Street Corp increased its holdings in shares of Popular by 3.2% in the second quarter. State Street Corp now owns 3,284,653 shares of the bank’s stock valued at $137,001,000 after purchasing an additional 100,572 shares during the period. 88.94% of the stock is currently owned by institutional investors and hedge funds.

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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.

Analyst Recommendations for Popular (NASDAQ:BPOP)

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