Credicorp Ltd. $BAP Shares Sold by Causeway Capital Management LLC

Key Points

• Causeway Capital Management LLC significantly reduced its stake in Credicorp Ltd. by 67.8% during the first quarter, now holding only 54,527 shares worth approximately $10.15 million.
• Several hedge funds increased their positions in Credicorp; notably, Itau Unibanco boosted its stake by 243.8%, while the Teacher Retirement System of Texas saw an increase of 811.5%.
• Analysts have raised their ratings for Credicorp, with firms like Citigroup and Goldman Sachs increasing their price targets, indicating a generally positive outlook for the stock.

Causeway Capital Management LLC decreased its holdings in shares of Credicorp Ltd. (NYSE:BAP - Free Report) by 67.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 54,527 shares of the bank's stock after selling 115,041 shares during the period. Causeway Capital Management LLC owned about 0.07% of Credicorp worth $10,151,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. SVB Wealth LLC purchased a new position in shares of Credicorp during the 1st quarter valued at approximately $35,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Credicorp during the 4th quarter valued at approximately $40,000. Cullen Frost Bankers Inc. purchased a new position in shares of Credicorp during the 1st quarter valued at approximately $40,000. Farther Finance Advisors LLC lifted its position in shares of Credicorp by 2,170.0% during the 1st quarter. Farther Finance Advisors LLC now owns 227 shares of the bank's stock valued at $44,000 after buying an additional 217 shares in the last quarter. Finally, Quarry LP purchased a new position in Credicorp in the 4th quarter valued at $47,000. Hedge funds and other institutional investors own 89.81% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on BAP shares. Citigroup raised their price objective on Credicorp from $255.00 to $275.00 and gave the company a "buy" rating in a report on Wednesday, August 20th. The Goldman Sachs Group upgraded Credicorp from a "sell" rating to a "neutral" rating and raised their price objective for the company from $174.00 to $225.00 in a report on Thursday, July 24th. UBS Group reiterated a "buy" rating on shares of Credicorp in a report on Monday, June 2nd. Finally, Wall Street Zen upgraded Credicorp from a "hold" rating to a "buy" rating in a report on Friday, August 22nd. Three research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $236.80.

Credicorp Trading Up 0.2%

Shares of NYSE:BAP traded up $0.56 during midday trading on Friday, reaching $256.65. 442,590 shares of the company's stock were exchanged, compared to its average volume of 368,794. The firm's 50 day simple moving average is $236.15 and its two-hundred day simple moving average is $209.31. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.08 and a quick ratio of 1.08. The stock has a market cap of $20.41 billion, a price-to-earnings ratio of 13.96, a P/E/G ratio of 0.71 and a beta of 1.09. Credicorp Ltd. has a fifty-two week low of $165.51 and a fifty-two week high of $258.70.

Credicorp (NYSE:BAP - Get Free Report) last issued its quarterly earnings data on Thursday, August 14th. The bank reported $6.24 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $5.73 by $0.51. The firm had revenue of $1.58 billion during the quarter, compared to the consensus estimate of $1.52 billion. Credicorp had a return on equity of 16.25% and a net margin of 20.94%. As a group, sell-side analysts forecast that Credicorp Ltd. will post 21.9 EPS for the current fiscal year.

Credicorp Company Profile

Credicorp Ltd. provides various financial, insurance, and health services and products primarily in Peru and internationally. It operates through Universal Banking, Insurance and Pensions, Microfinance, and Investment Banking and Equity Management segments. The Universal Banking segment grants various credits and financial instruments to individuals and legal entities; and various deposits and current accounts.