Candriam S.C.A. Cuts Stake in Credicorp Ltd. $BAP

Key Points

• Candriam S.C.A. cut its Credicorp stake by 26.3% in the first quarter, selling 39,800 shares and ending with 111,400 shares valued at about $37.8 million.
• Credicorp shares have been strong recently, opening at $401.11 and trading near their 52-week high of $402.19, with a market cap of $37.86 billion.
• Insiders and analysts are sending mixed signals: the CEO and CFO both sold shares, while Wall Street’s consensus remains a “Moderate Buy” with a $377 average price target.

Candriam S.C.A. lowered its holdings in shares of Credicorp Ltd. (NYSE:BAP - Free Report) by 26.3% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 111,400 shares of the bank's stock after selling 39,800 shares during the period. Candriam S.C.A. owned about 0.12% of Credicorp worth $37,785,000 as of its most recent filing with the SEC.

Other large investors also recently added to or reduced their stakes in the company. Capital World Investors grew its stake in shares of Credicorp by 34.7% during the fourth quarter. Capital World Investors now owns 2,195,404 shares of the bank's stock valued at $630,081,000 after buying an additional 565,490 shares during the last quarter. Invesco Ltd. lifted its stake in shares of Credicorp by 2.3% in the 4th 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 last quarter. State Street Corp boosted its holdings in Credicorp by 5.5% during the 4th 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. Schroder Investment Management Group boosted its holdings in Credicorp by 2.2% during the 4th quarter. Schroder Investment Management Group now owns 1,107,420 shares of the bank's stock valued at $317,830,000 after acquiring an additional 23,777 shares during the period. Finally, Pzena Investment Management LLC grew its position in Credicorp by 1.5% during the 4th quarter. Pzena Investment Management LLC now owns 1,068,942 shares of the bank's stock worth $306,786,000 after acquiring an additional 15,886 shares during the last quarter. Hedge funds and other institutional investors own 89.81% of the company's stock.

Credicorp Price Performance

BAP opened at $401.11 on Friday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.02 and a current ratio of 1.02. Credicorp Ltd. has a 52-week low of $216.87 and a 52-week high of $402.19. The stock has a market capitalization of $37.86 billion, a PE ratio of 15.46, a price-to-earnings-growth ratio of 0.85 and a beta of 0.88. The stock's 50 day moving average price is $353.41 and its 200-day moving average price is $338.76.

Insiders Place Their Bets

In related news, CEO Diego Antonio Cavero sold 3,500 shares of Credicorp stock in a transaction on Friday, June 5th. The shares were sold at an average price of $319.00, for a total value of $1,116,500.00. Following the sale, the chief executive officer owned 7,307 shares in the company, valued at $2,330,933. The trade was a 32.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Alejandro Perez-Reyes sold 1,073 shares of the business's stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $337.50, for a total transaction of $362,137.50. Following the transaction, the chief financial officer directly 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. The SEC filing for this sale provides additional information. Company insiders own 15.90% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on BAP. JPMorgan Chase & Co. downgraded Credicorp from an "overweight" rating to a "neutral" rating and set a $415.00 price objective for the company. in a research report on Monday, June 15th. UBS Group raised their target price on shares of Credicorp from $408.00 to $412.00 and gave the stock a "buy" rating in a report on Tuesday, May 26th. Morgan Stanley upgraded shares of Credicorp from an "equal weight" rating to an "overweight" rating and upped their price target for the company from $375.00 to $480.00 in a report on Wednesday, June 17th. HSBC raised shares of Credicorp from a "hold" rating to a "buy" rating and increased their price target for the company from $320.00 to $350.00 in a research report on Tuesday, May 19th. Finally, Weiss Ratings lowered shares of Credicorp from a "buy (a-)" rating to a "buy (b)" rating in a report on Friday, May 29th. Five equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, Credicorp presently has a consensus rating of "Moderate Buy" and a consensus price target of $377.00.

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.

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