BTIG Research Reiterates Buy Rating for Popular (BPOP)

Popular (NASDAQ:BPOP)‘s stock had its “buy” rating reaffirmed by stock analysts at BTIG Research in a report released on Wednesday. They presently have a $46.00 price objective on the bank’s stock. BTIG Research’s price objective indicates a potential upside of 5.82% from the stock’s previous close.

The analysts wrote, “in Focus as BPOP Prepares to Release 1Q18 Report The commentary offered by Popular Inc. (BPOP) management regarding credit quality in the company’s 4Q17 report on January 23 was surprisingly encouraging to many observers in light of the severity of the physical and economic damage inflicted on its home market of Puerto Rico by Hurricane Maria just over four months earlier. In particular, management noted that early delinquency data for auto, credit card and personal loans for the first few weeks of January 2018 had been similar to or better than that from the same period in the prior year.   That disclosure helped to sustain a relief rally in BPOP shares that had begun after the stock hit its post-Maria low tick on October 23. Since then, the stock has rallied by more than 35% such that it is now trading slightly above the company’s book value per share as of YE17. With BPOP scheduled to report its 1Q18 results on Tuesday, April 24, we believe additional appreciation in the stock will depend on what the company discloses regarding the credit performance of its mortgage book during the months that followed the expiration in December of a moratorium on payment collection.””

Other equities research analysts also recently issued reports about the company. BidaskClub upgraded Popular from a “hold” rating to a “buy” rating in a report on Friday, February 23rd. Zacks Investment Research upgraded Popular from a “hold” rating to a “buy” rating and set a $47.00 price target for the company in a report on Wednesday, February 21st. Citigroup started coverage on Popular in a report on Thursday, December 21st. They issued a “buy” rating and a $47.00 price target for the company. Sandler O’Neill set a $48.00 price target on Popular and gave the stock a “buy” rating in a report on Thursday, February 15th. Finally, Keefe, Bruyette & Woods set a $49.00 price objective on Popular and gave the stock a “buy” rating in a report on Thursday, February 15th. Three analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $48.06.

Shares of Popular stock opened at $43.47 on Wednesday. Popular has a 1 year low of $32.04 and a 1 year high of $46.83. The stock has a market capitalization of $4,372.56, a price-to-earnings ratio of 16.03 and a beta of 1.11.

Popular (NASDAQ:BPOP) last announced its quarterly earnings results on Tuesday, January 23rd. The bank reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.22. Popular had a return on equity of 5.29% and a net margin of 4.89%. The company had revenue of $473.35 million during the quarter. sell-side analysts predict that Popular will post 4.01 EPS for the current fiscal year.

Several large investors have recently bought and sold shares of BPOP. The Manufacturers Life Insurance Company grew its holdings in shares of Popular by 7.2% during the second quarter. The Manufacturers Life Insurance Company now owns 2,980 shares of the bank’s stock worth $124,000 after buying an additional 200 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Popular by 49.1% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,797 shares of the bank’s stock valued at $206,000 after purchasing an additional 1,910 shares in the last quarter. State of Alaska Department of Revenue bought a new position in Popular in the fourth quarter valued at approximately $209,000. Invictus RG bought a new position in Popular in the fourth quarter valued at approximately $228,000. Finally, Algert Global LLC bought a new position in Popular in the third quarter valued at approximately $245,000. Institutional investors and hedge funds own 91.47% of the company’s stock.

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About Popular

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.

Analyst Recommendations for Popular (NASDAQ:BPOP)

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