Global Retirement Partners LLC Buys New Stake in Credicorp Ltd. $BAP

Key Points

• Global Retirement Partners acquired 3,420 Credicorp shares worth approximately $1.33 million in the second quarter. Institutional investors collectively own 89.81% of the company.
• Credicorp reported quarterly EPS of $7.33, slightly above estimates, while revenue of $1.96 billion exceeded forecasts of $1.82 billion. The company posted a 21.09% return on equity and a 25.04% net margin.
• Analysts maintain a “Moderate Buy” consensus, with an average price target of $384.33; recent ratings included upgrades from Morgan Stanley and HSBC, alongside a downgrade from JPMorgan.

Global Retirement Partners LLC acquired a new stake in shares of Credicorp Ltd. (NYSE:BAP - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 3,420 shares of the bank's stock, valued at approximately $1,332,000.

Other institutional investors have also added to or reduced their stakes in the company. Capital World Investors boosted its position in shares of Credicorp by 34.7% during the 4th quarter. Capital World Investors now owns 2,195,404 shares of the bank's stock valued at $630,081,000 after acquiring an additional 565,490 shares during the last quarter. Norges Bank bought a new position in Credicorp during the fourth quarter valued at $150,814,000. PFA Pension Forsikringsaktieselskab bought a new position in Credicorp during the fourth quarter valued at $89,754,000. Invesco Ltd. increased its holdings in shares of Credicorp by 27.4% in the 3rd quarter. Invesco Ltd. now owns 1,349,408 shares of the bank's stock worth $359,320,000 after buying an additional 290,585 shares during the last quarter. Finally, Principal Financial Group Inc. raised its position in shares of Credicorp by 98.9% during the 4th quarter. Principal Financial Group Inc. now owns 579,231 shares of the bank's stock valued at $166,239,000 after buying an additional 288,056 shares in the last quarter. Hedge funds and other institutional investors own 89.81% of the company's stock.

Credicorp Stock Down 2.3%

NYSE:BAP opened at $377.57 on Tuesday. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.02 and a quick ratio of 1.02. Credicorp Ltd. has a 1-year low of $230.45 and a 1-year high of $413.24. The company has a 50-day moving average of $384.39 and a 200 day moving average of $353.73. The firm has a market cap of $35.64 billion, a PE ratio of 13.99, a price-to-earnings-growth ratio of 0.84 and a beta of 0.90.

Credicorp (NYSE:BAP - Get Free Report) last released its quarterly earnings results on Thursday, August 13th. The bank reported $7.33 EPS for the quarter, topping the consensus estimate of $7.31 by $0.02. Credicorp had a return on equity of 21.09% and a net margin of 25.04%.The firm had revenue of $1.96 billion during the quarter, compared to analyst estimates of $1.82 billion. As a group, research analysts anticipate that Credicorp Ltd. will post 29.52 EPS for the current fiscal year.

Analyst Ratings Changes

BAP has been the topic of several analyst reports. Morgan Stanley raised Credicorp from an "equal weight" rating to an "overweight" rating and boosted their price objective for the stock from $375.00 to $480.00 in a research note on Wednesday, June 17th. HSBC raised Credicorp from a "hold" rating to a "buy" rating and raised their price objective for the company from $320.00 to $350.00 in a research note on Tuesday, May 19th. JPMorgan Chase & Co. downgraded Credicorp from an "overweight" rating to a "neutral" rating and set a $415.00 target price on the stock. in a research report on Monday, June 15th. UBS Group raised their price target on Credicorp from $408.00 to $412.00 and gave the stock a "buy" rating in a research report on Tuesday, May 26th. Finally, Weiss Ratings upgraded shares of Credicorp from a "buy (b)" rating to a "buy (b+)" rating in a research report on Thursday, August 6th. Five equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, Credicorp currently has a consensus rating of "Moderate Buy" and an average target price of $384.33.

Insiders Place Their Bets

In other Credicorp news, CEO Diego Antonio Cavero sold 3,500 shares of the firm's stock in a transaction on Friday, June 5th. The shares were sold at an average price of $319.00, for a total value of $1,116,500.00. Following the completion of 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Alejandro Perez-Reyes sold 1,073 shares of Credicorp stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $337.50, for a total value of $362,137.50. Following the sale, the chief financial officer directly owned 1,745 shares of the company's stock, valued at approximately $588,937.50. This represents a 38.08% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 15.90% of the company's stock.

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.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source