Credicorp (NYSE:BAP) Shares Cross Above 200-Day Moving Average After Earnings Miss

Key Points

• Credicorp shares rose 3.4% and traded above their 200-day moving average of $360.16, reaching as high as $373.48.
• Quarterly EPS of $7.06 missed analysts’ $7.25 estimate, while revenue of $2 billion exceeded expectations of $1.92 billion.
• Analysts’ consensus rating is “Moderate Buy,” with a consensus price target of $431.80; institutional investors own 89.81% of the stock.

Credicorp Ltd. (NYSE:BAP - Get Free Report)'s stock price passed above its 200-day moving average during trading on Tuesday following a stronger than expected earnings report. The stock has a 200-day moving average of $360.16 and traded as high as $373.48. Credicorp shares last traded at $367.9390, with a volume of 796,828 shares trading hands.

The bank reported $7.06 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $7.25 by ($0.19). The company had revenue of $2 billion for the quarter, compared to analysts' expectations of $1.92 billion. Credicorp had a return on equity of 19.49% and a net margin of 25.26%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Weiss Ratings lowered Credicorp from a "buy (a-)" rating to a "buy (b+)" rating in a report on Wednesday, November 4th. UBS Group increased their target price on Credicorp from $412.00 to $473.00 and gave the stock a "buy" rating in a research report on Thursday, August 20th. JPMorgan Chase & Co. raised Credicorp from a "neutral" rating to an "overweight" rating and raised their price target for the stock from $453.00 to $482.00 in a report on Wednesday, September 16th. Finally, The Goldman Sachs Group lifted their price target on Credicorp from $329.00 to $374.00 and gave the company a "neutral" rating in a research report on Thursday, July 16th. Five equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $431.80.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of BAP. BlackRock Inc. bought a new stake in Credicorp in the second quarter worth $1,933,666,000. Royal Bank of Canada grew its position in Credicorp by 0.8% during the 1st quarter. Royal Bank of Canada now owns 1,721,926 shares of the bank's stock valued at $584,042,000 after purchasing an additional 13,249 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its stake in Credicorp by 15.4% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 842,780 shares of the bank's stock valued at $285,854,000 after purchasing an additional 112,418 shares in the last quarter. Pzena Investment Management LLC purchased a new position in Credicorp in the second quarter worth about $325,911,000. Finally, Bank of Nova Scotia purchased a new position in Credicorp in the second quarter worth about $311,294,000. 89.81% of the stock is currently owned by institutional investors.

Credicorp Trading Up 3.4%

The stock has a market cap of $34.73 billion, a P/E ratio of 13.14, a P/E/G ratio of 0.69 and a beta of 0.89. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.00 and a quick ratio of 1.00. The firm's 50 day moving average price is $375.75 and its 200-day moving average price is $360.16.

About Credicorp

Credicorp is a financial services holding company based in Lima, Peru. Through its subsidiaries, it provides commercial and retail banking, insurance, pension-fund management, investment banking, wealth management, microfinance and digital payment services. Its businesses include Banco de Crédito del Perú (BCP), the country's largest bank; Pacífico Seguros; pension administrator Prima AFP; investment and wealth-management firm Credicorp Capital; and microfinance bank Mibanco. BCP traces its history to 1889, when it was established as Banco Italiano.

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