Credicorp (NYSE:BAP) Shares Down 5.8% After Earnings Miss

Credicorp Ltd. (NYSE:BAP) shares fell 5.8% during mid-day trading on Friday after the company announced weaker than expected quarterly earnings. The stock traded as low as $318.83 and last traded at $321.1120. 372,781 shares changed hands during trading, a decline of 30% from the average session 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 during the quarter, compared to analyst estimates of $1.77 billion. Credicorp had a net margin of 24.53% and a return on equity of 21.54%.

Wall Street Analysts Forecast Growth

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

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Brown Brothers Harriman & Co. bought a new stake in Credicorp during the 3rd quarter worth approximately $35,000. MAI Capital Management raised its position in Credicorp by 5,300.0% in the 2nd quarter. MAI Capital Management now owns 162 shares of the bank’s stock valued at $36,000 after purchasing an additional 159 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Credicorp in the second quarter worth $38,000. Spire Wealth Management bought a new stake in shares of Credicorp during the third quarter worth $42,000. Finally, Kestra Advisory Services LLC acquired a new stake in shares of Credicorp in the fourth quarter valued at $42,000. Institutional investors own 89.81% of the company’s stock.

Credicorp Stock Performance

The stock has a 50 day moving average price of $314.46 and a two-hundred day moving average price of $276.89. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.07 and a quick ratio of 1.07. The company has a market capitalization of $26.20 billion, a price-to-earnings ratio of 13.55, a price-to-earnings-growth ratio of 0.75 and a beta of 0.87.

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.