Credicorp Ltd. $BAP Holdings Decreased by Thornburg Investment Management Inc.

Key Points

• Thornburg Investment Management reduced its Credicorp stake by 13.9% in the second quarter, selling 5,639 shares and retaining 34,945 shares valued at approximately $13.6 million.
• Several major institutions, including BlackRock, Pzena Investment Management and Bank of Nova Scotia, initiated positions in Credicorp. Institutional investors now own approximately 89.81% of the company.
• Analysts maintain a generally positive outlook, with an average “Moderate Buy” rating and a $418.40 price target. Credicorp recently exceeded quarterly earnings and revenue estimates, reporting $7.33 in EPS and $1.96 billion in revenue.

Thornburg Investment Management Inc. lowered its stake in Credicorp Ltd. (NYSE:BAP - Free Report) by 13.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 34,945 shares of the bank's stock after selling 5,639 shares during the quarter. Thornburg Investment Management Inc.'s holdings in Credicorp were worth $13,614,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. BlackRock Inc. acquired a new position in shares of Credicorp during the second quarter valued at approximately $1,933,666,000. Pzena Investment Management LLC acquired a new stake in Credicorp in the second quarter worth approximately $325,911,000. Bank of Nova Scotia bought a new position in Credicorp during the 2nd quarter valued at $311,294,000. Bank of America Corp DE bought a new position in Credicorp during the 2nd quarter valued at $264,501,000. Finally, William Blair Investment Management LLC acquired a new position in shares of Credicorp during the 2nd quarter valued at $243,544,000. Institutional investors own 89.81% of the company's stock.

Insiders Place Their Bets

In related news, CEO Diego Antonio Cavero sold 3,500 shares of Credicorp stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $319.00, for a total value of $1,116,500.00. Following the transaction, the chief executive officer 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 15.90% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on BAP shares. UBS Group boosted their price objective on Credicorp from $412.00 to $473.00 and gave the stock a "buy" rating in a research note on Thursday, August 20th. HSBC upgraded shares of Credicorp from a "hold" rating to a "buy" rating and boosted their price target for the stock from $320.00 to $350.00 in a research report on Tuesday, May 19th. Weiss Ratings downgraded shares of Credicorp from a "buy (b+)" rating to a "buy (b)" rating in a report on Thursday, August 20th. JPMorgan Chase & Co. lowered shares of 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. Finally, The Goldman Sachs Group lifted their price objective on shares of Credicorp from $329.00 to $374.00 and gave the stock a "neutral" rating in a research note on Thursday, July 16th. Four research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $418.40.

Credicorp Stock Performance

BAP opened at $369.53 on Friday. The firm has a market cap of $34.88 billion, a PE ratio of 13.69, a P/E/G ratio of 0.72 and a beta of 0.90. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.38. The business has a fifty day simple moving average of $385.48 and a 200-day simple moving average of $354.60. Credicorp Ltd. has a fifty-two week low of $230.45 and a fifty-two week high of $413.24.

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

Credicorp 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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