The Goldman Sachs Group Forecasts Strong Price Appreciation for Credicorp (NYSE:BAP) Stock

Credicorp (NYSE:BAP) had its target price increased by research analysts at The Goldman Sachs Group from $263.00 to $293.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the bank’s stock. The Goldman Sachs Group’s price target would indicate a potential downside of 7.67% from the company’s current price.

Several other brokerages have also recently weighed in on BAP. JPMorgan Chase & Co. boosted their price objective on shares of Credicorp from $242.00 to $310.00 and gave the stock an “overweight” rating in a research note on Friday, November 21st. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Credicorp in a report on Monday, December 29th. Wall Street Zen lowered Credicorp from a “buy” rating to a “hold” rating in a research report on Saturday, December 20th. UBS Group raised their price objective on Credicorp from $257.00 to $318.00 and gave the stock a “buy” rating in a research report on Tuesday, September 16th. Finally, Zacks Research upgraded Credicorp from a “hold” rating to a “strong-buy” rating in a report on Friday, September 26th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $290.20.

Credicorp Price Performance

Shares of NYSE BAP opened at $317.33 on Tuesday. The firm has a market cap of $25.24 billion, a P/E ratio of 14.30, a price-to-earnings-growth ratio of 0.71 and a beta of 0.89. The business’s 50 day moving average is $275.14 and its 200-day moving average is $258.79. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.63. Credicorp has a 1-year low of $165.51 and a 1-year high of $318.19.

Credicorp (NYSE:BAP) last released its earnings results on Thursday, November 13th. The bank reported $6.17 earnings per share for the quarter, beating analysts’ consensus estimates of $6.05 by $0.12. Credicorp had a return on equity of 19.50% and a net margin of 23.59%.The firm had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.71 billion. Equities research analysts predict that Credicorp will post 21.9 earnings per share for the current year.

Institutional Trading of Credicorp

A number of hedge funds and other institutional investors have recently made changes to their positions in BAP. Summitry LLC purchased a new position in shares of Credicorp in the 2nd quarter valued at approximately $257,000. Asset Management One Co. Ltd. increased its stake in shares of Credicorp by 19.3% during the third quarter. Asset Management One Co. Ltd. now owns 12,516 shares of the bank’s stock valued at $3,333,000 after purchasing an additional 2,023 shares in the last quarter. Acadian Asset Management LLC increased its position in Credicorp by 46.6% during the 2nd quarter. Acadian Asset Management LLC now owns 464,098 shares of the bank’s stock valued at $103,698,000 after buying an additional 147,573 shares in the last quarter. Carrhae Capital LLP raised its position in shares of Credicorp by 7.5% in the 2nd quarter. Carrhae Capital LLP now owns 213,806 shares of the bank’s stock worth $47,790,000 after purchasing an additional 14,931 shares during the last quarter. Finally, Global Retirement Partners LLC purchased a new position in Credicorp in the second quarter worth about $418,000. 89.81% of the stock is currently owned by institutional investors.

Credicorp Company Profile

Credicorp Ltd. (NYSE: BAP) is a Lima-based financial services holding company that operates a diversified group of banking, insurance, and investment businesses. Established in the mid-1990s, Credicorp’s principal subsidiaries include Banco de Crédito del Perú (BCP), Mibanco (microfinance), Credicorp Capital (investment banking and asset management) and Pacífico Seguros (insurance). The company serves retail, commercial and corporate clients and is one of the largest financial conglomerates in Peru.

Through Banco de Crédito del Perú and its retail network, Credicorp provides a full suite of banking products including deposit accounts, consumer and commercial loans, mortgages, payment and transaction services, and digital banking solutions.