Credicorp (NYSE:BAP) Sets New 52-Week High - Should You Buy?

Key Points

• Credicorp hit a new 52-week high on Friday, trading as high as $400.57 and closing near that level at $400.02. The move came on relatively light volume of 6,295 shares.
• Analyst sentiment is mixed but generally constructive: Morgan Stanley upgraded the stock to overweight and lifted its target to $480, while HSBC and UBS also raised their views. Overall, the stock carries a Moderate Buy consensus with an average price target of $377.
• Recent insider sales by the CFO and CEO reduced their holdings, but institutional ownership remains very high at 89.81%. The company is a large Peru-based financial conglomerate with banking, insurance, and investment operations.

Credicorp Ltd. (NYSE:BAP - Get Free Report) reached a new 52-week high on Friday . The stock traded as high as $400.57 and last traded at $400.0150, with a volume of 6295 shares. The stock had previously closed at $391.92.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Morgan Stanley upgraded Credicorp from an "equal weight" rating to an "overweight" rating and increased their target price for the company from $375.00 to $480.00 in a research note on Wednesday, June 17th. Weiss Ratings lowered Credicorp from a "buy (a-)" rating to a "buy (b)" rating in a report on Friday, May 29th. HSBC raised Credicorp from a "hold" rating to a "buy" rating and increased their price objective for the company from $320.00 to $350.00 in a research report on Tuesday, May 19th. UBS Group boosted their target price on shares of Credicorp from $408.00 to $412.00 and gave the stock a "buy" rating in a research report on Tuesday, May 26th. Finally, JPMorgan Chase & Co. cut shares of Credicorp from an "overweight" rating to a "neutral" rating and set a $415.00 target price for the company. in a research note on Monday, June 15th. Five investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, Credicorp has an average rating of "Moderate Buy" and a consensus price target of $377.00.

Credicorp Price Performance

The stock has a market cap of $37.81 billion, a P/E ratio of 15.50, a price-to-earnings-growth ratio of 0.83 and a beta of 0.88. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.36. The company's fifty day simple moving average is $351.75 and its 200-day simple moving average is $338.32.

Insider Activity

In related news, 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 value of $362,137.50. Following the sale, the chief financial officer 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. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Diego Antonio Cavero sold 3,500 shares of the stock in a transaction dated 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 completion of the transaction, the chief executive officer directly owned 7,307 shares of the company's stock, valued at $2,330,933. This trade represents a 32.39% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 15.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Credicorp

A number of hedge funds have recently modified their holdings of BAP. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Credicorp during the 1st quarter worth approximately $78,000. Cetera Investment Advisers boosted its stake in Credicorp by 36.3% in the second quarter. Cetera Investment Advisers now owns 1,786 shares of the bank's stock worth $399,000 after purchasing an additional 476 shares in the last quarter. State Street Corp boosted its stake in Credicorp by 1.6% in the second quarter. State Street Corp now owns 1,197,536 shares of the bank's stock worth $267,673,000 after purchasing an additional 19,361 shares in the last quarter. Nebula Research & Development LLC bought a new stake in shares of Credicorp during the second quarter worth $355,000. Finally, Quantinno Capital Management LP grew its holdings in shares of Credicorp by 24.7% during the second quarter. Quantinno Capital Management LP now owns 5,468 shares of the bank's stock worth $1,222,000 after purchasing an additional 1,083 shares during the last quarter. 89.81% of the stock is owned by institutional investors and hedge funds.

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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