Credicorp (NYSE:BAP) Share Price Breaks Above Two Hundred Day Moving Average - Here's What Happened

Key Points

• Credicorp shares broke above their 200-day moving average, reaching $382.97 before last trading at approximately $374.10. The stock’s 200-day average was $361.45.
• Analyst sentiment is broadly positive: five analysts rate the stock a Buy and two rate it a Hold, producing a consensus “Moderate Buy” rating and an average price target of $431.80.
• Institutional investors own approximately 89.81% of Credicorp’s shares, with several major investors increasing their positions during the second quarter.

Credicorp Ltd. (NYSE:BAP - Get Free Report) passed above its 200-day moving average during trading on Friday. The stock has a 200-day moving average of $361.45 and traded as high as $382.97. Credicorp shares last traded at $374.1030, with a volume of 245,642 shares trading hands.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. Weiss Ratings downgraded Credicorp from a "buy (b+)" rating to a "buy (b)" rating in a research report on Friday, September 25th. UBS Group raised their price target on Credicorp from $412.00 to $473.00 and gave the company a "buy" rating in a research report on Thursday, August 20th. Morgan Stanley upgraded Credicorp from an "equal weight" rating to an "overweight" rating and raised their price target for the company from $375.00 to $480.00 in a research report on Wednesday, June 17th. The Goldman Sachs Group boosted their price objective on shares of Credicorp from $329.00 to $374.00 and gave the stock a "neutral" rating in a research report on Thursday, July 16th. Finally, JPMorgan Chase & Co. raised shares of Credicorp from a "neutral" rating to an "overweight" rating and increased their price objective for the company from $453.00 to $482.00 in a research note on Wednesday, September 16th. Five analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, Credicorp has a consensus rating of "Moderate Buy" and an average target price of $431.80.

Credicorp Price Performance

The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.00 and a current ratio of 1.00. The stock has a market capitalization of $35.31 billion, a price-to-earnings ratio of 13.86, a P/E/G ratio of 0.73 and a beta of 0.92. The company has a 50-day moving average of $381.74 and a 200-day moving average of $361.45.

Institutional Trading of Credicorp

A number of large investors have recently made changes to their positions in the stock. QRG Capital Management Inc. increased its position in Credicorp by 10.3% during the second quarter. QRG Capital Management Inc. now owns 930 shares of the bank's stock worth $362,000 after purchasing an additional 87 shares during the last quarter. Andra AP fonden boosted its holdings in shares of Credicorp by 24.4% in the 2nd quarter. Andra AP fonden now owns 40,800 shares of the bank's stock valued at $15,895,000 after purchasing an additional 8,000 shares during the last quarter. Tidal Investments LLC grew its stake in shares of Credicorp by 392.0% during the 2nd quarter. Tidal Investments LLC now owns 6,297 shares of the bank's stock valued at $2,453,000 after buying an additional 5,017 shares during the period. National Pension Service grew its stake in shares of Credicorp by 2.9% during the 2nd quarter. National Pension Service now owns 17,398 shares of the bank's stock valued at $6,778,000 after buying an additional 491 shares during the period. Finally, Cidel Asset Management Inc. acquired a new stake in shares of Credicorp during the 2nd quarter worth $209,000. Institutional investors and hedge funds own 89.81% of the company's stock.

Credicorp Company Profile

Credicorp Ltd. NYSE: BAP is a financial services holding company based in Peru. Through its subsidiaries, the company provides banking, insurance, investment management, pension administration and investment banking services to individuals, businesses and institutional clients.

Its principal businesses include Banco de Crédito del Perú, one of Peru's leading banks; Mibanco, which focuses on microfinance and small-business lending; Pacífico Seguros, an insurance provider; Prima AFP, which manages private pension accounts; and Credicorp Capital, which offers investment banking, asset management, brokerage and related capital-markets services.

Credicorp's operations are centered primarily in Peru, with selected investment banking and capital-markets activities serving clients elsewhere in the Latin American region.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.