Credicorp Ltd. $BAP Shares Sold by Public Employees Retirement System of Ohio

Key Points

• Public Employees Retirement System of Ohio cut its Credicorp stake by 39.6% in the first quarter, selling 53,210 shares and leaving it with 81,025 shares worth about $27.5 million.
• Several other institutional investors moved in and out of BAP, with institutions still owning a large majority of the stock at 89.81% overall.
• Analyst sentiment remains positive: several firms raised price targets or upgraded ratings, and Credicorp now carries a consensus rating of Moderate Buy with a $384.33 target price.

Public Employees Retirement System of Ohio lessened its stake in Credicorp Ltd. (NYSE:BAP - Free Report) by 39.6% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 81,025 shares of the bank's stock after selling 53,210 shares during the quarter. Public Employees Retirement System of Ohio owned approximately 0.09% of Credicorp worth $27,482,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in BAP. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Credicorp in the first quarter valued at about $78,000. Cetera Investment Advisers raised its position in shares of Credicorp by 36.3% during the 2nd quarter. Cetera Investment Advisers now owns 1,786 shares of the bank's stock worth $399,000 after purchasing an additional 476 shares during the last quarter. State Street Corp lifted its stake in Credicorp by 1.6% in the 2nd quarter. State Street Corp now owns 1,197,536 shares of the bank's stock valued at $267,673,000 after buying an additional 19,361 shares in the last quarter. Nebula Research & Development LLC purchased a new position in Credicorp in the 2nd quarter valued at about $355,000. Finally, Quantinno Capital Management LP boosted its holdings in Credicorp by 24.7% in the 2nd quarter. Quantinno Capital Management LP now owns 5,468 shares of the bank's stock worth $1,222,000 after buying an additional 1,083 shares during the last quarter. 89.81% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CEO Diego Antonio Cavero sold 3,500 shares of the business's stock in a transaction that occurred on Friday, June 5th. The stock was 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 in the company, valued at $2,330,933. The trade was a 32.39% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Alejandro Perez-Reyes sold 1,073 shares of the company's stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $337.50, for a total value of $362,137.50. Following the completion of the sale, the chief financial officer owned 1,745 shares of the company's stock, valued at $588,937.50. This trade represents a 38.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 15.90% of the company's stock.

Wall Street Analyst Weigh In

BAP has been the subject of several research reports. HSBC upgraded Credicorp from a "hold" rating to a "buy" rating and boosted their price objective for the stock from $320.00 to $350.00 in a research note on Tuesday, May 19th. UBS Group raised their target price on Credicorp from $408.00 to $412.00 and gave the company a "buy" rating in a research report on Tuesday, May 26th. Weiss Ratings lowered Credicorp from a "buy (a-)" rating to a "buy (b)" rating in a research note on Friday, May 29th. The Goldman Sachs Group boosted their price target on Credicorp from $329.00 to $374.00 and gave the stock a "neutral" rating in a research report on Thursday, July 16th. Finally, Morgan Stanley raised Credicorp from an "equal weight" rating to an "overweight" rating and increased their price objective for the company from $375.00 to $480.00 in a research note on Wednesday, June 17th. Five investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, Credicorp presently has a consensus rating of "Moderate Buy" and a consensus price target of $384.33.

Credicorp Stock Performance

NYSE:BAP opened at $388.77 on Friday. The company has a market cap of $36.69 billion, a P/E ratio of 14.99, a P/E/G ratio of 0.84 and a beta of 0.88. Credicorp Ltd. has a twelve month low of $230.25 and a twelve month high of $403.30. The company's 50-day moving average price is $366.95 and its 200-day moving average price is $345.92. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.36.

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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