Zacks Investment Research Lowers Popular, Inc. (BPOP) to Sell
Zacks Investment Research cut shares of Popular, Inc. (NASDAQ:BPOP) from a buy rating to a sell rating in a research note released 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 equities analysts also recently issued research reports about the stock. Morgan Stanley dropped their price target on shares of Popular from $44.00 to $42.00 and set an equal weight rating for the company in a research note on Tuesday, June 6th. BidaskClub upgraded shares of Popular from a sell rating to a hold rating in a research note on Friday, June 30th. ValuEngine downgraded shares of Popular from a buy rating to a hold rating in a research note on Wednesday, September 27th. Piper Jaffray Companies restated a buy rating and issued a $53.00 price target on shares of Popular in a research note on Friday, July 28th. Finally, Keefe, Bruyette & Woods set a $46.00 price target on shares of Popular and gave the stock a hold rating in a research note on Monday, June 5th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the stock. Popular has a consensus rating of Hold and an average price target of $47.50.
Shares of Popular (NASDAQ BPOP) traded up 1.14% during mid-day trading on Tuesday, hitting $35.62. The company had a trading volume of 41,225 shares. Popular has a 52-week low of $34.45 and a 52-week high of $45.96. The firm has a market capitalization of $3.63 billion, a price-to-earnings ratio of 16.09 and a beta of 1.25. The firm has a 50-day moving average price of $38.81 and a 200 day moving average price of $39.87.
Popular (NASDAQ:BPOP) last posted its quarterly earnings results on Wednesday, July 26th. The bank reported $0.94 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.92 by $0.02. The business had revenue of $491.27 million during the quarter, compared to the consensus estimate of $500.66 million. Popular had a net margin of 11.57% and a return on equity of 7.11%. During the same quarter in the previous year, the firm posted $0.85 earnings per share. Analysts expect that Popular will post $3.79 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, October 2nd. Stockholders of record on Thursday, September 14th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Wednesday, September 13th. This represents a $1.00 annualized dividend and a dividend yield of 2.84%. Popular’s dividend payout ratio (DPR) is currently 45.05%.
Several institutional investors have recently added to or reduced their stakes in the company. Hotchkis & Wiley Capital Management LLC lifted its position in shares of Popular by 5.8% during the 2nd quarter. Hotchkis & Wiley Capital Management LLC now owns 6,261,030 shares of the bank’s stock worth $261,148,000 after purchasing an additional 343,637 shares during the last quarter. BlackRock Inc. lifted its position in shares of Popular by 12.7% during the 2nd quarter. BlackRock Inc. now owns 5,033,292 shares of the bank’s stock worth $209,937,000 after purchasing an additional 567,642 shares during the last quarter. Diamond Hill Capital Management Inc. lifted its position in shares of Popular by 4.4% during the 2nd quarter. Diamond Hill Capital Management Inc. now owns 4,197,066 shares of the bank’s stock worth $175,060,000 after purchasing an additional 175,571 shares during the last quarter. AQR Capital Management LLC lifted its position in shares of Popular by 37.9% during the 1st quarter. AQR Capital Management LLC now owns 3,334,844 shares of the bank’s stock worth $135,829,000 after purchasing an additional 916,126 shares during the last quarter. Finally, State Street Corp lifted its position in shares of Popular by 3.2% during the 2nd quarter. State Street Corp now owns 3,284,653 shares of the bank’s stock worth $137,001,000 after purchasing an additional 100,572 shares during the last quarter. 85.84% of the stock is owned by institutional investors and hedge funds.
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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