Zacks Investment Research Downgrades Credicorp Ltd. (BAP) to Hold

Credicorp Ltd. (NYSE:BAP) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Tuesday.

According to Zacks, “CreditCorp LTD is a limited liability company to act as a holding company, to coordinate the policy and administration of its subsidiaries and engage in investing activities. Credicorp’s principal objective is to coordinate and manage the business plans of its subsidiaries in an effort to implement universal banking services in Peru, while diversifying regionally. They conduct their financial business exclusively through its subsidiaries “

BAP has been the topic of a number of other reports. Citigroup Inc. cut Credicorp from a “buy” rating to a “neutral” rating in a research note on Friday, September 29th. Goldman Sachs Group, Inc. (The) restated a “buy” rating and set a $248.00 price target on shares of Credicorp in a research note on Monday, September 11th. BidaskClub upgraded Credicorp from a “buy” rating to a “strong-buy” rating in a research note on Friday, August 11th. UBS AG set a $219.00 price target on Credicorp and gave the stock a “buy” rating in a research note on Tuesday, August 15th. Finally, Bank of America Corporation cut Credicorp from a “buy” rating to a “neutral” rating in a research note on Monday, September 18th. Three investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $221.00.

Credicorp (NYSE BAP) traded down 0.57% on Tuesday, reaching $207.15. The company’s stock had a trading volume of 294,560 shares. The company has a 50 day moving average of $205.76 and a 200 day moving average of $183.24. Credicorp has a 52 week low of $145.02 and a 52 week high of $213.83. The firm’s market capitalization is $16.46 billion.

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A number of large investors have recently added to or reduced their stakes in the business. Banco BTG Pactual S.A. acquired a new position in Credicorp during the second quarter worth $628,000. Wasatch Advisors Inc. lifted its stake in Credicorp by 16.2% during the second quarter. Wasatch Advisors Inc. now owns 76,352 shares of the bank’s stock worth $13,697,000 after purchasing an additional 10,668 shares in the last quarter. Grandeur Peak Global Advisors LLC lifted its stake in Credicorp by 7.3% during the second quarter. Grandeur Peak Global Advisors LLC now owns 89,350 shares of the bank’s stock worth $16,028,000 after purchasing an additional 6,075 shares in the last quarter. Nomura Holdings Inc. lifted its stake in Credicorp by 167.1% during the second quarter. Nomura Holdings Inc. now owns 4,138 shares of the bank’s stock worth $742,000 after purchasing an additional 2,589 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its stake in Credicorp by 21.5% during the second quarter. The Manufacturers Life Insurance Company now owns 116,801 shares of the bank’s stock worth $20,954,000 after purchasing an additional 20,666 shares in the last quarter. Institutional investors own 66.32% of the company’s stock.

About Credicorp

Credicorp Ltd. is a financial services holding company in Peru. The Company has four operating segments based on its products and services, which include banking, insurance, pension funds and investment banking. Its operating subsidiaries include Banco de Credito del Peru; Atlantic Security Bank, which it holds through Atlantic Security Holding Corporation; El Pacifico-Peruano Suiza Compania de Seguros y Reaseguros (Grupo Pacifico); Prima AFP SA, and Credicorp Capital Ltd.

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