Popular (NASDAQ:BPOP) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of Popular (NASDAQ:BPOP) from a hold rating to a buy rating in a report issued on Wednesday, Zacks.com reports. The firm currently has $42.00 price target on the bank’s stock.

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 research firms have also issued reports on BPOP. Citigroup raised their target price on shares of Popular from $46.00 to $49.00 and gave the company a buy rating in a research note on Thursday, June 18th. BTIG Research reissued a buy rating and issued a $54.00 price target on shares of Popular in a report on Thursday, April 30th. BidaskClub raised shares of Popular from a sell rating to a hold rating in a report on Friday, May 29th. ValuEngine raised shares of Popular from a sell rating to a hold rating in a report on Monday, March 30th. Finally, TheStreet raised shares of Popular from a c rating to a b- rating in a report on Wednesday, June 24th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock presently has a consensus rating of Buy and a consensus target price of $51.00.

NASDAQ:BPOP traded up $0.38 during midday trading on Wednesday, reaching $36.45. The stock had a trading volume of 25,493 shares, compared to its average volume of 771,861. Popular has a 1-year low of $23.69 and a 1-year high of $61.46. The firm’s fifty day simple moving average is $38.41 and its 200-day simple moving average is $45.25. The stock has a market capitalization of $3.19 billion, a P/E ratio of 6.58 and a beta of 1.24.

Popular (NASDAQ:BPOP) last posted its earnings results on Thursday, April 30th. The bank reported $0.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.37 by ($1.00). Popular had a net margin of 18.98% and a return on equity of 9.23%. The firm had revenue of $599.74 million during the quarter, compared to analyst estimates of $604.57 million. During the same quarter in the previous year, the business posted $1.69 earnings per share. As a group, equities research analysts expect that Popular will post 3.85 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Tuesday, June 2nd were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 4.39%. The ex-dividend date of this dividend was Monday, June 1st. Popular’s payout ratio is 23.26%.

Several large investors have recently added to or reduced their stakes in the company. Royal Bank of Canada lifted its holdings in shares of Popular by 6.2% during the 1st quarter. Royal Bank of Canada now owns 466,451 shares of the bank’s stock worth $16,325,000 after acquiring an additional 27,036 shares during the period. Guggenheim Capital LLC lifted its holdings in shares of Popular by 4.9% during the 1st quarter. Guggenheim Capital LLC now owns 11,718 shares of the bank’s stock worth $411,000 after acquiring an additional 543 shares during the period. State of Tennessee Treasury Department lifted its holdings in shares of Popular by 8.6% during the 1st quarter. State of Tennessee Treasury Department now owns 13,158 shares of the bank’s stock worth $461,000 after acquiring an additional 1,045 shares during the period. X Square Capital LLC lifted its holdings in shares of Popular by 127.2% during the 1st quarter. X Square Capital LLC now owns 153,781 shares of the bank’s stock worth $5,382,000 after acquiring an additional 86,090 shares during the period. Finally, Advisor Group Holdings Inc. bought a new position in shares of Popular during the 1st quarter worth about $248,000. 88.45% 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.

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