Synovus Financial Corp Boosts Stake in Credicorp Ltd. $BAP

Key Points

• Synovus Financial Corp increased its stake in Credicorp Ltd. by 163.6% in the 1st quarter, owning 13,020 shares valued at $2.42 million.
• Credicorp reported a quarterly EPS of $6.24, surpassing analysts' expectations of $5.73, with revenues of $1.58 billion.
• UBS Group and Citigroup have recently issued a "buy" rating for Credicorp, with Citigroup raising its price target from $255.00 to $275.00.

Synovus Financial Corp lifted its holdings in shares of Credicorp Ltd. (NYSE:BAP - Free Report) by 163.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,020 shares of the bank's stock after buying an additional 8,080 shares during the quarter. Synovus Financial Corp's holdings in Credicorp were worth $2,424,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of BAP. SVB Wealth LLC purchased a new stake in shares of Credicorp during the 1st quarter valued at approximately $35,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Credicorp during the 4th quarter valued at approximately $40,000. Cullen Frost Bankers Inc. purchased a new stake in shares of Credicorp during the 1st quarter valued at approximately $40,000. Farther Finance Advisors LLC lifted its stake in shares of Credicorp by 2,170.0% during the 1st quarter. Farther Finance Advisors LLC now owns 227 shares of the bank's stock valued at $44,000 after buying an additional 217 shares in the last quarter. Finally, Quarry LP purchased a new stake in shares of Credicorp during the 4th quarter valued at approximately $47,000. 89.81% of the stock is currently owned by hedge funds and other institutional investors.

Credicorp Price Performance

Shares of Credicorp stock traded up $3.73 on Thursday, hitting $256.06. 257,946 shares of the company traded hands, compared to its average volume of 374,516. The firm's 50-day simple moving average is $235.39 and its 200 day simple moving average is $208.67. 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 company has a market cap of $20.37 billion, a P/E ratio of 13.92, a P/E/G ratio of 0.70 and a beta of 1.09. Credicorp Ltd. has a 12-month low of $165.51 and a 12-month high of $256.99.

Credicorp (NYSE:BAP - Get Free Report) last posted its quarterly earnings data on Thursday, August 14th. The bank reported $6.24 earnings per share for the quarter, beating the consensus estimate of $5.73 by $0.51. The firm had revenue of $1.58 billion for the quarter, compared to analysts' expectations of $1.52 billion. Credicorp had a net margin of 20.94% and a return on equity of 16.25%. Analysts expect that Credicorp Ltd. will post 21.9 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on BAP. UBS Group reiterated a "buy" rating on shares of Credicorp in a research note on Monday, June 2nd. Wall Street Zen upgraded shares of Credicorp from a "hold" rating to a "buy" rating in a research note on Friday, August 22nd. The Goldman Sachs Group upgraded shares of Credicorp from a "sell" rating to a "neutral" rating and increased their target price for the stock from $174.00 to $225.00 in a research note on Thursday, July 24th. Finally, Citigroup increased their target price on shares of Credicorp from $255.00 to $275.00 and gave the stock a "buy" rating in a research note on Wednesday, August 20th. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $236.80.

About Credicorp

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.