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

Key Points

• Causeway Capital Management LLC increased its stake in Credicorp by 11.9% in Q3, buying an additional 22,870 shares to hold 215,628 shares worth about $57.4 million (approximately 0.27% of the company), making BAP its 27th largest holding.
• Credicorp's latest quarter showed an EPS miss ($5.88 vs. $6.61 expected) but a revenue beat ($1.95 billion vs. $1.77 billion), with strong profitability metrics including a 20.43% return on equity and a 24.53% net margin.
• The stock trades with a market cap of about $26.2 billion and a P/E of 13.55, has a 52-week range of $165.51–$380.20, institutional investors own roughly 89.8% of shares, and analysts have a consensus rating of Moderate Buy with an average price target of $297.60.

Causeway Capital Management LLC lifted its holdings in shares of Credicorp Ltd. (NYSE:BAP - Free Report) by 11.9% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 215,628 shares of the bank's stock after purchasing an additional 22,870 shares during the quarter. Credicorp comprises about 0.8% of Causeway Capital Management LLC's holdings, making the stock its 27th biggest holding. Causeway Capital Management LLC owned about 0.27% of Credicorp worth $57,417,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of BAP. MAI Capital Management raised its stake in shares of Credicorp by 5,300.0% in the second quarter. MAI Capital Management now owns 162 shares of the bank's stock valued at $36,000 after acquiring an additional 159 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Credicorp during the 2nd quarter worth $38,000. Spire Wealth Management purchased a new stake in Credicorp during the 3rd quarter worth about $42,000. Smartleaf Asset Management LLC increased its holdings in Credicorp by 37.1% during the 2nd quarter. Smartleaf Asset Management LLC now owns 244 shares of the bank's stock worth $55,000 after purchasing an additional 66 shares during the period. Finally, First Horizon Corp acquired a new stake in Credicorp in the 3rd quarter valued at about $59,000. Institutional investors and hedge funds own 89.81% of the company's stock.

Credicorp Stock Performance

Shares of BAP opened at $329.42 on Tuesday. The company has a market capitalization of $26.20 billion, a price-to-earnings ratio of 13.55, a price-to-earnings-growth ratio of 0.75 and a beta of 0.88. Credicorp Ltd. has a 52-week low of $165.51 and a 52-week high of $380.20. The company has a quick ratio of 1.07, a current ratio of 1.02 and a debt-to-equity ratio of 0.36. The stock has a 50 day moving average price of $333.63 and a 200 day moving average price of $288.27.

Credicorp (NYSE:BAP - Get Free Report) last issued its quarterly earnings data on Tuesday, February 17th. The bank reported $5.88 earnings per share for the quarter, missing the consensus estimate of $6.61 by ($0.73). Credicorp had a return on equity of 20.43% and a net margin of 24.53%.The company had revenue of $1.95 billion for the quarter, compared to analysts' expectations of $1.77 billion. Research analysts predict that Credicorp Ltd. will post 21.9 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. Wall Street Zen downgraded Credicorp from a "buy" rating to a "hold" rating in a research report on Saturday, December 20th. Weiss Ratings reiterated a "buy (b)" rating on shares of Credicorp in a report on Monday, December 29th. JPMorgan Chase & Co. increased their price objective on shares of Credicorp from $242.00 to $310.00 and gave the company an "overweight" rating in a research report on Friday, November 21st. Zacks Research lowered shares of Credicorp from a "strong-buy" rating to a "hold" rating in a report on Tuesday, February 24th. Finally, The Goldman Sachs Group boosted their target price on shares of Credicorp from $293.00 to $330.00 and gave the stock a "neutral" rating in a research note on Tuesday, February 17th. Four 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 presently has a consensus rating of "Moderate Buy" and an average price target of $297.60.

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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