Credicorp (NYSE:BAP) Stock Price Down 5.8% Following Weak Earnings

Credicorp Ltd. (NYSE:BAP)’s stock price was down 5.8% during mid-day trading on Friday following a weaker than expected earnings announcement. The company traded as low as $318.83 and last traded at $321.1120. Approximately 372,781 shares changed hands during mid-day trading, a decline of 30% from the average daily volume of 531,330 shares. The stock had previously closed at $341.05.

The bank reported $5.88 EPS for the quarter, missing the consensus estimate of $6.61 by ($0.73). The firm had revenue of $1.78 billion for the quarter, compared to analysts’ expectations of $1.77 billion. Credicorp had a net margin of 24.53% and a return on equity of 21.54%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on BAP shares. Weiss Ratings reissued a “buy (b)” rating on shares of Credicorp in a report on Monday, December 29th. Wall Street Zen lowered shares of Credicorp from a “buy” rating to a “hold” rating in a research note on Saturday, December 20th. JPMorgan Chase & Co. raised their price target on shares of Credicorp from $242.00 to $310.00 and gave the stock an “overweight” rating in a report on Friday, November 21st. Finally, The Goldman Sachs Group boosted their price objective on shares of Credicorp from $263.00 to $293.00 and gave the company a “neutral” rating in a report on Tuesday, January 13th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, Credicorp currently has an average rating of “Moderate Buy” and an average target price of $290.20.

Hedge Funds Weigh In On Credicorp

Large investors have recently bought and sold shares of the company. Brown Brothers Harriman & Co. purchased a new position in shares of Credicorp during the 3rd quarter worth approximately $35,000. MAI Capital Management increased its position in Credicorp by 5,300.0% during the second quarter. MAI Capital Management now owns 162 shares of the bank’s stock worth $36,000 after buying an additional 159 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of Credicorp in the second quarter worth $38,000. Spire Wealth Management purchased a new stake in shares of Credicorp in the third quarter valued at $42,000. Finally, Kestra Advisory Services LLC acquired a new stake in shares of Credicorp during the fourth quarter valued at $42,000. Hedge funds and other institutional investors own 89.81% of the company’s stock.

Credicorp Trading Down 3.4%

The business has a 50-day moving average of $314.46 and a 200 day moving average of $277.17. The stock has a market cap of $26.20 billion, a PE ratio of 13.55, a PEG ratio of 0.73 and a beta of 0.87. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.07 and a current ratio of 1.07.

About Credicorp

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.