Popular, Inc. (BPOP) Lifted to “Buy” at BTIG Research

Popular, Inc. (NASDAQ:BPOP) was upgraded by equities research analysts at BTIG Research from a “neutral” rating to a “buy” rating in a report released on Tuesday.

BPOP has been the topic of a number of other reports. Zacks Investment Research cut Popular from a “buy” rating to a “hold” rating in a report on Monday, July 3rd. Morgan Stanley reissued an “equal weight” rating and set a $43.00 price target (up from $42.00) on shares of Popular in a report on Friday, July 7th. Barclays PLC decreased their price target on Popular from $47.00 to $40.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 11th. Piper Jaffray Companies reissued a “buy” rating and set a $53.00 price target on shares of Popular in a report on Friday, July 28th. Finally, ValuEngine cut Popular from a “buy” rating to a “hold” rating in a report on Wednesday, September 27th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the stock. Popular currently has a consensus rating of “Hold” and a consensus target price of $46.33.

Popular (NASDAQ BPOP) traded up 9.12% during mid-day trading on Tuesday, hitting $37.21. The stock had a trading volume of 1,295,622 shares. The company’s 50 day moving average is $36.11 and its 200-day moving average is $39.13. The stock has a market capitalization of $3.80 billion, a P/E ratio of 16.81 and a beta of 1.25. Popular has a 52 week low of $32.04 and a 52 week high of $45.96.

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Hedge funds have recently modified their holdings of the company. Morgan Stanley increased its holdings in shares of Popular by 18.2% in the first quarter. Morgan Stanley now owns 567,202 shares of the bank’s stock worth $23,102,000 after purchasing an additional 87,306 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Popular by 3.7% in the second quarter. JPMorgan Chase & Co. now owns 1,512,775 shares of the bank’s stock worth $63,098,000 after purchasing an additional 53,446 shares during the last quarter. BlackRock Inc. increased its holdings in shares of Popular by 12.7% in the second quarter. BlackRock Inc. now owns 5,033,292 shares of the bank’s stock worth $209,937,000 after purchasing an additional 567,642 shares during the last quarter. Prudential Financial Inc. increased its holdings in shares of Popular by 36.1% in the second quarter. Prudential Financial Inc. now owns 551,335 shares of the bank’s stock worth $22,996,000 after purchasing an additional 146,370 shares during the last quarter. Finally, Aperio Group LLC increased its holdings in shares of Popular by 0.4% in the second quarter. Aperio Group LLC now owns 103,469 shares of the bank’s stock worth $4,316,000 after purchasing an additional 380 shares during the last quarter. 85.56% of the stock is currently owned by hedge funds and other institutional investors.

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.

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