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Tue, Jan. 26, 8:30 AM
Mon, Jan. 25, 5:30 PM
Sat, Jan. 16, 3:34 PM
- The group got together last Monday, meaning it had the year's ugly first week to mull over, but not the year's equally ugly second week. Jeff Gundlach is a new member and fans won't be surprised at his bearish macro outlook.
- He's been outspokenly against the Fed's tightening monetary policy and drops a few interesting points: There's only a 60-basis point difference between GDP growth rates in the U.S. and Europe - with European GDP actually trending higher while U.S. GDP tracks lower. Yet the ECB has set negative rates and is talking about boosting QE, while Fed has eliminated QE and is raising rates. More? Of 118 Fed rate hikes since about 1945, nominal GDP was above 5.5% on 112 of those occasions, and averaged 8.6%. Only twice since 1945 has the Fed boosted while GDP was below 4.5% - the last time was 1982, and the central bank had to reverse course almost immediately. Nominal GDP today looks to be headed to about 2%.
- As for stock picks, Oscar Schafer finds a number of beaten-up names. Among them is Evertec (NYSE:EVTC), which owns the transaction-processing business in Puerto Rico (it was spun out of BPOP in 2010). Suffice it to say, Evertec is being penalized by its domicile. But the company is expanding across Central and South America. Even if things don't improve in Puerto Rico, the company should do fine. If things get better there, the stock's a home run.
- His other favorites: Calpine (NYSE:CPN), CommScope Holding (NASDAQ:COMM), and NICE-Systems (NASDAQ:NICE).
Dec. 11, 2015, 11:01 AM
Nov. 20, 2015, 3:36 PM
- The top five on KBW's list of financial stocks which saw the most institutional buying in Q3:
- Great Western Bancorp (NYSE:GWB) had a 12% boost in institutional ownership and gained 5.2% during the quarter.
- Kearny Finanical (NASDAQ:KRNY) had a 9.4% increase in ownership; Lending Club (NYSE:LC) a 7.9% increase; Popular (NASDAQ:BPOP) a 7.3% increase; Evercore Partners (NYSE:EVR) a 7.2% increase.
- Overall, says KBW, institutional funds boosted their holdings of financial stocks in Q3, but remain underweight the sector for the 6th straight quarter (just barely now).
Oct. 23, 2015, 8:18 AM
- Popular (NASDAQ:BPOP): Q3 EPS of $0.82 misses by $0.09.
- Revenue of $350.74M (+7.5% Y/Y)
Oct. 22, 2015, 5:30 PM
Sep. 18, 2015, 2:22 PM
- "The difference between the perception and reality is huge," Popular (BPOP -1.4%) CEO Carlos Vazquez tells BTIG. Yes, the Puerto Rican government faces liquidity challenges, but the island is very much not in a depression, he says. As opposed to Greece - where the economy is quickly contracting - Puerto Rico's nominal GDP grew last year, and declined only 1% in real terms.
- Use of BPOP credit and debit cards are holding their ground. and the bank hasn't seen a fundamental change in the behavior of its clients.
- BTIG has a Buy rating and $41 price target (40% above the current price), and analyst Mark Palmer notes today's resumption of the dividend represents a payout of just $15.5M per quarter vs. $2B of excess capital based on the CCAR.
- Previously: Popular reinstates quarterly dividend (Sept. 18)
Sep. 18, 2015, 11:12 AM
- Popular (NASDAQ:BPOP) declares $0.15/share quarterly dividend.
- Forward yield 2.04%
- Payable Oct. 7; for shareholders of record Sept. 29; ex-div Sept. 25.
Sep. 2, 2015, 11:29 AM
- The Puerto Rico Electric Power Authority and a group of creditors earlier reached a deal to keep which will keep the debt service payments coming, though the haircut on principal looks to be 15%.
- OFG Bancorp (OFG +22.2%), First Bancorp (FBP +9.8%), Popular (BPOP +5.9%)
- MBIA (MBI +13.6%), Assured Guaranty (AGO +4.5%), Ambac (AMBC +3.1%)
Sep. 1, 2015, 12:34 PM
- Puerto Rico's OFG Bancorp (OFG -14.5%) fell as low as about $6.70 in last Monday's panicky action, but had bounced nearly 30% from that level after yesterday's 19% gain.
- It's back to the downside today, and the stock is lower by 15% to $7.34.
- Alone among the notable news items (other than Puerto Rico's continuing debt troubles) since last Monday was the purchase of 7K shares by board member Josen Rossi at prices less than $7 per share.
- Popular (BPOP -2.5%), First Bancorp (FBP -3.7%)
Jul. 27, 2015, 7:20 AM
Jul. 24, 2015, 9:08 AM
- Q2 adjusted net income of $90.1M compares to $90.3M in Q1, but net income jumps to $597.5M as the company determines it is more likely than not it will realize at least part of the $1.2B DTA at its U.S. operations.
- Back to operations, non-performing loans fell $89M during quarter. NPL to loans ratio of 2.6% falls 60 basis points. Net charge-offs of 0.89% of average loans in portfolio is up 17 basis points.
- Allowance for loan losses of $512.7M vs. $516.2M in Q1. Ratio to total loans of 2.29% vs. 2.46%. Allowance for loan losses to NPLs ratio of 89.02% vs. 77.63%.
- Net interest margin of 4.54% down three basis points.
- CET1 ratio of 15.61%. Tangible book value per share of $41.75.
- Previously: Popular EPS of $5.79 (July 24)
- BPOP +5.8% premarket
Jul. 24, 2015, 8:26 AM
- Popular (NASDAQ:BPOP): Q2 EPS of $5.79 may not be comparable to consensus of $0.79.
- Net interest income of $362.55M.
- Shares +8.4% PM.
Jul. 23, 2015, 5:30 PM
Jul. 1, 2015, 10:10 AM
- It was earlier reported that Puerto Rico's power authority was planning on making its $416M debt payments due today, and the utility says the payments have indeed been made.
- Popular (BPOP +5.2%), First Bancorp (FBP +2.9%), OFG Bancorp (OFG +2.5%)
- Previously: PREPA reportedly reaches deal to cover debt payment (July 1)
Popular Inc is a publicly owned bank holding company, which offers retail and commercial banking services through its banking subsidiary, Banco Popular de Puerto Rico. The Bank also offers insurance and reinsurance services.
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