Cibc World Market Inc. Takes Position in Credicorp Ltd. $BAP

Key Points

• CIBC World Market Inc. acquired 9,169 Credicorp shares during the second quarter, valued at approximately $3.57 million. Institutional investors collectively own 89.81% of the company.
• Analyst sentiment is positive, with four Buy ratings and three Holds giving Credicorp a “Moderate Buy” consensus and an average price target of $418.40.
• Credicorp exceeded quarterly expectations, reporting $7.33 in earnings per share and $1.96 billion in revenue. Shares opened at $381.74, while CEO Diego Antonio Cavero separately sold 3,500 shares.

Cibc World Market Inc. acquired a new position in Credicorp Ltd. (NYSE:BAP - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 9,169 shares of the bank's stock, valued at approximately $3,572,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Quantbot Technologies LP acquired a new position in Credicorp during the 2nd quarter valued at about $26,000. Northwestern Mutual Wealth Management Co. acquired a new stake in Credicorp in the second quarter worth about $27,000. Brown Brothers Harriman & Co. acquired a new stake in Credicorp in the third quarter worth about $35,000. Raymond James Financial Inc. purchased a new stake in shares of Credicorp during the second quarter worth about $38,000. Finally, Annis Gardner Whiting Capital Advisors LLC purchased a new stake in shares of Credicorp during the first quarter worth about $40,000. 89.81% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have recently issued reports on BAP shares. The Goldman Sachs Group upped their price objective on shares of Credicorp from $329.00 to $374.00 and gave the company a "neutral" rating in a report on Thursday, July 16th. HSBC upgraded shares of Credicorp from a "hold" rating to a "buy" rating and lifted their target price for the stock from $320.00 to $350.00 in a research note on Tuesday, May 19th. UBS Group upped their price target on shares of Credicorp from $412.00 to $473.00 and gave the company a "buy" rating in a research note on Thursday, August 20th. Weiss Ratings cut shares of Credicorp from a "buy (b+)" rating to a "buy (b)" rating in a report on Thursday, August 20th. Finally, Morgan Stanley raised shares of Credicorp from an "equal weight" rating to an "overweight" rating and raised their price target for the stock from $375.00 to $480.00 in a report on Wednesday, June 17th. Four investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Credicorp has an average rating of "Moderate Buy" and an average target price of $418.40.

Insiders Place Their Bets

In other Credicorp news, CEO Diego Antonio Cavero sold 3,500 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the chief executive officer directly owned 7,307 shares of the company's stock, valued at approximately $2,330,933. This trade represents a 32.39% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 15.90% of the company's stock.

Credicorp Stock Down 0.4%

Shares of BAP stock opened at $381.74 on Thursday. Credicorp Ltd. has a fifty-two week low of $230.45 and a fifty-two week high of $413.24. The firm has a market capitalization of $36.03 billion, a PE ratio of 14.14, a P/E/G ratio of 0.75 and a beta of 0.90. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.00 and a current ratio of 1.00. The stock's 50-day simple moving average is $385.93 and its 200-day simple moving average is $354.37.

Credicorp (NYSE:BAP - Get Free Report) last released its earnings results on Friday, August 14th. The bank reported $7.33 EPS for the quarter, topping analysts' consensus estimates of $7.31 by $0.02. The firm had revenue of $1.96 billion during the quarter, compared to the consensus estimate of $1.82 billion. Credicorp had a return on equity of 20.52% and a net margin of 25.04%. Equities analysts expect that Credicorp Ltd. will post 29.41 earnings per share for the current year.

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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