Popular (BPOP) Stock Rating Reaffirmed by BTIG Research
“in Focus as BPOP Prepares to Release 1Q18 Report The commentary offered by Popular Inc. (BPOP) management regarding credit quality in the company’s 4Q17 report on January 23 was surprisingly encouraging to many observers in light of the severity of the physical and economic damage inflicted on its home market of Puerto Rico by Hurricane Maria just over four months earlier. In particular, management noted that early delinquency data for auto, credit card and personal loans for the first few weeks of January 2018 had been similar to or better than that from the same period in the prior year. That disclosure helped to sustain a relief rally in BPOP shares that had begun after the stock hit its post-Maria low tick on October 23. Since then, the stock has rallied by more than 35% such that it is now trading slightly above the company’s book value per share as of YE17. With BPOP scheduled to report its 1Q18 results on Tuesday, April 24, we believe additional appreciation in the stock will depend on what the company discloses regarding the credit performance of its mortgage book during the months that followed the expiration in December of a moratorium on payment collection.”,” the firm’s analyst wrote.
Several other equities analysts also recently issued reports on BPOP. Citigroup increased their price objective on shares of Popular from $47.00 to $50.00 and gave the company a buy rating in a report on Wednesday, January 24th. BidaskClub raised shares of Popular from a hold rating to a buy rating in a report on Friday, February 23rd. Morgan Stanley increased their price objective on shares of Popular from $41.00 to $42.00 and gave the company an equal weight rating in a report on Friday, January 26th. Zacks Investment Research raised shares of Popular from a strong sell rating to a hold rating in a report on Tuesday, January 2nd. Finally, Barclays increased their price objective on shares of Popular from $45.00 to $49.00 and gave the company an overweight rating in a report on Wednesday, January 24th. Three equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus price target of $48.06.
Popular (NASDAQ:BPOP) last posted its quarterly earnings data on Tuesday, January 23rd. The bank reported $0.65 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.22. The business had revenue of $473.35 million for the quarter. Popular had a net margin of 4.89% and a return on equity of 5.29%. analysts anticipate that Popular will post 4.01 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Monday, April 2nd. Stockholders of record on Friday, March 16th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.26%. The ex-dividend date was Thursday, March 15th. Popular’s dividend payout ratio (DPR) is 37.31%.
Several hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. raised its position in shares of Popular by 3.0% in the fourth quarter. BlackRock Inc. now owns 4,928,993 shares of the bank’s stock valued at $174,930,000 after buying an additional 143,252 shares during the last quarter. Investec Asset Management LTD raised its position in shares of Popular by 9.9% in the fourth quarter. Investec Asset Management LTD now owns 4,001,168 shares of the bank’s stock valued at $142,001,000 after buying an additional 361,030 shares during the last quarter. Deutsche Bank AG raised its position in shares of Popular by 1,878.6% in the fourth quarter. Deutsche Bank AG now owns 1,128,779 shares of the bank’s stock valued at $40,055,000 after buying an additional 1,071,729 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Popular by 1.0% in the fourth quarter. Geode Capital Management LLC now owns 923,536 shares of the bank’s stock valued at $32,776,000 after buying an additional 9,135 shares during the last quarter. Finally, Philadelphia Financial Management of San Francisco LLC raised its position in shares of Popular by 50.5% in the fourth quarter. Philadelphia Financial Management of San Francisco LLC now owns 883,268 shares of the bank’s stock valued at $31,347,000 after buying an additional 296,570 shares during the last quarter. Institutional investors and hedge funds own 91.47% 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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