Popular (NASDAQ:BPOP) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report 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. “
Several other analysts also recently commented on BPOP. BidaskClub upgraded shares of Popular from a “hold” rating to a “buy” rating in a research report on Friday, February 23rd. Citigroup upped their price target on shares of Popular from $47.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, January 24th. Morgan Stanley boosted their price objective on shares of Popular from $41.00 to $42.00 and gave the company an “equal weight” rating in a research note on Friday, January 26th. Barclays boosted their price objective on shares of Popular from $45.00 to $49.00 and gave the company an “overweight” rating in a research note on Wednesday, January 24th. Finally, Sandler O’Neill set a $48.00 price objective on shares of Popular and gave the company a “buy” rating in a research note on Thursday, February 15th. Two analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $48.31.
Popular (NASDAQ:BPOP) last released its quarterly earnings results on Tuesday, January 23rd. The bank reported $0.65 EPS for the quarter, beating the consensus estimate of $0.43 by $0.22. Popular had a net margin of 4.89% and a return on equity of 5.29%. The firm had revenue of $473.35 million during the quarter. sell-side analysts predict that Popular will post 3.89 EPS for the current fiscal year.
A number of institutional investors and hedge funds have recently made changes to their positions in BPOP. The Manufacturers Life Insurance Company increased its stake in Popular by 7.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,980 shares of the bank’s stock valued at $124,000 after buying an additional 200 shares during the period. American Century Companies Inc. acquired a new position in shares of Popular during the 3rd quarter worth $9,497,000. Prudential Financial Inc. grew its stake in shares of Popular by 63.9% during the 3rd quarter. Prudential Financial Inc. now owns 903,755 shares of the bank’s stock worth $32,480,000 after purchasing an additional 352,420 shares during the period. Boston Partners grew its stake in shares of Popular by 11.2% during the 3rd quarter. Boston Partners now owns 334,913 shares of the bank’s stock worth $12,036,000 after purchasing an additional 33,710 shares during the period. Finally, BNP Paribas Arbitrage SA grew its stake in shares of Popular by 462.0% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 9,459 shares of the bank’s stock worth $340,000 after purchasing an additional 7,776 shares during the period. 91.58% of the stock is currently owned by institutional investors.
WARNING: This piece was originally published by Ticker Report and is owned by of Ticker Report. If you are accessing this piece on another site, it was illegally stolen and republished in violation of U.S. and international trademark and copyright legislation. The correct version of this piece can be read at https://www.tickerreport.com/banking-finance/3260159/popular-bpop-lowered-to-hold-at-zacks-investment-research.html.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Popular Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Popular and related companies with MarketBeat.com's FREE daily email newsletter.