Popular (NASDAQ:BPOP) Downgraded by Zacks Investment Research to Hold

Zacks Investment Research cut shares of Popular (NASDAQ:BPOP) from a buy rating to a hold rating in a research report report published on Thursday morning, Zacks.com reports.

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 research analysts also recently issued research reports about the stock. BidaskClub raised shares of Xilinx from a hold rating to a buy rating in a research report on Saturday, June 29th. BTIG Research increased their price objective on shares of Popular to $66.00 and gave the stock a buy rating in a research report on Tuesday, April 23rd. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus price target of $59.43.

Shares of NASDAQ:BPOP opened at $56.38 on Thursday. Popular has a 52 week low of $44.22 and a 52 week high of $58.99. The company has a market capitalization of $5.45 billion, a P/E ratio of 10.10 and a beta of 1.17. The firm has a 50 day moving average price of $53.68.

Popular (NASDAQ:BPOP) last issued its earnings results on Thursday, April 18th. The bank reported $1.69 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.45 by $0.24. Popular had a net margin of 24.69% and a return on equity of 10.58%. The firm had revenue of $607.39 million during the quarter, compared to the consensus estimate of $603.70 million. During the same quarter in the prior year, the firm earned $0.89 earnings per share. On average, equities research analysts predict that Popular will post 6.59 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 1st. Stockholders of record on Tuesday, May 28th were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.13%. The ex-dividend date was Friday, May 24th. Popular’s dividend payout ratio is 25.16%.

Several hedge funds have recently modified their holdings of BPOP. Bank of New York Mellon Corp raised its position in Popular by 108.2% in the fourth quarter. Bank of New York Mellon Corp now owns 1,076,845 shares of the bank’s stock valued at $50,847,000 after purchasing an additional 559,566 shares during the period. Northern Trust Corp raised its position in Popular by 4.2% in the fourth quarter. Northern Trust Corp now owns 514,656 shares of the bank’s stock valued at $24,302,000 after purchasing an additional 20,609 shares during the period. NumerixS Investment Technologies Inc purchased a new stake in Popular in the fourth quarter valued at $141,000. Great West Life Assurance Co. Can raised its position in Popular by 8.8% in the fourth quarter. Great West Life Assurance Co. Can now owns 12,370 shares of the bank’s stock valued at $563,000 after purchasing an additional 1,003 shares during the period. Finally, United Services Automobile Association raised its position in Popular by 6.6% in the fourth quarter. United Services Automobile Association now owns 85,209 shares of the bank’s stock valued at $4,024,000 after purchasing an additional 5,299 shares during the period. 89.41% of the stock is owned by institutional investors.

Popular Company Profile

Popular, Inc, through its subsidiaries, provides various retail, mortgage, and commercial banking products and services. The company accepts various deposit products. It also offers commercial and industrial loans; commercial real estate loans; residential mortgage loans; consumer loans, including personal loans, credit cards, automobile loans, home equity lines of credit, and other loans to individual borrowers; construction loans; and lease financing comprising automobile loans/leases.

See Also: Cost of Goods Sold (COGS)

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Analyst Recommendations for Popular (NASDAQ:BPOP)

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