Causeway Capital Management LLC Cuts Stake in Credicorp Ltd. $BAP

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 lessened its stake in Credicorp Ltd. (NYSE:BAP - Free Report) by 67.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 54,527 shares of the bank's stock after selling 115,041 shares during the quarter. Causeway Capital Management LLC owned 0.07% of Credicorp worth $10,151,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of BAP. Itau Unibanco Holding S.A. increased its stake in Credicorp by 243.8% during the 4th quarter. Itau Unibanco Holding S.A. now owns 1,716,777 shares of the bank's stock valued at $290,920,000 after purchasing an additional 1,217,368 shares in the last quarter. Nuveen LLC purchased a new stake in shares of Credicorp during the 1st quarter valued at about $77,577,000. Teacher Retirement System of Texas grew its position in Credicorp by 811.5% in the 1st quarter. Teacher Retirement System of Texas now owns 229,129 shares of the bank's stock worth $42,655,000 after purchasing an additional 203,992 shares during the period. Carrhae Capital LLP grew its holdings in shares of Credicorp by 389.0% in the first quarter. Carrhae Capital LLP now owns 198,875 shares of the bank's stock worth $37,023,000 after acquiring an additional 158,206 shares during the period. Finally, Bank of Nova Scotia increased its position in shares of Credicorp by 21.8% during the 1st quarter. Bank of Nova Scotia now owns 867,347 shares of the bank's stock valued at $161,465,000 after purchasing an additional 155,162 shares during the last quarter. Institutional investors own 89.81% of the company's stock.

Analysts Set New Price Targets

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

Credicorp Stock Down 1.3%

Shares of BAP opened at $251.7830 on Tuesday. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.49. The business has a fifty day moving average of $233.21 and a 200 day moving average of $207.60. The company has a market cap of $20.03 billion, a PE ratio of 13.69, a P/E/G ratio of 0.71 and a beta of 1.09. Credicorp Ltd. has a 52-week low of $165.51 and a 52-week high of $256.99.

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

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