Credicorp (NYSE:BAP) Raised to "Overweight" at JPMorgan Chase & Co.

Key Points

• JPMorgan upgraded Credicorp from “neutral” to “overweight” and raised its price target from $453 to $482, implying 26.48% upside from the prior close.
• Analyst sentiment is broadly positive: Credicorp has five Buy ratings and two Holds, with a consensus rating of “Moderate Buy” and an average price target of $431.80.
• Credicorp shares traded at $381.08, while institutional investors own approximately 89.81% of the stock.

Credicorp (NYSE:BAP - Get Free Report) was upgraded by analysts at JPMorgan Chase & Co. from a "neutral" rating to an "overweight" rating in a report issued on Wednesday, Benzinga reports. The brokerage currently has a $482.00 price objective on the bank's stock, up from their previous price objective of $453.00. JPMorgan Chase & Co.'s price target suggests a potential upside of 26.48% from the company's previous close.

A number of other research analysts also recently commented on BAP. UBS Group increased their price target on Credicorp from $412.00 to $473.00 and gave the company a "buy" rating in a report on Thursday, August 20th. The Goldman Sachs Group boosted their price objective on Credicorp from $329.00 to $374.00 and gave the company a "neutral" rating in a report on Thursday, July 16th. Morgan Stanley raised Credicorp from an "equal weight" rating to an "overweight" rating and upped their price target for the company from $375.00 to $480.00 in a research report on Wednesday, June 17th. Weiss Ratings upgraded shares of Credicorp from a "buy (b)" rating to a "buy (b+)" rating in a research note on Thursday, September 3rd. 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 report on Tuesday, May 19th. Five research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $431.80.

Credicorp Price Performance

NYSE BAP traded up $8.18 during mid-day trading on Wednesday, hitting $381.08. The stock had a trading volume of 35,068 shares, compared to its average volume of 431,732. Credicorp has a 52-week low of $230.45 and a 52-week high of $413.24. The company has a market cap of $35.97 billion, a price-to-earnings ratio of 14.17, a P/E/G ratio of 0.74 and a beta of 0.88. The company has a 50 day simple moving average of $383.70 and a 200 day simple moving average of $357.44. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.38.

Institutional Trading of Credicorp

A number of large investors have recently added to or reduced their stakes in the business. BlackRock Inc. bought a new stake in shares of Credicorp during the 2nd quarter worth $1,933,666,000. Capital World Investors boosted its holdings in shares of Credicorp by 34.7% in the fourth quarter. Capital World Investors now owns 2,195,404 shares of the bank's stock worth $630,081,000 after buying an additional 565,490 shares during the period. Royal Bank of Canada increased its position in shares of Credicorp by 0.8% in the first quarter. Royal Bank of Canada now owns 1,721,926 shares of the bank's stock worth $584,042,000 after acquiring an additional 13,249 shares in the last quarter. Pzena Investment Management LLC raised its holdings in shares of Credicorp by 1.5% during the fourth quarter. Pzena Investment Management LLC now owns 1,068,942 shares of the bank's stock valued at $306,786,000 after acquiring an additional 15,886 shares during the period. Finally, Arrowstreet Capital Limited Partnership lifted its position in shares of Credicorp by 15.4% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 842,780 shares of the bank's stock valued at $285,854,000 after acquiring an additional 112,418 shares in the last quarter. 89.81% of the stock is currently owned by institutional investors.

Credicorp Company Profile

Credicorp Ltd. NYSE: BAP is a financial services holding company based in Peru. Through its subsidiaries, the company provides banking, insurance, pension, investment banking and wealth management services to individuals, businesses and institutions.

Its principal banking subsidiary is Banco de Crédito del Perú (BCP), one of Peru's major banks, which offers deposits, loans, payment services, credit cards and other financial products. Credicorp also operates Mibanco, a bank focused on microfinance and small businesses, and Grupo Pacífico, which provides property and casualty, life and health insurance products.

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