Bank of America Corp DE Decreases Stock Position in Credicorp Ltd. $BAP

Key Points

• Bank of America cut its Credicorp stake by 20% in the first quarter, selling 120,825 shares and retaining 483,916 shares valued at approximately $164.1 million. Institutional investors collectively own 89.81% of the company.
• Credicorp shares rose 0.7% to $394.86, near their 12-month high of $413.24. The stock trades at a P/E ratio of 15.22, while analysts maintain a “Moderate Buy” consensus rating.
• Analysts have generally raised their targets, including Morgan Stanley, which upgraded Credicorp to “overweight” with a $480 target. Meanwhile, the CEO and CFO recently sold shares, and insiders own 15.90% of the company.

Bank of America Corp DE lessened its holdings in Credicorp Ltd. (NYSE:BAP - Free Report) by 20.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 483,916 shares of the bank's stock after selling 120,825 shares during the quarter. Bank of America Corp DE owned 0.51% of Credicorp worth $164,135,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Credicorp during the first quarter worth $78,000. Cetera Investment Advisers grew its holdings in shares of Credicorp by 36.3% during the second quarter. Cetera Investment Advisers now owns 1,786 shares of the bank's stock valued at $399,000 after buying an additional 476 shares during the last quarter. State Street Corp increased its position in shares of Credicorp by 1.6% in the 2nd quarter. State Street Corp now owns 1,197,536 shares of the bank's stock valued at $267,673,000 after acquiring an additional 19,361 shares during the period. Nebula Research & Development LLC acquired a new position in shares of Credicorp in the 2nd quarter valued at $355,000. Finally, Quantinno Capital Management LP raised its stake in Credicorp by 24.7% in the 2nd quarter. Quantinno Capital Management LP now owns 5,468 shares of the bank's stock worth $1,222,000 after acquiring an additional 1,083 shares during the last quarter. Hedge funds and other institutional investors own 89.81% of the company's stock.

Credicorp Trading Up 0.7%

Credicorp stock opened at $394.86 on Thursday. The firm has a market cap of $37.27 billion, a PE ratio of 15.22, a P/E/G ratio of 0.85 and a beta of 0.90. Credicorp Ltd. has a 12 month low of $230.45 and a 12 month high of $413.24. The stock's 50 day simple moving average is $376.68 and its two-hundred day simple moving average is $351.21. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.36.

Analyst Ratings Changes

A number of analysts have commented on BAP shares. Morgan Stanley raised Credicorp from an "equal weight" rating to an "overweight" rating and lifted their price target for the stock from $375.00 to $480.00 in a research report on Wednesday, June 17th. Weiss Ratings lowered Credicorp from a "buy (a-)" rating to a "buy (b)" rating in a report on Friday, May 29th. HSBC upgraded Credicorp from a "hold" rating to a "buy" rating and raised their price objective for the stock from $320.00 to $350.00 in a research note on Tuesday, May 19th. UBS Group lifted their target price on Credicorp from $408.00 to $412.00 and gave the stock a "buy" rating in a report on Tuesday, May 26th. Finally, 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 research report on Thursday, July 16th. Five research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, Credicorp currently has an average rating of "Moderate Buy" and a consensus price target of $384.33.

Insider Activity

In other news, CEO Diego Antonio Cavero sold 3,500 shares of the business's stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $319.00, for a total transaction of $1,116,500.00. Following the completion of the sale, the chief executive officer owned 7,307 shares of the company's stock, valued at $2,330,933. The trade was a 32.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Alejandro Perez-Reyes sold 1,073 shares of Credicorp stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $337.50, for a total value of $362,137.50. Following the completion of the sale, the chief financial officer owned 1,745 shares in the company, valued at approximately $588,937.50. The trade was a 38.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 15.90% of the stock is owned by company insiders.

Credicorp Profile

Credicorp Ltd. NYSE: BAP is a Lima-based financial services holding company that operates a diversified group of banking, insurance, and investment businesses. Established in the mid-1990s, Credicorp's principal subsidiaries include Banco de Crédito del Perú (BCP), Mibanco (microfinance), Credicorp Capital (investment banking and asset management) and Pacífico Seguros (insurance). The company serves retail, commercial and corporate clients and is one of the largest financial conglomerates in Peru.

Through Banco de Crédito del Perú and its retail network, Credicorp provides a full suite of banking products including deposit accounts, consumer and commercial loans, mortgages, payment and transaction services, and digital banking solutions.

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