Bank of New York Mellon Corp Acquires New Holdings in Credicorp Ltd. $BAP

Key Points

• Bank of New York Mellon acquired 138,775 Credicorp shares worth approximately $54.1 million in the second quarter, representing about 0.15% of the company. Institutional investors and hedge funds collectively own 89.81% of Credicorp.
• Credicorp exceeded quarterly expectations, reporting $7.33 in EPS versus the $7.31 consensus and revenue of $1.96 billion compared with estimates of $1.82 billion.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $418.40, although JPMorgan downgraded the stock to neutral. Credicorp shares recently opened at $381.74.

Bank of New York Mellon Corp acquired a new stake in Credicorp Ltd. (NYSE:BAP - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 138,775 shares of the bank's stock, valued at approximately $54,064,000. Bank of New York Mellon Corp owned about 0.15% of Credicorp at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. Capital World Investors raised its holdings in Credicorp by 34.7% in the 4th quarter. Capital World Investors now owns 2,195,404 shares of the bank's stock worth $630,081,000 after acquiring an additional 565,490 shares during the period. Royal Bank of Canada lifted its holdings in shares of Credicorp by 0.8% during the first quarter. Royal Bank of Canada now owns 1,721,926 shares of the bank's stock worth $584,042,000 after buying an additional 13,249 shares during the last quarter. Invesco Ltd. boosted its position in shares of Credicorp by 2.3% in the fourth quarter. Invesco Ltd. now owns 1,380,791 shares of the bank's stock valued at $396,287,000 after acquiring an additional 31,383 shares during the period. State Street Corp boosted its position in shares of Credicorp by 5.5% in the fourth quarter. State Street Corp now owns 1,336,882 shares of the bank's stock valued at $383,685,000 after acquiring an additional 69,329 shares during the period. Finally, Schroder Investment Management Group grew its stake in shares of Credicorp by 2.2% in the fourth quarter. Schroder Investment Management Group now owns 1,107,420 shares of the bank's stock worth $317,830,000 after acquiring an additional 23,777 shares during the last quarter. Institutional investors and hedge funds own 89.81% of the company's stock.

Insider Activity at Credicorp

In related news, CEO Diego Antonio Cavero sold 3,500 shares of the company'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 transaction, the chief executive officer owned 7,307 shares in the company, valued at $2,330,933. This represents a 32.39% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 15.90% of the stock is owned by insiders.

Credicorp Stock Down 0.4%

BAP opened at $381.74 on Thursday. Credicorp Ltd. has a fifty-two week low of $230.45 and a fifty-two week high of $413.24. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.00 and a quick ratio of 1.00. The firm's fifty day moving average price is $385.93 and its two-hundred day moving average price is $354.37. The company has a market capitalization of $36.03 billion, a P/E ratio of 14.14, a P/E/G ratio of 0.75 and a beta of 0.90.

Credicorp (NYSE:BAP - Get Free Report) last announced its quarterly earnings data on Friday, August 14th. The bank reported $7.33 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $7.31 by $0.02. The company had revenue of $1.96 billion during the quarter, compared to analysts' expectations of $1.82 billion. Credicorp had a net margin of 25.04% and a return on equity of 20.52%. On average, analysts anticipate that Credicorp Ltd. will post 29.41 EPS for the current year.

Analyst Upgrades and Downgrades

BAP has been the topic of a number of research reports. JPMorgan Chase & Co. lowered shares of Credicorp from an "overweight" rating to a "neutral" rating and set a $415.00 target price on the stock. in a research report on Monday, June 15th. HSBC upgraded shares of Credicorp from a "hold" rating to a "buy" rating and raised their price target for the stock from $320.00 to $350.00 in a research report on Tuesday, May 19th. Weiss Ratings downgraded shares of Credicorp from a "buy (b+)" rating to a "buy (b)" rating in a report on Thursday, August 20th. UBS Group increased their target price on shares of Credicorp from $412.00 to $473.00 and gave the company a "buy" rating in a research note on Thursday, August 20th. Finally, The Goldman Sachs Group lifted their target price on Credicorp from $329.00 to $374.00 and gave the stock a "neutral" rating in a research report on Thursday, July 16th. Four investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, Credicorp has a consensus rating of "Moderate Buy" and an average price target of $418.40.

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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