Popular, Inc. (BPOP) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of Popular, Inc. (NASDAQ:BPOP) from a hold rating to a buy rating in a report issued on Monday morning. The brokerage currently has $47.00 price objective on the bank’s stock.
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 research analysts also recently commented on BPOP. Morgan Stanley reaffirmed an equal weight rating and issued a $43.00 price objective (up previously from $42.00) on shares of Popular in a research report on Friday, July 7th. BidaskClub upgraded Popular from a sell rating to a hold rating in a report on Friday, June 30th. Royal Bank Of Canada reiterated a buy rating and issued a $51.00 target price on shares of Popular in a report on Thursday, June 29th. Keefe, Bruyette & Woods set a $46.00 target price on Popular and gave the company a hold rating in a report on Monday, June 5th. Finally, TheStreet upgraded Popular from a c+ rating to a b rating in a report on Tuesday, April 25th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus price target of $47.00.
Shares of Popular (BPOP) traded down 0.29% during trading on Monday, hitting $41.34. The stock had a trading volume of 60,216 shares. Popular has a 12-month low of $28.96 and a 12-month high of $45.96. The company has a market cap of $4.22 billion, a PE ratio of 19.32 and a beta of 1.28. The stock’s 50 day moving average is $38.85 and its 200-day moving average is $41.65.
Popular (NASDAQ:BPOP) last announced its quarterly earnings data on Tuesday, April 25th. The bank reported $0.89 EPS for the quarter, beating the Zacks’ consensus estimate of $0.84 by $0.05. The business had revenue of $477.97 million during the quarter, compared to the consensus estimate of $441.33 million. Popular had a return on equity of 6.94% and a net margin of 11.34%. During the same quarter in the previous year, the business earned $0.81 earnings per share. Analysts forecast that Popular will post $3.77 earnings per share for the current year.
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The firm also recently declared a quarterly dividend, which was paid on Monday, July 3rd. Investors of record on Friday, June 9th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.41%. The ex-dividend date was Wednesday, June 7th. Popular’s dividend payout ratio (DPR) is 46.95%.
In related news, VP Jorge J. Garcia sold 4,000 shares of the business’s stock in a transaction dated Wednesday, May 17th. The stock was sold at an average price of $38.15, for a total value of $152,600.00. Following the transaction, the vice president now owns 11,502 shares in the company, valued at $438,801.30. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Alejandro M. Ballester sold 3,000 shares of the business’s stock in a transaction dated Monday, May 1st. The stock was sold at an average price of $42.15, for a total value of $126,450.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 22,806 shares of company stock worth $932,921. Insiders own 1.27% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Hotchkis & Wiley Capital Management LLC boosted its position in Popular by 7.8% in the first quarter. Hotchkis & Wiley Capital Management LLC now owns 5,917,393 shares of the bank’s stock valued at $241,015,000 after buying an additional 427,942 shares during the period. BlackRock Inc. boosted its position in Popular by 13,970.4% in the first quarter. BlackRock Inc. now owns 4,465,650 shares of the bank’s stock valued at $181,886,000 after buying an additional 4,433,912 shares during the period. Diamond Hill Capital Management Inc. boosted its position in Popular by 1.2% in the first quarter. Diamond Hill Capital Management Inc. now owns 4,021,495 shares of the bank’s stock valued at $163,795,000 after buying an additional 48,166 shares during the period. Frontier Capital Management Co. LLC boosted its position in Popular by 19.1% in the first quarter. Frontier Capital Management Co. LLC now owns 3,441,716 shares of the bank’s stock valued at $140,181,000 after buying an additional 551,662 shares during the period. Finally, AQR Capital Management LLC boosted its position in Popular by 37.9% in the first quarter. AQR Capital Management LLC now owns 3,334,844 shares of the bank’s stock valued at $135,829,000 after buying an additional 916,126 shares during the period. Institutional investors and hedge funds own 86.73% 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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