Credicorp Ltd. $BAP Shares Purchased by Assetmark Inc.

Key Points

• Assetmark Inc. increased its stake in Credicorp by 17.3% in the first quarter, buying 3,782 additional shares and bringing its total holding to 25,602 shares worth about $8.68 million.
• Institutional ownership remains very high, with hedge funds and other institutions controlling 89.81% of Credicorp’s shares. Several other investors also initiated new positions in the stock during recent quarters.
• Credicorp’s shares were trading near $386.29, close to their 52-week high of $403.30, while analysts maintained a Moderate Buy consensus with an average price target of $384.33.

Assetmark Inc. boosted its position in shares of Credicorp Ltd. (NYSE:BAP - Free Report) by 17.3% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 25,602 shares of the bank's stock after acquiring an additional 3,782 shares during the quarter. Assetmark Inc.'s holdings in Credicorp were worth $8,684,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the company. Brown Brothers Harriman & Co. acquired a new position in shares of Credicorp in the third quarter valued at about $35,000. Raymond James Financial Inc. acquired a new stake in shares of Credicorp during the second quarter worth about $38,000. Kestra Advisory Services LLC acquired a new stake in shares of Credicorp during the fourth quarter worth about $42,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Credicorp in the fourth quarter valued at approximately $46,000. Finally, Quarry LP purchased a new stake in Credicorp in the third quarter valued at approximately $46,000. Hedge funds and other institutional investors own 89.81% of the company's stock.

Credicorp Stock Performance

NYSE:BAP opened at $386.29 on Tuesday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.02 and a current ratio of 1.02. The stock has a market capitalization of $36.46 billion, a PE ratio of 14.89, a P/E/G ratio of 0.85 and a beta of 0.88. Credicorp Ltd. has a fifty-two week low of $225.49 and a fifty-two week high of $403.30. The company has a fifty day moving average of $361.42 and a two-hundred day moving average of $343.39.

Insider Activity

In related news, CEO Diego Antonio Cavero sold 3,500 shares of the company'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 completion of the transaction, the chief executive officer owned 7,307 shares in the company, valued at $2,330,933. This represents a 32.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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 completion of the transaction, the chief financial officer directly owned 1,745 shares in the company, valued at $588,937.50. This represents a 38.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 15.90% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on BAP. UBS Group raised their price target on shares of Credicorp from $408.00 to $412.00 and gave the stock a "buy" rating in a research report on Tuesday, May 26th. JPMorgan Chase & Co. downgraded 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. HSBC upgraded shares of Credicorp from a "hold" rating to a "buy" rating and increased their price objective for the stock from $320.00 to $350.00 in a research note on Tuesday, May 19th. The Goldman Sachs Group raised their target price on shares of Credicorp from $329.00 to $374.00 and gave the stock a "neutral" rating in a report on Thursday, July 16th. Finally, Morgan Stanley upgraded shares of Credicorp from an "equal weight" rating to an "overweight" rating and boosted their target price for the company from $375.00 to $480.00 in a research report on Wednesday, June 17th. Five research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, Credicorp has a consensus rating of "Moderate Buy" and an average target price of $384.33.

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.

Want to see what other hedge funds are holding BAP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Credicorp Ltd. (NYSE:BAP - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.