Credicorp (NYSE:BAP) Lowered to Hold Rating by HSBC

Key Points

• HSBC has downgraded Credicorp's stock from a "buy" rating to a "hold" rating, setting a price target of $255.00, which indicates a potential downside of 1.85% from its current price.
• Despite HSBC's downgrade, other institutions like UBS and Citigroup have maintained or increased their "buy" ratings, reflecting a consensus rating of "Moderate Buy" among analysts.
• Credicorp reported a strong quarter with earnings per share of $6.24, exceeding expectations and showcasing a return on equity of 16.25%.

Credicorp (NYSE:BAP - Get Free Report) was downgraded by analysts at HSBC from a "buy" rating to a "hold" rating in a research report issued on Friday,Finviz reports. They currently have a $255.00 price target on the bank's stock. HSBC's price objective suggests a potential downside of 1.85% from the stock's current price.

A number of other equities research analysts have also recently weighed in on the company. UBS Group reaffirmed a "buy" rating on shares of Credicorp in a report on Monday, June 2nd. Wall Street Zen upgraded Credicorp from a "hold" rating to a "buy" rating in a report on Friday, August 22nd. The Goldman Sachs Group raised Credicorp from a "sell" rating to a "neutral" rating and lifted their price target for the company from $174.00 to $225.00 in a research note on Thursday, July 24th. Finally, Citigroup lifted their price target on Credicorp from $255.00 to $275.00 and gave the company a "buy" rating in a research note on Wednesday, August 20th. Three research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $239.83.

Credicorp Price Performance

Shares of BAP stock opened at $259.80 on Friday. Credicorp has a 12 month low of $165.51 and a 12 month high of $263.92. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.49. The stock has a 50 day moving average of $239.43 and a two-hundred day moving average of $211.20. The company has a market capitalization of $20.66 billion, a P/E ratio of 14.13, a P/E/G ratio of 0.72 and a beta of 1.12.

Credicorp (NYSE:BAP - Get Free Report) last issued its earnings results on Thursday, August 14th. The bank reported $6.24 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $5.73 by $0.51. Credicorp had a return on equity of 16.25% and a net margin of 20.94%.The business had revenue of $1.58 billion during the quarter, compared to analysts' expectations of $1.52 billion. As a group, equities analysts expect that Credicorp will post 21.9 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of BAP. SVB Wealth LLC acquired a new position in shares of Credicorp during the first quarter worth $35,000. MAI Capital Management increased its holdings in Credicorp by 5,300.0% in the second quarter. MAI Capital Management now owns 162 shares of the bank's stock valued at $36,000 after purchasing an additional 159 shares during the period. Raymond James Financial Inc. acquired a new stake in Credicorp in the second quarter valued at $38,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Credicorp in the fourth quarter valued at $40,000. Finally, Cullen Frost Bankers Inc. acquired a new stake in Credicorp in the first quarter valued at $40,000. 89.81% of the stock is currently owned by institutional investors and hedge funds.

Credicorp Company Profile

Credicorp Ltd. provides various financial, insurance, and health services and products primarily in Peru and internationally. It operates through Universal Banking, Insurance and Pensions, Microfinance, and Investment Banking and Equity Management segments. The Universal Banking segment grants various credits and financial instruments to individuals and legal entities; and various deposits and current accounts.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.