Zacks Investment Research upgraded shares of Popular (NASDAQ:BPOP) from a hold rating to a buy rating in a report published on Wednesday, Zacks.com reports. The firm currently has $62.00 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. “
Other analysts also recently issued research reports about the company. BidaskClub upgraded Xilinx from a hold rating to a buy rating in a research note on Saturday, June 29th. BTIG Research increased their target price on Popular to $66.00 and gave the company a buy rating in a research note on Tuesday, April 23rd. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The stock presently has an average rating of Buy and an average target price of $59.43.
BPOP opened at $56.38 on Wednesday. The company has a market cap of $5.45 billion, a P/E ratio of 10.10 and a beta of 1.17. The business’s 50-day moving average is $53.68. Popular has a 52-week low of $44.22 and a 52-week high of $58.99.
Popular (NASDAQ:BPOP) last released its quarterly earnings results on Thursday, April 18th. The bank reported $1.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.45 by $0.24. The company had revenue of $607.39 million during the quarter, compared to the consensus estimate of $603.70 million. Popular had a return on equity of 10.58% and a net margin of 24.69%. During the same quarter in the prior year, the company posted $0.89 EPS. On average, sell-side analysts forecast that Popular will post 6.59 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Tuesday, May 28th were paid a dividend of $0.30 per share. The ex-dividend date was Friday, May 24th. This represents a $1.20 annualized dividend and a yield of 2.13%. Popular’s payout ratio is 25.16%.
A number of large investors have recently made changes to their positions in the stock. Norges Bank bought a new stake in Popular during the 4th quarter valued at approximately $64,758,000. JPMorgan Chase & Co. boosted its stake in Popular by 18.9% during the 1st quarter. JPMorgan Chase & Co. now owns 1,174,483 shares of the bank’s stock valued at $61,225,000 after purchasing an additional 186,357 shares during the period. Bank of New York Mellon Corp boosted its stake in Popular by 108.2% during the 4th 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. Martingale Asset Management L P boosted its stake in Popular by 8.0% during the 1st quarter. Martingale Asset Management L P now owns 846,370 shares of the bank’s stock valued at $44,123,000 after purchasing an additional 62,405 shares during the period. Finally, APG Asset Management N.V. boosted its stake in Popular by 5,001.3% during the 4th quarter. APG Asset Management N.V. now owns 790,700 shares of the bank’s stock valued at $32,661,000 after purchasing an additional 775,200 shares during the period. Hedge funds and other institutional investors own 89.41% of the company’s stock.
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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