Credicorp Ltd. (BAP) Raised to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Credicorp Ltd. (NYSE:BAP) from a hold rating to a buy rating in a research report released on Wednesday morning. Zacks Investment Research currently has $199.00 target price on the bank’s stock.
According to Zacks, “CreditCorp LTD is a limited liability company to act as a holding company, to coordinate the policy and administration of its subsidiaries and engage in investing activities. Credicorp’s principal objective is to coordinate and manage the business plans of its subsidiaries in an effort to implement universal banking services in Peru, while diversifying regionally. They conduct their financial business exclusively through its subsidiaries “
Separately, Credit Suisse Group set a $196.00 target price on Credicorp and gave the stock a buy rating in a report on Saturday, May 6th.
Shares of Credicorp (NYSE BAP) opened at 178.57 on Wednesday. Credicorp has a 52-week low of $140.97 and a 52-week high of $180.92. The company’s 50-day moving average price is $168.12 and its 200-day moving average price is $163.16. The firm’s market cap is $14.19 billion.
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Institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. boosted its position in Credicorp by 9,913.1% in the first quarter. BlackRock Inc. now owns 4,287,311 shares of the bank’s stock worth $700,118,000 after buying an additional 4,244,494 shares during the period. Legato Capital Management LLC boosted its position in Credicorp by 16,230.0% in the first quarter. Legato Capital Management LLC now owns 2,857,750 shares of the bank’s stock worth $17,500,000 after buying an additional 2,840,250 shares during the period. JPMorgan Chase & Co. boosted its position in Credicorp by 6.0% in the first quarter. JPMorgan Chase & Co. now owns 2,603,836 shares of the bank’s stock worth $425,206,000 after buying an additional 147,513 shares during the period. Vanguard Group Inc. boosted its position in Credicorp by 24.7% in the first quarter. Vanguard Group Inc. now owns 2,311,345 shares of the bank’s stock worth $377,442,000 after buying an additional 458,288 shares during the period. Finally, State Street Corp boosted its position in Credicorp by 3.9% in the first quarter. State Street Corp now owns 1,764,313 shares of the bank’s stock worth $288,118,000 after buying an additional 65,484 shares during the period. Hedge funds and other institutional investors own 69.23% of the company’s stock.
Credicorp Ltd. is a financial services holding company in Peru. The Company has four operating segments based on its products and services, which include banking, insurance, pension funds and investment banking. Its operating subsidiaries include Banco de Credito del Peru; Atlantic Security Bank, which it holds through Atlantic Security Holding Corporation; El Pacifico-Peruano Suiza Compania de Seguros y Reaseguros (Grupo Pacifico); Prima AFP SA, and Credicorp Capital Ltd.
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