Allspring Global Investments Holdings LLC Grows Position in Credicorp Ltd. $BAP

Key Points

• Allspring Global Investments Holdings LLC increased its stake in Credicorp Ltd. by 171.5% during the second quarter, acquiring an additional 75,487 shares, bringing its total holdings to 119,492 shares valued at $26.6 million.
• Despite positive earnings results reported on August 14, which exceeded estimates, shares of Credicorp have recently traded down 1.3%, opening at $251.71.
• Equities analysts generally have a favorable outlook for Credicorp, with a consensus rating of "Moderate Buy" and a price target averaging $250.00.

Allspring Global Investments Holdings LLC boosted its stake in shares of Credicorp Ltd. (NYSE:BAP - Free Report) by 171.5% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 119,492 shares of the bank's stock after purchasing an additional 75,487 shares during the period. Allspring Global Investments Holdings LLC owned about 0.15% of Credicorp worth $26,603,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of BAP. Farther Finance Advisors LLC lifted its position in Credicorp by 2,170.0% during the first quarter. Farther Finance Advisors LLC now owns 227 shares of the bank's stock valued at $44,000 after purchasing an additional 217 shares in the last quarter. Blue Trust Inc. lifted its position in Credicorp by 34.2% during the first quarter. Blue Trust Inc. now owns 2,563 shares of the bank's stock valued at $477,000 after purchasing an additional 653 shares in the last quarter. Deltec Asset Management LLC lifted its position in shares of Credicorp by 4.3% in the first quarter. Deltec Asset Management LLC now owns 2,400 shares of the bank's stock valued at $447,000 after acquiring an additional 100 shares in the last quarter. Asset Management One Co. Ltd. lifted its position in shares of Credicorp by 8.3% in the first quarter. Asset Management One Co. Ltd. now owns 10,876 shares of the bank's stock valued at $2,025,000 after acquiring an additional 837 shares in the last quarter. Finally, Wealthquest Corp purchased a new position in shares of Credicorp in the first quarter valued at about $728,000. 89.81% of the stock is currently owned by hedge funds and other institutional investors.

Credicorp Trading Down 1.3%

Shares of BAP stock opened at $251.71 on Friday. Credicorp Ltd. has a 12-month low of $165.51 and a 12-month high of $280.88. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.49. The stock's 50-day moving average price is $259.33 and its 200-day moving average price is $227.16. The stock has a market capitalization of $20.02 billion, a price-to-earnings ratio of 11.93, a price-to-earnings-growth ratio of 0.69 and a beta of 1.11.

Credicorp (NYSE:BAP - Get Free Report) last issued its earnings results on Thursday, August 14th. The bank reported $6.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.73 by $0.51. Credicorp had a return on equity of 17.94% and a net margin of 23.22%.The firm had revenue of $1.58 billion for the quarter, compared to analysts' expectations of $1.52 billion. Equities research analysts predict that Credicorp Ltd. will post 21.9 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Weiss Ratings restated a "buy (b+)" rating on shares of Credicorp in a research report on Tuesday. The Goldman Sachs Group upgraded Credicorp from a "sell" rating to a "neutral" rating and boosted their price objective for the company from $174.00 to $225.00 in a research report on Thursday, July 24th. Citigroup boosted their price objective on Credicorp from $255.00 to $275.00 and gave the company a "buy" rating in a research report on Wednesday, August 20th. HSBC downgraded Credicorp from a "buy" rating to a "hold" rating and boosted their price objective for the company from $225.00 to $255.00 in a research report on Friday, September 5th. Finally, Zacks Research raised Credicorp from a "hold" rating to a "strong-buy" rating in a report on Friday, September 26th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat.com, Credicorp currently has a consensus rating of "Moderate Buy" and a consensus price target of $250.00.

About Credicorp

Credicorp Ltd. provides various financial, insurance, and health services and products primarily in Peru and internationally. It operates through Universal Banking, Insurance and Pensions, Microfinance, and Investment Banking and Equity Management segments. The Universal Banking segment grants various credits and financial instruments to individuals and legal entities; and various deposits and current accounts.

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