Coronation Fund Managers Ltd. Makes New $22.10 Million Investment in Credicorp Ltd. $BAP

Key Points

• Coronation Fund Managers Ltd. opened a new position in Credicorp during the first quarter, buying 65,156 shares worth about $22.1 million. The stake makes up roughly 1.0% of its portfolio and 0.07% of Credicorp’s shares outstanding.
• Several other institutional investors also trimmed or increased their Credicorp holdings, and overall institutional ownership remains high at 89.81%. This suggests the stock is widely held by professional investors.
• Credicorp insiders have been selling shares recently, including CEO Diego Antonio Cavero and CFO Alejandro Perez-Reyes. Despite those sales, analysts are generally positive, with a Moderate Buy consensus and an average price target of $384.33.

Coronation Fund Managers Ltd. bought a new stake in Credicorp Ltd. (NYSE:BAP - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 65,156 shares of the bank's stock, valued at approximately $22,100,000. Credicorp comprises approximately 1.0% of Coronation Fund Managers Ltd.'s investment portfolio, making the stock its 21st biggest position. Coronation Fund Managers Ltd. owned 0.07% of Credicorp as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. TD Asset Management Inc lifted its stake in shares of Credicorp by 1.6% in the fourth quarter. TD Asset Management Inc now owns 1,853 shares of the bank's stock worth $532,000 after acquiring an additional 29 shares during the period. Cigna Investments Inc. New lifted its position in shares of Credicorp by 2.8% during the 4th quarter. Cigna Investments Inc. New now owns 1,172 shares of the bank's stock valued at $336,000 after acquiring an additional 32 shares during the period. CIBC Private Wealth Group LLC boosted its stake in Credicorp by 21.6% during the fourth quarter. CIBC Private Wealth Group LLC now owns 180 shares of the bank's stock worth $52,000 after acquiring an additional 32 shares in the last quarter. Perpetual Ltd boosted its stake in Credicorp by 0.5% during the fourth quarter. Perpetual Ltd now owns 6,418 shares of the bank's stock worth $1,842,000 after acquiring an additional 34 shares in the last quarter. Finally, Nomura Asset Management Co. Ltd. grew its holdings in Credicorp by 0.4% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 10,162 shares of the bank's stock worth $2,916,000 after purchasing an additional 42 shares during the period. Institutional investors and hedge funds own 89.81% of the company's stock.

Insider Buying and Selling at Credicorp

In related news, CEO Diego Antonio Cavero sold 3,500 shares of the firm's stock in a transaction dated 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 transaction, the chief executive officer directly owned 7,307 shares of the company's stock, valued at $2,330,933. This trade represents a 32.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Alejandro Perez-Reyes sold 1,073 shares of the firm's stock in a transaction dated 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 $588,937.50. The trade was a 38.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 15.90% of the stock is currently owned by company insiders.

Credicorp Stock Performance

Shares of Credicorp stock opened at $393.83 on Thursday. The company has a market cap of $37.17 billion, a PE ratio of 15.18, a price-to-earnings-growth ratio of 0.85 and a beta of 0.88. Credicorp Ltd. has a 52 week low of $230.25 and a 52 week high of $403.30. The business has a 50 day moving average price of $364.28 and a 200-day moving average price of $344.89. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.36.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on BAP. JPMorgan Chase & Co. lowered shares of Credicorp from an "overweight" rating to a "neutral" rating and set a $415.00 price objective on the stock. in a report on Monday, June 15th. Weiss Ratings lowered Credicorp from a "buy (a-)" rating to a "buy (b)" rating in a research report on Friday, May 29th. The Goldman Sachs Group upped their price target on Credicorp from $329.00 to $374.00 and gave the stock a "neutral" rating in a research note on Thursday, July 16th. HSBC upgraded Credicorp from a "hold" rating to a "buy" rating and boosted their price objective for the company from $320.00 to $350.00 in a report on Tuesday, May 19th. Finally, UBS Group lifted their price target on shares of Credicorp from $408.00 to $412.00 and gave the company a "buy" rating in a research report on Tuesday, May 26th. Five investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $384.33.

About Credicorp

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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