Popular (NASDAQ:BPOP) Raised to "Strong-Buy" at Zacks Research

Key Points

• Popular Inc. has been upgraded from a "hold" to a "strong-buy" rating by Zacks Research, reflecting increased analyst confidence in the stock's performance.
• Wells Fargo & Company and Citigroup both raised their price targets for Popular's shares to $140.00 and $142.00 respectively, signaling a positive market outlook.
• In its recent earnings report, Popular reported earnings per share of $3.09, exceeding expectations by $0.49, with revenues also surpassing forecasts.

Popular (NASDAQ:BPOP - Get Free Report) was upgraded by stock analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a research report issued on Monday,Zacks.com reports.

Several other brokerages also recently commented on BPOP. UBS Group restated a "neutral" rating on shares of Popular in a research report on Wednesday, July 9th. Keefe, Bruyette & Woods upped their price objective on Popular from $125.00 to $132.00 and gave the company an "outperform" rating in a research report on Thursday, July 24th. Wells Fargo & Company upped their price objective on Popular from $135.00 to $140.00 and gave the company an "overweight" rating in a research report on Thursday, July 24th. Royal Bank Of Canada restated an "outperform" rating on shares of Popular in a research report on Thursday, July 24th. Finally, Hovde Group restated an "outperform" rating on shares of Popular in a research report on Friday, August 29th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, Popular currently has a consensus rating of "Buy" and an average price target of $128.88.

Popular Stock Down 1.4%

NASDAQ:BPOP traded down $1.72 during mid-day trading on Monday, hitting $125.34. 536,353 shares of the company traded hands, compared to its average volume of 490,964. The stock's fifty day moving average price is $117.22 and its 200-day moving average price is $103.92. Popular has a one year low of $78.23 and a one year high of $128.66. The firm has a market cap of $8.47 billion, a price-to-earnings ratio of 12.15, a price-to-earnings-growth ratio of 0.65 and a beta of 0.68.

Popular (NASDAQ:BPOP - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The bank reported $3.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.60 by $0.49. Popular had a return on equity of 12.48% and a net margin of 16.49%.The business had revenue of $800.03 million during the quarter, compared to analyst estimates of $777.38 million. During the same quarter in the previous year, the company posted $2.46 earnings per share. Equities analysts predict that Popular will post 10.06 EPS for the current year.

Insiders Place Their Bets

In other news, EVP Gilberto Monzon sold 18,001 shares of the firm's stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $124.47, for a total transaction of $2,240,584.47. Following the sale, the executive vice president directly owned 24,773 shares in the company, valued at $3,083,495.31. This trade represents a 42.08% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 2.09% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of BPOP. Steph & Co. purchased a new stake in Popular in the second quarter valued at approximately $39,000. Allworth Financial LP raised its position in Popular by 2,158.8% in the second quarter. Allworth Financial LP now owns 384 shares of the bank's stock valued at $42,000 after purchasing an additional 367 shares during the period. Farther Finance Advisors LLC grew its stake in shares of Popular by 112.2% in the second quarter. Farther Finance Advisors LLC now owns 418 shares of the bank's stock worth $46,000 after acquiring an additional 221 shares in the last quarter. IFP Advisors Inc grew its stake in shares of Popular by 3,925.0% in the second quarter. IFP Advisors Inc now owns 483 shares of the bank's stock worth $53,000 after acquiring an additional 471 shares in the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of Popular in the first quarter worth $47,000. 87.27% of the stock is owned by hedge funds and other institutional investors.

Popular Company Profile

Popular, Inc, through its subsidiaries, provides various retail, mortgage, and commercial banking products and services in Puerto Rico, the United States, and the British Virgin Islands. The company provides savings, NOW, money market, and other interest-bearing demand accounts; non-interest bearing demand deposits; and certificates of deposit.