Zacks Investment Research downgraded shares of Popular (NASDAQ:BPOP) from a buy rating to a hold rating in a research note issued to investors on Friday.
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 analysts have also issued reports on BPOP. Sandler O’Neill set a $48.00 target price on Popular and gave the company a buy rating in a report on Thursday. Keefe, Bruyette & Woods set a $49.00 price target on Popular and gave the stock a buy rating in a report on Thursday. Citigroup lifted their price target on Popular from $47.00 to $50.00 and gave the stock a buy rating in a report on Wednesday, January 24th. Morgan Stanley lifted their price target on Popular from $41.00 to $42.00 and gave the stock an equal weight rating in a report on Friday, January 26th. Finally, Barclays lifted their price target on Popular from $44.00 to $45.00 and gave the stock an overweight rating in a report on Wednesday, November 1st. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and nine have given a buy rating to the company’s stock. The company currently has a consensus rating of Buy and a consensus price target of $47.56.
Popular (NASDAQ:BPOP) last released its earnings results on Tuesday, January 23rd. The bank reported $0.65 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.22. The firm had revenue of $473.35 million during the quarter. Popular had a return on equity of 5.25% and a net margin of 4.89%. analysts expect that Popular will post 3.74 EPS for the current fiscal year.
A number of hedge funds and other institutional investors have recently made changes to their positions in BPOP. Balyasny Asset Management LLC purchased a new stake in Popular during the 2nd quarter worth about $265,000. Royal Bank of Canada lifted its holdings in shares of Popular by 58.5% in the 2nd quarter. Royal Bank of Canada now owns 90,040 shares of the bank’s stock valued at $3,756,000 after purchasing an additional 33,229 shares during the last quarter. Janus Henderson Group PLC purchased a new stake in shares of Popular in the 2nd quarter valued at about $3,917,000. Cornerstone Capital Management Holdings LLC. lifted its holdings in shares of Popular by 229.4% in the 2nd quarter. Cornerstone Capital Management Holdings LLC. now owns 5,600 shares of the bank’s stock valued at $233,000 after purchasing an additional 3,900 shares during the last quarter. Finally, State Street Corp lifted its holdings in shares of Popular by 3.2% in the 2nd 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 last quarter. 88.76% of the stock is owned by institutional investors.
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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.
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