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BPOP

Popular

$46.14

0.15 (0.33%)

, WFC

Wells Fargo

$54.82

0.14 (0.26%)

17:34
06/04/18
06/04
17:34
06/04/18
17:34

Banco Popular to acquire Wells Fargo's auto finance business in Puerto Rico

Management said, "On February 14, 2018, we announced that Banco Popular de Puerto Rico, our Puerto Rico banking subsidiary, agreed to acquire certain assets and liabilities related to Wells Fargo's auto finance business in Puerto Rico. On May 31, 2018 we filed a notice with the Board of Governors of the Federal Reserve System in order for Popular Auto, LLC, BPPR's direct, wholly-owned subsidiary, to be permitted to consummate the transaction. Although there can be no guarantee that regulatory approval will be received, we now anticipate that the transaction will close during the third quarter of 2018."

BPOP

Popular

$46.14

0.15 (0.33%)

WFC

Wells Fargo

$54.82

0.14 (0.26%)

BPOP Popular
$46.14

0.15 (0.33%)

11/28/17
KBWI
11/28/17
UPGRADE
KBWI
Outperform
Popular upgraded to Outperform from Market Perform at Keefe Bruyette
Keefe Bruyette analyst Glen Manna upgraded Popular to Outperform after taking over coverage from Brian Klock. The analyst notes Puerto Rico banks are trading at a significant discount to their historical tangible book valuations. He expects the banks to remain profitable in 2018 and 2019 even after factoring in hurricane-related losses.
11/28/17
KBWI
11/28/17
UPGRADE
KBWI
Outperform
OFG Bancorp upgraded to Outperform from Market Perform at Keefe Bruyette
Keefe Bruyette analyst Glen Manna upgraded OFG Bancorp to Outperform after taking over coverage from Brian Klock. The analyst notes Puerto Rico banks are trading at a significant discount to their historical tangible book valuations. He expects the banks to remain profitable in 2018 and 2019 even after factoring in hurricane-related losses. Manna this morning also upgraded Popular (BPOP) and kept an Outperform rating on First BanCorp (FBP).
11/28/17
11/28/17
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Home Depot (HD) upgraded to Overweight from Neutral at Atlantic Equities with analyst Sam Hudson saying the U.S. housing backdrop remains strong and recent hurricanes should provide a tailwind through the first half of 2018, at the very least. 2. TCF Financial (TCF) was upgraded to Overweight from Neutral at Piper Jaffray and to Buy from Hold at Sandler O'Neill. 3. Popular (BPOP) and OFG Bancorp (OFG) were upgraded to Outperform from Market Perform at Keefe Bruyette. 4. Mellanox (MLNX) upgraded to Equal Weight from Underweight at Barclays with analyst Joseph Wolf saying he believes activist Starboard can bring upon change and will serve as a "positive technical element to near-term stock performance." 5. TriplePoint Venture (TPVG) upgraded to Buy from Neutral at Compass Point. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
12/21/17
SBSH
12/21/17
INITIATION
Target $47
SBSH
Buy
Popular initiated with a Buy at Citi
Citi analyst Arren Cyganovich started Popular with a Buy rating and $47 price target. The analyst believes the market is overly discounting the hurricane impacts and the bank's exposure to Puerto Rico economic weakness. Cyganovich finds Popular well positioned to maintain lower funding costs and benefit from the post-hurricane recovery.
WFC Wells Fargo
$54.82

0.14 (0.26%)

04/16/18
NOMU
04/16/18
NO CHANGE
Target $68
NOMU
Buy
Wells Fargo earnings underwhelming, but not a value trap, says Nomura
Nomura Instinet analyst Bill Carcache lowered his price target for Wells Fargo to $68 from $72 saying Friday's earnings results were "underwhelming" as the company reported softer revenue growth. The analyst, however, continues to believe that shares of Wells Fargo are "not a value trap." Shareholders "able to weather the current storm" will be rewarded with 10% earnings growth, mid- to high-teens return on tangible equity, and a multiple rerating when the market regains confidence, Carcache tells investors in a research note. He keeps a Buy rating on the shares.
04/16/18
BARD
04/16/18
NO CHANGE
Target $62
BARD
Outperform
Lower expectations limit Wells Fargo downside, says Baird
Baird analyst David George said Wells Fargo reported messy Q1 results, but lowered expectations should limit the downside in the shares. The analyst said core fees were weak, but expenses were in line as was loan growth. George maintained his Outperform rating and $62 price target on Wells Fargo shares.
04/17/18
BMOC
04/17/18
NO CHANGE
Target $34
BMOC
Market Perform
Bank of America is the best of the 'big four' U.S. banks, says BMO Capital
BMO Capital analyst James Fotheringham kept his Market Perform rating and $34 price target on Bank of America (BAC) after its in-line Q1 earnings but raised his FY18 EPS view to $2.62 from $2.59 and FY19 view to $3.18 from $3.12. Fotheringham says than in contrast, he lowered earnings forecasts for JPMorgan (JPM), Wells Fargo (WFC), and Citigroup (C) because of higher costs and lower revenues, but Bank of America's better than expected net interest income rise justifies his view of the bank as the "best of the bunch". The analyst also notes the bank's more favorable valuation trading at a below-average two-year-forward P/E multiple despite his forecast of double the core earnings growth rate of Bank of America's peers.
04/30/18
04/30/18
UPGRADE

Outperform
Wells Fargo double upgraded to Outperform at Macquarie
Macquarie analyst David Konrad upgraded Wells Fargo to Outperform from Underperform with a $61 price target citing attractive valuation, low expectations, and near-term catalysts. Konrad said valuation and consensus estimates have finally come down and said shares are trading at 11.3x his 2019 "stressed earnings" estimate, compared to super regionals trading at 12.3x. The analyst expects low expense guidance at the upcoming investor day and passing CCAR in June to serve as positive catalysts for shares.

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$85.63

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Bank of America

$28.54

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