JPMorgan Chase & Co. Increases Intercorp Financial Services (NYSE:IFS) Price Target to $32.00

Intercorp Financial Services (NYSE:IFS) had its price objective hoisted by JPMorgan Chase & Co. from $28.00 to $32.00 in a report released on Tuesday morning, Benzinga reports. The brokerage currently has an overweight rating on the stock.

Intercorp Financial Services Stock Down 1.9 %

Shares of IFS stock opened at $21.26 on Tuesday. Intercorp Financial Services has a 12-month low of $17.94 and a 12-month high of $30.59. The stock’s 50-day moving average price is $25.98 and its 200-day moving average price is $22.53.

Intercorp Financial Services (NYSE:IFS) last released its quarterly earnings data on Monday, February 12th. The company reported $0.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.26 by $0.40. The business had revenue of $426.13 million for the quarter, compared to the consensus estimate of $430.96 million. Intercorp Financial Services had a return on equity of 11.20% and a net margin of 17.52%. Equities research analysts predict that Intercorp Financial Services will post 3.38 earnings per share for the current year.

Intercorp Financial Services Cuts Dividend

The firm also recently disclosed an annual dividend, which will be paid on Monday, April 29th. Shareholders of record on Thursday, April 18th will be paid a $1.00 dividend. The ex-dividend date of this dividend is Wednesday, April 17th. This represents a dividend yield of 4.18%. Intercorp Financial Services’s payout ratio is currently 38.15%.

Insider Transactions at Intercorp Financial Services

In other Intercorp Financial Services news, major shareholder Peru Ltd Intercorp purchased 437,369 shares of the stock in a transaction that occurred on Tuesday, March 26th. The stock was purchased at an average price of $19.60 per share, with a total value of $8,572,432.40. Following the acquisition, the insider now owns 1,253,535 shares in the company, valued at $24,569,286. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Institutional Investors Weigh In On Intercorp Financial Services

Institutional investors have recently modified their holdings of the stock. Lazard Asset Management LLC purchased a new stake in Intercorp Financial Services during the 3rd quarter valued at $32,000. Qube Research & Technologies Ltd bought a new stake in shares of Intercorp Financial Services in the 3rd quarter worth about $42,000. Tower Research Capital LLC TRC bought a new stake in shares of Intercorp Financial Services in the 3rd quarter worth about $47,000. Bank of New York Mellon Corp purchased a new position in shares of Intercorp Financial Services during the 1st quarter worth about $225,000. Finally, Jump Financial LLC purchased a new stake in Intercorp Financial Services in the 4th quarter worth about $255,000.

About Intercorp Financial Services

Intercorp Financial Services Inc, together with its subsidiaries, offers banking, insurance, wealth management, and payment services for retail and commercial clients in Peru. The company provides loans, credit facilities, deposits, and current accounts; life annuity products with single-premium payment and conventional life insurance products, as well as other retail insurance products; and brokerage and investment management services.