Bank of Nova Scotia Raises Stock Holdings in Credicorp Ltd. $BAP

Key Points

• Bank of Nova Scotia increased its stake in Credicorp by 1.5% to 1,030,687 shares (about 1.30% ownership), valued at roughly $274.45 million per its latest SEC filing.
• Credicorp missed quarterly EPS estimates ($5.88 vs. $6.61) but beat revenue expectations ($1.95B) and reported strong profitability (ROE 20.43%, net margin 24.53%); analysts maintain a Moderate Buy consensus with an average price target of $297.60.

Bank of Nova Scotia increased its stake in Credicorp Ltd. (NYSE:BAP - Free Report) by 1.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,030,687 shares of the bank's stock after purchasing an additional 15,278 shares during the period. Bank of Nova Scotia owned approximately 1.30% of Credicorp worth $274,451,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. Arkos Global Advisors purchased a new position in Credicorp in the 3rd quarter worth approximately $205,000. Alliancebernstein L.P. raised its position in shares of Credicorp by 483.4% during the 3rd quarter. Alliancebernstein L.P. now owns 8,839 shares of the bank's stock valued at $2,354,000 after buying an additional 7,324 shares in the last quarter. Ameriprise Financial Inc. lifted its holdings in shares of Credicorp by 1.1% during the 3rd quarter. Ameriprise Financial Inc. now owns 76,994 shares of the bank's stock worth $20,502,000 after acquiring an additional 824 shares during the last quarter. Lazard Asset Management LLC lifted its holdings in shares of Credicorp by 16.9% during the 3rd quarter. Lazard Asset Management LLC now owns 725,152 shares of the bank's stock worth $193,094,000 after acquiring an additional 104,846 shares during the last quarter. Finally, Credit Agricole S A purchased a new position in Credicorp in the third quarter worth $3,644,000. 89.81% of the stock is currently owned by institutional investors.

Credicorp Stock Performance

NYSE BAP opened at $325.82 on Friday. The company has a 50-day simple moving average of $337.31 and a two-hundred day simple moving average of $290.24. Credicorp Ltd. has a 12-month low of $165.51 and a 12-month high of $380.20. The firm has a market cap of $25.91 billion, a price-to-earnings ratio of 13.40, a PEG ratio of 0.73 and a beta of 0.87. The company has a quick ratio of 1.07, a current ratio of 1.02 and a debt-to-equity ratio of 0.36.

Credicorp (NYSE:BAP - Get Free Report) last released its quarterly earnings data on Tuesday, February 17th. The bank reported $5.88 EPS for the quarter, missing the consensus estimate of $6.61 by ($0.73). Credicorp had a return on equity of 20.43% and a net margin of 24.53%.The company had revenue of $1.95 billion during the quarter, compared to analysts' expectations of $1.77 billion. On average, equities analysts forecast that Credicorp Ltd. will post 21.9 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts recently commented on BAP shares. Weiss Ratings reissued a "buy (b)" rating on shares of Credicorp in a research note on Monday, December 29th. Wall Street Zen cut Credicorp from a "buy" rating to a "hold" rating in a report on Saturday, December 20th. JPMorgan Chase & Co. increased their price objective on Credicorp from $242.00 to $310.00 and gave the company an "overweight" rating in a research report on Friday, November 21st. Zacks Research cut Credicorp from a "strong-buy" rating to a "hold" rating in a report on Tuesday, February 24th. Finally, The Goldman Sachs Group boosted their target price on Credicorp from $293.00 to $330.00 and gave the stock a "neutral" rating in a research report on Tuesday, February 17th. Four equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Credicorp currently has an average rating of "Moderate Buy" and an average price target of $297.60.

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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