Synovus Financial Corp Increases Holdings 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 increased its position in Credicorp Ltd. (NYSE:BAP - Free Report) by 163.6% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 13,020 shares of the bank's stock after purchasing an additional 8,080 shares during the quarter. Synovus Financial Corp's holdings in Credicorp were worth $2,424,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. SVB Wealth LLC purchased a new position in shares of Credicorp in the 1st quarter valued at approximately $35,000. Cullen Frost Bankers Inc. purchased a new position in shares of Credicorp in the 1st quarter valued at approximately $40,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in Credicorp during the fourth quarter valued at $40,000. Farther Finance Advisors LLC raised its stake in Credicorp by 2,170.0% during the first quarter. Farther Finance Advisors LLC now owns 227 shares of the bank's stock valued at $44,000 after buying an additional 217 shares during the last quarter. Finally, Quarry LP purchased a new position in Credicorp during the fourth quarter valued at $47,000. Hedge funds and other institutional investors own 89.81% of the company's stock.

Credicorp Stock Performance

NYSE:BAP traded up $0.56 during mid-day trading on Friday, hitting $256.65. 442,590 shares of the company traded hands, compared to its average volume of 371,509. The stock's fifty day moving average price is $236.15 and its 200-day moving average price is $209.49. Credicorp Ltd. has a one year low of $165.51 and a one year high of $258.70. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.49. The firm has a market cap of $20.41 billion, a price-to-earnings ratio of 13.96, a price-to-earnings-growth ratio of 0.71 and a beta of 1.12.

Credicorp (NYSE:BAP - Get Free Report) last released its quarterly earnings results on Thursday, August 14th. The bank reported $6.24 earnings per share (EPS) for the quarter, beating the consensus estimate 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 analyst estimates of $1.52 billion. Research analysts anticipate that Credicorp Ltd. will post 21.9 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have issued reports on BAP. Citigroup lifted their price objective on Credicorp from $255.00 to $275.00 and gave the company a "buy" rating in a research note on Wednesday, August 20th. Wall Street Zen upgraded Credicorp from a "hold" rating to a "buy" rating in a research note on Friday, August 22nd. The Goldman Sachs Group upgraded Credicorp from a "sell" rating to a "neutral" rating and lifted their price objective for the company from $174.00 to $225.00 in a research note on Thursday, July 24th. Finally, UBS Group restated a "buy" rating on shares of Credicorp in a research note on Monday, June 2nd. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average 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.