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

Shares of Credicorp Ltd. (NYSE:BAP) hit a new 52-week high on Wednesday . The stock traded as high as $399.38 and last traded at $396.96, with a volume of 132820 shares changing hands. The stock had previously closed at $389.58.

Analyst Ratings Changes

BAP has been the subject of a number of analyst reports. Weiss Ratings lowered shares of Credicorp from a “buy (a-)” rating to a “buy (b)” rating in a report on Friday, May 29th. Morgan Stanley raised shares of Credicorp from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $375.00 to $480.00 in a research note on Wednesday, June 17th. UBS Group increased their price target on shares of Credicorp from $408.00 to $412.00 and gave the company a “buy” rating in a research note on Tuesday, May 26th. JPMorgan Chase & Co. lowered shares of Credicorp from an “overweight” rating to a “neutral” rating and set a $415.00 price target on the stock. in a research report on Monday, June 15th. Finally, HSBC raised shares of Credicorp from a “hold” rating to a “buy” rating and lifted their price target for the company from $320.00 to $350.00 in a research report on Tuesday, May 19th. Five investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $377.00.

Credicorp Price Performance

The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.36. The company has a market cap of $36.90 billion, a price-to-earnings ratio of 15.07, a PEG ratio of 0.84 and a beta of 0.88. The stock’s 50-day simple moving average is $345.32 and its 200 day simple moving average is $334.49.

Insider Activity at Credicorp

In other news, CFO Alejandro Perez-Reyes sold 1,073 shares of the company’s stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $337.50, for a total value of $362,137.50. Following the transaction, the chief financial officer directly owned 1,745 shares in the company, valued at approximately $588,937.50. This represents a 38.08% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Diego Antonio Cavero sold 3,500 shares of the stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $319.00, for a total transaction of $1,116,500.00. Following the transaction, the chief executive officer directly owned 7,307 shares of the company’s stock, valued at $2,330,933. The trade was a 32.39% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 15.90% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of BAP. Capital World Investors raised its holdings in shares of Credicorp by 34.7% in the 4th quarter. Capital World Investors now owns 2,195,404 shares of the bank’s stock valued at $630,081,000 after buying an additional 565,490 shares during the period. Royal Bank of Canada boosted its holdings in Credicorp by 0.8% during the 1st quarter. Royal Bank of Canada now owns 1,721,926 shares of the bank’s stock valued at $584,042,000 after acquiring an additional 13,249 shares during the period. Invesco Ltd. grew its position in Credicorp by 2.3% in the 4th quarter. Invesco Ltd. now owns 1,380,791 shares of the bank’s stock valued at $396,287,000 after acquiring an additional 31,383 shares in the last quarter. State Street Corp grew its position in Credicorp by 5.5% in the 4th quarter. State Street Corp now owns 1,336,882 shares of the bank’s stock valued at $383,685,000 after acquiring an additional 69,329 shares in the last quarter. Finally, Schroder Investment Management Group increased its stake in Credicorp by 2.2% during the fourth quarter. Schroder Investment Management Group now owns 1,107,420 shares of the bank’s stock worth $317,830,000 after purchasing an additional 23,777 shares during the period. 89.81% of the stock is currently 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.