Intercorp Financial Services Inc. (NYSE:IFS) Sees Large Growth in Short Interest

Key Points

• Intercorp Financial Services Inc. saw a significant increase in short interest, rising by 118.3% in September, amounting to 318,000 shares as of September 15th.
• Major shareholder Peru Ltd Intercorp acquired an additional 20,113 shares on September 24th, increasing their ownership in the company to 3,093,612 shares valued at approximately $60.76 million.
• Multiple analysts have upgraded their ratings on Intercorp Financial Services, with Zacks Research and Wall Street Zen both assigning it a strong-buy rating.

Intercorp Financial Services Inc. (NYSE:IFS - Get Free Report) was the target of a large growth in short interest in September. As of September 15th, there was short interest totaling 318,000 shares, a growth of 118.3% from the August 31st total of 145,700 shares. Based on an average daily trading volume, of 198,900 shares, the days-to-cover ratio is presently 1.6 days. Approximately 1.0% of the shares of the company are short sold. Approximately 1.0% of the shares of the company are short sold. Based on an average daily trading volume, of 198,900 shares, the days-to-cover ratio is presently 1.6 days.

Insider Activity

In related news, major shareholder Peru Ltd Intercorp acquired 20,113 shares of the business's stock in a transaction that occurred on Wednesday, September 24th. The shares were acquired at an average cost of $19.64 per share, for a total transaction of $395,019.32. Following the completion of the purchase, the insider directly owned 3,093,612 shares in the company, valued at $60,758,539.68. This trade represents a 0.65% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Hedge Funds Weigh In On Intercorp Financial Services

Hedge funds have recently bought and sold shares of the business. Maverick Capital Ltd. acquired a new position in Intercorp Financial Services during the first quarter worth $510,000. Principal Financial Group Inc. raised its holdings in Intercorp Financial Services by 4.0% in the 1st quarter. Principal Financial Group Inc. now owns 396,356 shares of the company's stock worth $13,131,000 after acquiring an additional 15,087 shares during the period. Bank of America Corp DE raised its holdings in Intercorp Financial Services by 141.4% in the 4th quarter. Bank of America Corp DE now owns 28,875 shares of the company's stock worth $847,000 after acquiring an additional 16,916 shares during the period. Helikon Investments Ltd lifted its position in Intercorp Financial Services by 21.9% during the 1st quarter. Helikon Investments Ltd now owns 1,188,211 shares of the company's stock worth $39,365,000 after acquiring an additional 213,392 shares during the last quarter. Finally, Acadian Asset Management LLC boosted its holdings in Intercorp Financial Services by 93.9% during the first quarter. Acadian Asset Management LLC now owns 864,090 shares of the company's stock valued at $28,593,000 after acquiring an additional 418,351 shares during the period.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on IFS shares. Weiss Ratings restated a "buy (b)" rating on shares of Intercorp Financial Services in a research report on Saturday, September 27th. Zacks Research upgraded Intercorp Financial Services from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, September 2nd. Finally, Wall Street Zen raised shares of Intercorp Financial Services from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 16th. One equities research analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Strong Buy".

Intercorp Financial Services Stock Up 0.8%

NYSE:IFS traded up $0.31 during trading hours on Friday, hitting $40.89. 176,584 shares of the stock traded hands, compared to its average volume of 226,646. Intercorp Financial Services has a fifty-two week low of $25.77 and a fifty-two week high of $42.21. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.61. The firm has a market cap of $4.68 billion, a price-to-earnings ratio of 9.10, a PEG ratio of 0.36 and a beta of 1.14. The firm has a 50 day moving average price of $39.33 and a 200 day moving average price of $36.32.

About Intercorp Financial Services

Intercorp Financial Services Inc, together with its subsidiaries, offers banking, insurance, wealth management, and payment services for retail and commercial clients in Peru. The company provides loans, credit facilities, deposits, and current accounts; life annuity products with single-premium payment and conventional life insurance products, as well as other retail insurance products; and brokerage and investment management services.

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