Popular (BPOP) Lifted to “Hold” at Zacks Investment Research

Popular (NASDAQ:BPOP) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research note issued to investors on Tuesday, January 2nd.

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 brokerages also recently issued reports on BPOP. ValuEngine downgraded Popular from a “buy” rating to a “hold” rating in a report on Wednesday, September 27th. Barclays boosted their price target on Popular from $44.00 to $45.00 and gave the company an “overweight” rating in a report on Wednesday, November 1st. Piper Jaffray Companies reissued a “buy” rating and issued a $50.50 price target on shares of Popular in a report on Wednesday, November 1st. Morgan Stanley boosted their price target on Popular from $40.00 to $41.00 and gave the company an “equal weight” rating in a report on Wednesday, December 13th. Finally, Citigroup assumed coverage on Popular in a report on Thursday, December 21st. They issued a “buy” rating and a $47.00 price target for the company. One investment analyst has rated the stock with a sell rating, four have given a hold rating and eight have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $46.50.

Shares of Popular (BPOP) traded up $0.67 during midday trading on Tuesday, reaching $36.87. The company had a trading volume of 975,900 shares, compared to its average volume of 780,343. The stock has a market capitalization of $3,760.00, a price-to-earnings ratio of 18.81 and a beta of 1.31. Popular has a 52-week low of $32.04 and a 52-week high of $45.96.

Popular (NASDAQ:BPOP) last issued its earnings results 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 firm had revenue of $478.50 million during the quarter, compared to analysts’ expectations of $513.85 million. Popular had a net margin of 9.98% and a return on equity of 5.70%. Popular’s quarterly revenue was up 11.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.44 EPS. equities analysts anticipate that Popular will post 2.45 EPS for the current year.

Several hedge funds have recently made changes to their positions in BPOP. 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 purchasing an additional 200 shares in 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 purchasing an additional 423 shares in the last quarter. ETRADE Capital Management LLC purchased a new stake in shares of Popular during the second quarter worth approximately $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 purchasing an additional 3,900 shares in 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 purchasing an additional 159 shares in the last quarter. 88.94% of the stock is 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.

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