Credicorp (NYSE:BAP) Hits New 52-Week High – Here’s What Happened

Credicorp Ltd. (NYSE:BAP)’s share price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $347.60 and last traded at $349.2350, with a volume of 15237 shares traded. The stock had previously closed at $344.33.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on BAP shares. JPMorgan Chase & Co. upped their target price on shares of Credicorp from $242.00 to $310.00 and gave the stock an “overweight” rating in a report on Friday, November 21st. Weiss Ratings restated a “buy (b)” rating on shares of Credicorp in a research report on Monday, December 29th. Wall Street Zen cut shares of Credicorp from a “buy” rating to a “hold” rating in a report on Saturday, December 20th. Finally, The Goldman Sachs Group boosted their target price on Credicorp from $263.00 to $293.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 13th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, Credicorp currently has a consensus rating of “Moderate Buy” and an average target price of $290.20.

Credicorp Price Performance

The stock has a market cap of $27.78 billion, a PE ratio of 15.75, a PEG ratio of 0.77 and a beta of 0.89. The business’s 50-day simple moving average is $285.17 and its 200-day simple moving average is $264.17. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.63.

Credicorp (NYSE:BAP) last announced its quarterly earnings results on Thursday, November 13th. The bank reported $6.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.05 by $0.12. Credicorp had a return on equity of 19.50% and a net margin of 23.59%.The company had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.71 billion. On average, research analysts expect that Credicorp Ltd. will post 21.9 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in BAP. Massachusetts Financial Services Co. MA raised its holdings in Credicorp by 7.9% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,038,098 shares of the bank’s stock worth $808,985,000 after purchasing an additional 223,497 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Credicorp by 4.2% during the second quarter. JPMorgan Chase & Co. now owns 1,650,293 shares of the bank’s stock valued at $368,873,000 after buying an additional 67,249 shares during the period. Capital World Investors bought a new position in Credicorp in the third quarter worth about $434,014,000. Invesco Ltd. lifted its holdings in Credicorp by 27.4% in the third quarter. Invesco Ltd. now owns 1,349,408 shares of the bank’s stock worth $359,320,000 after buying an additional 290,585 shares during the period. Finally, State Street Corp lifted its holdings in Credicorp by 5.8% in the third quarter. State Street Corp now owns 1,267,553 shares of the bank’s stock worth $337,524,000 after buying an additional 70,017 shares during the period. 89.81% of the stock is owned by hedge funds and other institutional investors.

About Credicorp

Credicorp Ltd. (NYSE: BAP) is a Lima-based financial services holding company that operates a diversified group of banking, insurance, and investment businesses. Established in the mid-1990s, Credicorp’s principal subsidiaries include Banco de Crédito del Perú (BCP), Mibanco (microfinance), Credicorp Capital (investment banking and asset management) and Pacífico Seguros (insurance). The company serves retail, commercial and corporate clients and is one of the largest financial conglomerates in Peru.

Through Banco de Crédito del Perú and its retail network, Credicorp provides a full suite of banking products including deposit accounts, consumer and commercial loans, mortgages, payment and transaction services, and digital banking solutions.