Credicorp (NYSE:BAP) Hits New 12-Month High – Here’s Why

Credicorp Ltd. (NYSE:BAP) shares hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $307.39 and last traded at $306.9150, with a volume of 24363 shares traded. The stock had previously closed at $302.15.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. JPMorgan Chase & Co. raised 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. UBS Group increased their price objective on Credicorp from $257.00 to $318.00 and gave the company a “buy” rating in a research report on Tuesday, September 16th. Wall Street Zen lowered Credicorp from a “buy” rating to a “hold” rating in a research note on Saturday, December 20th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Credicorp in a research report on Monday, December 29th. Finally, Zacks Research raised Credicorp from a “hold” rating to a “strong-buy” rating in a report on Friday, September 26th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, Credicorp presently has an average rating of “Moderate Buy” and a consensus target price of $276.60.

Credicorp Stock Up 1.7%

The firm has a 50-day moving average of $271.94 and a two-hundred day moving average of $257.17. The stock has a market capitalization of $24.44 billion, a price-to-earnings ratio of 13.85, a price-to-earnings-growth ratio of 0.68 and a beta of 0.89. 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 released its earnings results on Thursday, November 13th. The bank reported $6.17 earnings per share for the quarter, beating the consensus estimate of $6.05 by $0.12. The company had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.71 billion. Credicorp had a return on equity of 19.50% and a net margin of 23.59%. As a group, sell-side analysts anticipate that Credicorp Ltd. will post 21.9 earnings per share for the current year.

Institutional Investors Weigh In On Credicorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Capital World Investors purchased a new stake in shares of Credicorp during the third quarter worth $434,014,000. Norges Bank acquired a new position in Credicorp in the 2nd quarter worth about $110,945,000. William Blair Investment Management LLC raised its stake in shares of Credicorp by 71.6% during the 3rd quarter. William Blair Investment Management LLC now owns 820,073 shares of the bank’s stock worth $218,369,000 after purchasing an additional 342,308 shares in the last quarter. Mondrian Investment Partners LTD acquired a new stake in shares of Credicorp during the 3rd quarter valued at about $78,211,000. Finally, Invesco Ltd. grew its stake in shares of Credicorp by 27.4% in the 3rd quarter. Invesco Ltd. now owns 1,349,408 shares of the bank’s stock valued at $359,320,000 after buying an additional 290,585 shares in the last quarter. Hedge funds and other institutional investors own 89.81% of the company’s stock.

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.