BlackRock Inc. Invests $1.93 Billion in Credicorp Ltd. $BAP

Key Points

• BlackRock acquired 4.96 million Credicorp shares in the second quarter, valued at approximately $1.93 billion, giving it a 5.26% stake. Institutional investors collectively own 89.81% of the company.
• 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 is favorable, with four Buy ratings and three Holds producing a “Moderate Buy” consensus and an average price target of $406.20; meanwhile, CEO Diego Antonio Cavero sold 3,500 shares.

BlackRock Inc. acquired a new position in Credicorp Ltd. (NYSE:BAP - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 4,963,464 shares of the bank's stock, valued at approximately $1,933,666,000. BlackRock Inc. owned 5.26% of Credicorp at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Brown Brothers Harriman & Co. purchased a new position in Credicorp in the third quarter worth about $35,000. Raymond James Financial Inc. purchased a new stake in shares of Credicorp during the 2nd quarter valued at about $38,000. Annis Gardner Whiting Capital Advisors LLC bought a new position in shares of Credicorp in the 1st quarter worth approximately $40,000. Kestra Advisory Services LLC bought a new position in shares of Credicorp in the 4th quarter worth approximately $42,000. Finally, Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Credicorp in the 4th quarter worth approximately $46,000. Hedge funds and other institutional investors own 89.81% of the company's stock.

Insider Activity

In other news, CEO Diego Antonio Cavero sold 3,500 shares of the firm's stock in a transaction on 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 sale, the chief executive officer directly owned 7,307 shares in the company, valued at $2,330,933. This trade represents a 32.39% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 15.90% of the stock is currently owned by company insiders.

Credicorp Trading Up 0.0%

Shares of NYSE:BAP opened at $368.47 on Thursday. The stock has a 50 day moving average of $385.10 and a 200 day moving average of $353.84. The company has a market cap of $34.78 billion, a PE ratio of 13.65, a price-to-earnings-growth ratio of 0.72 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 company has a current ratio of 1.00, a quick ratio of 1.02 and a debt-to-equity ratio of 0.38.

Credicorp (NYSE:BAP - Get Free Report) last released its earnings results on Thursday, August 13th. The bank reported $7.33 EPS for the quarter, topping analysts' consensus estimates of $7.31 by $0.02. Credicorp had a net margin of 25.04% and a return on equity of 20.52%. The company had revenue of $1.96 billion for the quarter, compared to analysts' expectations of $1.82 billion. As a group, equities research analysts expect that Credicorp Ltd. will post 29.41 EPS for the current year.

Analyst Ratings Changes

Several analysts recently issued reports on BAP shares. Morgan Stanley upgraded shares of Credicorp from an "equal weight" rating to an "overweight" rating and boosted their target price for the company from $375.00 to $480.00 in a research report on Wednesday, June 17th. JPMorgan Chase & Co. downgraded shares of Credicorp from an "overweight" rating to a "neutral" rating and set a $415.00 price target 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 lifted their price target for the stock from $320.00 to $350.00 in a research note on Tuesday, May 19th. The Goldman Sachs Group boosted their price objective on shares of Credicorp from $329.00 to $374.00 and gave the company a "neutral" rating in a research report on Thursday, July 16th. Finally, UBS Group upped their price objective on Credicorp from $408.00 to $412.00 and gave the stock a "buy" rating in a research note on Tuesday, May 26th. Four equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, Credicorp presently has an average rating of "Moderate Buy" and an average price target of $406.20.

Credicorp Company 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.

Want to see what other hedge funds are holding BAP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Credicorp Ltd. (NYSE:BAP - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source