Credicorp (NYSE:BAP) Trading Down 5.8% After Earnings Miss

Shares of Credicorp Ltd. (NYSE:BAP) were down 5.8% during mid-day trading on Friday following a weaker than expected earnings announcement. The stock traded as low as $318.83 and last traded at $321.1120. Approximately 372,781 shares traded hands during trading, a decline of 30% from the average daily volume of 531,330 shares. The stock had previously closed at $341.05.

The bank reported $5.88 earnings per share for the quarter, missing the consensus estimate of $6.61 by ($0.73). The company had revenue of $1.78 billion for the quarter, compared to the consensus estimate of $1.77 billion. Credicorp had a net margin of 23.59% and a return on equity of 19.50%.

Analysts Set New Price Targets

BAP has been the subject of several recent analyst reports. Weiss Ratings restated a “buy (b)” rating on shares of Credicorp in a research note on Monday, December 29th. JPMorgan Chase & Co. raised their price objective on Credicorp from $242.00 to $310.00 and gave the stock an “overweight” rating in a research report on Friday, November 21st. Wall Street Zen lowered Credicorp from a “buy” rating to a “hold” rating in a research report on Saturday, December 20th. Finally, The Goldman Sachs Group increased their price target on Credicorp from $263.00 to $293.00 and gave the company a “neutral” rating in a research note on Tuesday, January 13th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $290.20.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of BAP. Principal Financial Group Inc. grew its stake in shares of Credicorp by 42.2% during the third quarter. Principal Financial Group Inc. now owns 291,175 shares of the bank’s stock worth $77,534,000 after purchasing an additional 86,340 shares in the last quarter. Summitry LLC purchased a new position in Credicorp in the second quarter valued at approximately $257,000. Asset Management One Co. Ltd. increased its stake in Credicorp by 19.3% in the third quarter. Asset Management One Co. Ltd. now owns 12,516 shares of the bank’s stock valued at $3,333,000 after purchasing an additional 2,023 shares during the last quarter. Nordea Investment Management AB raised its holdings in Credicorp by 17.4% during the third quarter. Nordea Investment Management AB now owns 27,953 shares of the bank’s stock worth $7,479,000 after purchasing an additional 4,140 shares in the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp boosted its holdings in shares of Credicorp by 25.2% in the 3rd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 291,237 shares of the bank’s stock valued at $77,551,000 after buying an additional 58,690 shares in the last quarter. 89.81% of the stock is owned by hedge funds and other institutional investors.

Credicorp Price Performance

The stock’s 50-day moving average is $313.33 and its 200 day moving average is $276.23. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.07 and a current ratio of 1.07. The stock has a market capitalization of $25.71 billion, a PE ratio of 14.57, a P/E/G ratio of 0.76 and a beta of 0.87.

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.