Popular, Inc. (NASDAQ:BPOP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Monday. The brokerage presently has a $47.00 price objective on the bank’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 13.33% from the stock’s previous close.
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 commented on BPOP. TheStreet raised shares of Popular from a “c+” rating to a “b” rating in a research report on Tuesday, April 25th. Morgan Stanley reissued an “equal weight” rating and issued a $43.00 price objective (up from $42.00) on shares of Popular in a research report on Friday. BidaskClub raised shares of Popular from a “sell” rating to a “hold” rating in a research report on Friday, June 30th. Keefe, Bruyette & Woods set a $46.00 price objective on shares of Popular and gave the company a “hold” rating in a research report on Monday, April 3rd. Finally, Royal Bank of Canada reissued a “buy” rating and issued a $51.00 price objective on shares of Popular in a research report on Thursday, June 29th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $46.14.
Popular (NASDAQ BPOP) traded down 1.14% during mid-day trading on Monday, reaching $41.47. 374,998 shares of the company were exchanged. The company has a market capitalization of $4.23 billion, a price-to-earnings ratio of 19.38 and a beta of 1.28. The company has a 50 day moving average of $38.85 and a 200-day moving average of $41.65. Popular has a 1-year low of $28.96 and a 1-year high of $45.96.
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. Popular had a net margin of 11.34% and a return on equity of 6.94%. The company had revenue of $477.97 million for the quarter, compared to the consensus estimate of $441.33 million. During the same period in the prior year, the firm posted $0.81 EPS. On average, equities research analysts forecast that Popular will post $3.77 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, July 3rd. Investors of record on Friday, June 9th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.41%. The ex-dividend date of this dividend 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 stock in a transaction on Wednesday, May 17th. The shares were sold at an average price of $38.15, for a total value of $152,600.00. Following the transaction, the vice president now directly owns 11,502 shares of the company’s stock, valued at approximately $438,801.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Eli Sepulveda sold 1,994 shares of the stock in a transaction on Wednesday, May 3rd. The shares were sold at an average price of $42.25, for a total transaction of $84,246.50. The disclosure for this sale can be found here. Insiders sold a total of 22,806 shares of company stock worth $932,921 over the last ninety days. Insiders own 1.27% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. First Republic Investment Management Inc. bought a new position in Popular during the fourth quarter worth approximately $208,000. O Shaughnessy Asset Management LLC increased its position in Popular by 17.3% in the first quarter. O Shaughnessy Asset Management LLC now owns 7,251 shares of the bank’s stock worth $295,000 after buying an additional 1,070 shares during the period. First Mercantile Trust Co. increased its position in Popular by 16.9% in the first quarter. First Mercantile Trust Co. now owns 10,649 shares of the bank’s stock worth $434,000 after buying an additional 1,539 shares during the period. Heartland Advisors Inc. increased its position in Popular by 4.9% in the first quarter. Heartland Advisors Inc. now owns 11,621 shares of the bank’s stock worth $473,000 after buying an additional 539 shares during the period. Finally, SG Americas Securities LLC increased its position in Popular by 19.1% in the first quarter. SG Americas Securities LLC now owns 12,485 shares of the bank’s stock worth $509,000 after buying an additional 2,005 shares during the period. 86.73% of the stock is currently owned by hedge funds and other institutional investors.
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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