What's your position on ?
Why are you ish?
You voted ish on Vote again
Posts appear on the My Feed page of subscribers to this ticker
Jun. 29, 2015, 10:15 AM
- Popular (BPOP -7.5%), First Bancorp (FBP -8.1%), and OFG Bancorp (OFG -5.9%) following a weekend interview in which Puerto Rico Governor Alejandro Garcia Padilla said the Commonwealth cannot pay its debts. He's expected this week to lay out a plan to defer payments while a deal is worked out with creditors.
- Guggenheim pulls its Buy ratings on Popular and First Bancorp.
- Previously: Bond insurers tumble as Puerto Rico heads to default (June 29)
- Previously: Longtime bull throws in the towel on MBIA, Assured Guaranty (June 29)
Jun. 15, 2015, 3:23 PM
- Popular (BPOP +0.9%) would have a CET1 ratio of 11.4% under the Fed's severely adverse scenario, writes BTIG's Mark Palmer - that's well above the minimum of 6.5%. Palmer adds that all of the bank's credit metrics were 150-300 bps better than those lenders covered under the Fed's CCAR.
- While the test results said nothing about a capital return, Palmer believes the bank is now in a strong position to receive FRBNY approval for just that. Palmer suspects that the request submitted by the bank is a modest one relative to the roughly $2B in excess capital it has.
- He maintains his Buy rating and $41 price target (1.0x 2015E TBV).
Apr. 27, 2015, 10:55 AM
- The level of EPS is of less importance than a couple of other factors, says the bullish team at BTIG. First, the bank's credit metrics continue to improve - even as the recession in Puerto Rico nears a decade. Net charge-offs fell 32 basis points to 0.72% of average loans, while the loan loss allowance fell 22 bps to 2.46%.
- While NPLs did increase, this was mostly due to loans acquired from Doral Bank after its failure. "We believe the increase in NPLs was a small price for Popular (BPOP -3.5%) to pay for the $2.2B in deposits and $1.7B in commercial and residential loans it acquired in the deal, as the loans will help the company to offset the runoff of its loan portfolio, which is one of its most significant challenges."
- Then there's capital, and BPOP has about $2B more than it needs based on its CET1 ratio of 15.8%. The bank in June expects to announce the Fed's response to its capital return plans - it could mark the first dividends/buybacks since the financial crisis.
- BTIG reiterates its Buy rating and $41 price target, which is 1.0x estimated TBV.
- Previously: Popular misses by $0.03, misses on revenue (April 27)
Apr. 27, 2015, 8:50 AM
- Popular (NASDAQ:BPOP): Q1 EPS of $0.71 misses by $0.03.
- Revenue of $343.19M (-0.7% Y/Y) misses by $38.51M.
Apr. 26, 2015, 5:30 PM
Mar. 23, 2015, 10:15 AM
- The Moody's report will surely add to the factors blocking the closing of a $2.9B bond deal which could provide a financial lifeline to the island. Also among those factors, reports Reuters, are three prominent lawmakers who plan to try and amend Puerto Rico's constitution to allow for debt restructuring.
- An amendment would need two-thirds majority in the legislature, and then a majority from the electorate.
- In other news, Goldman Sachs upgrades Popular (BPOP -0.1%) to Neutral from Sell.
Mar. 2, 2015, 9:44 AM
- Popular (BPOP +1.7%) and First BanCorp (FBP +1.1%) are "major winners" from the closing of Doral Financial, says Sterne Agee's Brett Rabatin, and weekend deals to take over Doral assets could add $1 per share to BPOP's tangible book value.
- The shutdown of Doral, says Rabatin, should give investors confidence steps are being taken to improve the banking climate on the island. The space, he says, is highly value-oriented and underappreciated. BPOP, FBP, and OFG Bancorp (NYSE:OFG) are all buy-rated, with BPOP Rabatin's island favorite.
- BPOP's slide deck on the Doral acquisition
- Previously: Doral Financial taken over by FDIC (Feb. 27)
Feb. 27, 2015, 3:17 PM
Jan. 22, 2015, 8:48 AM
- Popular (NASDAQ:BPOP): Q4 EPS of $0.50 misses by $0.01.
- Revenue of $406.55M beats by $64.48M.
Jan. 21, 2015, 5:30 PM
Oct. 22, 2014, 10:23 AM
- Adj. Net Income from continuing operations of $81.7M
- Adj. Net Interest Income of $347.1M. Adj. NIM of 4.64% vs. 4.68% in Q2 due to 180bps decline in income from the covered loans portfolio
- Tangible book value per share of $36.24 vs. $35.84 in Q2
- Return on Average Assets 0.71%.
- Tier I risk based capital of 16.93% vs. 19.23% in Q2
- Conference call at 10:30 ET. Webcast here.
- BPOP +2.3%
- Previously: Popular Adj. Net Income of $81.7M
Oct. 22, 2014, 8:40 AM
- Popular (NASDAQ:BPOP): Q3 Adj. Net Income of $81.7M
- Revenue of $476.27M (-22.9% Y/Y) beats by $123.83M.
Oct. 21, 2014, 5:30 PM
Jul. 24, 2014, 8:56 AM
- Popular (NASDAQ:BPOP): Q2 EPS of -$3.21 misses by $3.90.
- Revenue of $472.73M (-31.9% Y/Y) beats by $111.34M.
Jul. 23, 2014, 5:30 PM
- AAL, ABC, ALK, ALXN, ARG, ASPS, BBW, BC, BCC, BHE, BKU, BMS, BMY, BPOP, BSX, CAB, CAM, CAT, CCE, CELG, CLF, CLFD, CLI, CMS, COG, CRI, CRY, CSH, CWEI, DAN, DFT, DGX, DHI, DLX, DNKN, DO, DPS, DST, ECA, EQM, EQT, F, FAF, FLIR, GM, GNTX, GPI, GPK, GRUB, HOT, HSY, IMAX, IMS, IQNT, ISSI, IVC, JAH, JBLU, KEM, KKR, LAZ, LLY, LTM, LUV, MHO, MMM, MTH, MTRN, NBL, NDAQ, NOK, NUE, NWE, O, ORI, OSTK, PCP, PDS, PENN, PHM, PNK, POT, PRLB, PTEN, QSII, RCI, RCL, RDWR, RS, RTIX, RTN, SCHL, SFE, SIAL, SQNS, SUI, SVU, SXC, TDY, TROW, TWI, UA, UAL, UFS, UNP, USG, VAC, VDSI, VIVO, WAB, WCC, WIT, WYN, ZMH
Jul. 3, 2014, 8:01 AM
- "We bring to a close a difficult chapter in our history and we emerge as a stronger and more focused institution," says BPOP CEO Richard Carrion after repurchasing $935M of trust capital securities issued to the Treasury in 2008 in exchange for TARP bailout funds.
- The bank also offers to repurchase the warrant issued to Treasury, representing the right to purchase 2.093M shares of Popular at $67 each.
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.
Other News & PR