Popular (BPOP) Shares Get a Lift as B. Riley Upgrades to Buy
More News related to BPOP
- Sterne Agee Upgrades Financial Stocks BBT & BPOP
- Trading Outlook for Popular Inc. Issued by StockPreacher.com
- Banco Popular Supports Make a Difference Day 2009
- Popular, Inc. Reports Financial Results for the Quarter and Nine Months Ended September 30, 2009
- B. Riley Downgrades Popular, Inc. (BPOP) to Neutral
B. Riley upgrades Popular (Nasdaq: BPOP) from Neutral to Buy, citing an improved capital position.
The firm believes that Popular's recent exchange offer of common for preferred and trust preferred shares has "significantly" shored up the base of its common equity. Despite capital ratios that all exceed regulatory "well capitalized" minimums, B. Riley points out that Popular's proportion of common equity in its capital structure is thin, and that tangible common equity ratio is also low. The firm estimates that the exchange offer will lift Popular's tangible common equity from 2.11% to 5.85%.
The analyst upgrade seems to be giving legs to Popular today. The stock most recently traded at $1.37, up 5.4% from yesterday's close.
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