Credicorp (NYSE:BAP) Price Target Raised to $374.00

Key Points

• Goldman Sachs raised its price target on Credicorp from $329 to $374, while keeping a neutral rating. The new target still implies a slight downside from the stock’s current level.
• Other analysts remain mostly positive overall: Morgan Stanley upgraded the stock to overweight, UBS reiterated a buy with a higher target, and HSBC also lifted its rating. MarketBeat says Credicorp now has an average rating of Moderate Buy with an average target price of $384.33.
• Credicorp shares fell 2.3% on the day to $388.99, after trading as high as $403.30 over the past year. The company also saw recent insider selling by its CEO and CFO, though institutional ownership remains high at 89.81%.

Credicorp (NYSE:BAP - Get Free Report) had its price target upped by The Goldman Sachs Group from $329.00 to $374.00 in a research note issued on Thursday,Benzinga reports. The firm presently has a "neutral" rating on the bank's stock. The Goldman Sachs Group's target price indicates a potential downside of 3.85% from the company's current price.

Other analysts also recently issued reports about the company. Morgan Stanley raised Credicorp from an "equal weight" rating to an "overweight" rating and lifted their price target for the stock from $375.00 to $480.00 in a report on Wednesday, June 17th. Weiss Ratings lowered Credicorp from a "buy (a-)" rating to a "buy (b)" rating in a research report on Friday, May 29th. 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. downgraded shares of Credicorp from an "overweight" rating to a "neutral" rating and set a $415.00 price objective for the company. in a research report on Monday, June 15th. Finally, HSBC upgraded shares of Credicorp from a "hold" rating to a "buy" rating and boosted their price objective for the stock 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 company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $384.33.

Credicorp Stock Down 2.3%

Shares of NYSE:BAP traded down $9.21 during trading hours on Thursday, reaching $388.99. The stock had a trading volume of 128,654 shares, compared to its average volume of 472,952. Credicorp has a 1 year low of $220.80 and a 1 year high of $403.30. The firm's 50 day moving average is $357.59 and its 200-day moving average is $341.31. The stock has a market capitalization of $36.71 billion, a price-to-earnings ratio of 15.00, a P/E/G ratio of 0.85 and a beta of 0.88. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.02 and a current ratio of 1.02.

Insider Buying and Selling

In related news, CEO Diego Antonio Cavero sold 3,500 shares of the stock in a transaction on Friday, June 5th. The shares were sold at an average price of $319.00, for a total transaction of $1,116,500.00. Following the completion of the sale, the chief executive officer owned 7,307 shares in the company, valued at $2,330,933. This represents a 32.39% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Alejandro Perez-Reyes sold 1,073 shares of the company's stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $337.50, for a total transaction of $362,137.50. Following the completion of the sale, the chief financial officer directly owned 1,745 shares of the company's stock, valued at $588,937.50. The trade was a 38.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 15.90% of the company's stock.

Hedge Funds Weigh In On Credicorp

Several institutional investors have recently added to or reduced their stakes in BAP. Brown Brothers Harriman & Co. purchased a new position in shares of Credicorp in the 3rd quarter valued at approximately $35,000. Raymond James Financial Inc. purchased a new stake in shares of Credicorp during the second quarter worth approximately $38,000. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in shares of Credicorp during the first quarter worth $40,000. Kestra Advisory Services LLC purchased a new position in Credicorp in the 4th quarter valued at $42,000. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new position in Credicorp in the 4th quarter valued at $46,000. Institutional investors and hedge funds 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.

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