Intercorp Financial Services (NYSE:IFS) Trading Down 8.1% – What’s Next?

Shares of Intercorp Financial Services Inc. (NYSE:IFS) dropped 8.1% on Wednesday . The company traded as low as $47.33 and last traded at $47.29. Approximately 56,984 shares were traded during mid-day trading, a decline of 77% from the average daily volume of 248,444 shares. The stock had previously closed at $51.48.

Analyst Ratings Changes

IFS has been the topic of a number of research analyst reports. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Intercorp Financial Services in a report on Monday, December 29th. Wall Street Zen cut Intercorp Financial Services from a “buy” rating to a “hold” rating in a research note on Tuesday, March 10th. Two analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $48.00.

Intercorp Financial Services Trading Up 7.6%

The company has a market capitalization of $5.64 billion, a P/E ratio of 10.23, a PEG ratio of 0.37 and a beta of 0.85. The stock has a 50 day moving average price of $48.59 and a 200 day moving average price of $44.65.

Intercorp Financial Services Increases Dividend

The company also recently declared an annual dividend, which will be paid on Tuesday, May 5th. Stockholders of record on Friday, April 24th will be paid a $1.80 dividend. This represents a dividend yield of 358.0%. The ex-dividend date is Friday, April 24th. This is a positive change from Intercorp Financial Services’s previous annual dividend of $1.00. Intercorp Financial Services’s dividend payout ratio is currently 35.48%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Hsbc Holdings PLC bought a new position in Intercorp Financial Services during the 4th quarter worth $662,000. Caitong International Asset Management Co. Ltd raised its position in Intercorp Financial Services by 271.7% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,342 shares of the company’s stock worth $57,000 after purchasing an additional 981 shares during the last quarter. Mackenzie Financial Corp raised its position in Intercorp Financial Services by 43.9% during the 4th quarter. Mackenzie Financial Corp now owns 13,158 shares of the company’s stock worth $554,000 after purchasing an additional 4,014 shares during the last quarter. XTX Topco Ltd bought a new position in Intercorp Financial Services during the 4th quarter worth $455,000. Finally, Millennium Management LLC raised its position in Intercorp Financial Services by 66.7% during the 4th quarter. Millennium Management LLC now owns 639,381 shares of the company’s stock worth $27,084,000 after purchasing an additional 255,753 shares during the last quarter.

About Intercorp Financial Services

Intercorp Financial Services (NYSE:IFS) is a Lima-based financial holding company that brings together a suite of banking and non-banking financial businesses under the Intercorp Group umbrella. Through its network of subsidiaries, the company provides a broad range of products and services designed to meet the needs of individual consumers, small and medium-sized enterprises, and large corporations across Peru.

The company’s core banking operations are conducted through Interbank, which offers deposit accounts, personal and business loans, credit and debit cards, trade finance and electronic banking solutions.