Bank of America Corp DE Acquires New Holdings in Credicorp Ltd. $BAP

Key Points

• Bank of America acquired 678,940 Credicorp shares during the second quarter, valued at approximately $264.5 million and representing about 0.72% of the company.
• Several other institutional investors also initiated positions, while institutional ownership reached 89.81% of Credicorp’s outstanding stock.
• Analysts are broadly positive on Credicorp, with a consensus “Moderate Buy” rating and an average price target of $431.80, above the reported share price of $380.20.

Bank of America Corp DE acquired a new stake in shares of Credicorp Ltd. (NYSE:BAP - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 678,940 shares of the bank's stock, valued at approximately $264,501,000. Bank of America Corp DE owned approximately 0.72% of Credicorp as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of BAP. Strategic Global Advisors LLC bought a new stake in shares of Credicorp in the second quarter worth $986,000. Caisse de depot et placement du Quebec acquired a new position in Credicorp during the 2nd quarter worth about $21,333,000. Man Group plc bought a new stake in shares of Credicorp in the 2nd quarter valued at about $7,454,000. Jupiter Topco LLC bought a new stake in shares of Credicorp in the 2nd quarter valued at about $18,626,000. Finally, Hsbc Holdings PLC bought a new stake in shares of Credicorp in the 2nd quarter valued at about $84,497,000. Institutional investors own 89.81% of the company's stock.

Credicorp Stock Performance

Shares of Credicorp stock opened at $380.20 on Thursday. The business has a 50-day moving average price of $383.68 and a two-hundred day moving average price of $357.61. Credicorp Ltd. has a 1-year low of $230.45 and a 1-year high of $413.24. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.38. The company has a market cap of $35.88 billion, a P/E ratio of 14.09, a PEG ratio of 0.73 and a beta of 0.88.

Analyst Upgrades and Downgrades

BAP has been the subject of a number of analyst reports. JPMorgan Chase & Co. upgraded Credicorp from a "neutral" rating to an "overweight" rating and raised their price objective for the stock from $453.00 to $482.00 in a research report on Wednesday. The Goldman Sachs Group upped their target price on Credicorp from $329.00 to $374.00 and gave the company a "neutral" rating in a report on Thursday, July 16th. Morgan Stanley raised shares of Credicorp from an "equal weight" rating to an "overweight" rating and increased their target price for the company from $375.00 to $480.00 in a research report on Wednesday, June 17th. Weiss Ratings upgraded shares of Credicorp from a "buy (b)" rating to a "buy (b+)" rating in a report on Thursday, September 3rd. Finally, UBS Group boosted their price target on shares of Credicorp from $412.00 to $473.00 and gave the stock a "buy" rating in a research report on Thursday, August 20th. Five investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, Credicorp currently has a consensus rating of "Moderate Buy" and a consensus target price of $431.80.

Credicorp Profile

Credicorp Ltd. NYSE: BAP is a financial services holding company based in Peru. Through its subsidiaries, the company provides banking, insurance, pension, investment banking and wealth management services to individuals, businesses and institutions.

Its principal banking subsidiary is Banco de Crédito del Perú (BCP), one of Peru's major banks, which offers deposits, loans, payment services, credit cards and other financial products. Credicorp also operates Mibanco, a bank focused on microfinance and small businesses, and Grupo Pacífico, which provides property and casualty, life and health insurance products.

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