Handelsbanken Fonder AB Decreases Stake in Credicorp Ltd. $BAP

Key Points

• Handelsbanken Fonder AB reduced its Credicorp stake by 27.4% in the second quarter, selling 81,765 shares and retaining 216,757 shares valued at approximately $84.4 million. Institutional investors collectively own 89.81% of the company.
• Analysts remain broadly positive, with five Buy ratings and three Holds giving Credicorp a “Moderate Buy” consensus and an average price target of $384.33. Morgan Stanley upgraded the stock to Overweight with a $480 target, while JPMorgan downgraded it to Neutral.
• Credicorp shares opened at $381.89, near the consensus target, with a market capitalization of $36.04 billion and a 52-week range of $230.45 to $413.24. CEO Diego Antonio Cavero and CFO Alejandro Perez-Reyes also recently sold shares, reducing their holdings.

Handelsbanken Fonder AB cut its holdings in shares of Credicorp Ltd. (NYSE:BAP - Free Report) by 27.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 216,757 shares of the bank's stock after selling 81,765 shares during the quarter. Handelsbanken Fonder AB owned approximately 0.23% of Credicorp worth $84,444,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Capital World Investors raised its position in shares of Credicorp by 34.7% in the fourth quarter. Capital World Investors now owns 2,195,404 shares of the bank's stock valued at $630,081,000 after purchasing an additional 565,490 shares during the period. Norges Bank bought a new position in shares of Credicorp in the fourth quarter worth $150,814,000. PFA Pension Forsikringsaktieselskab bought a new position in Credicorp in the 4th quarter worth about $89,754,000. Invesco Ltd. boosted its position in shares of Credicorp by 27.4% in the third quarter. Invesco Ltd. now owns 1,349,408 shares of the bank's stock valued at $359,320,000 after acquiring an additional 290,585 shares during the period. Finally, Principal Financial Group Inc. grew 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 purchasing an additional 288,056 shares in the last quarter. Institutional investors own 89.81% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on BAP. The Goldman Sachs Group increased their price objective on Credicorp from $329.00 to $374.00 and gave the stock a "neutral" rating in a research report on Thursday, July 16th. Morgan Stanley upgraded Credicorp from an "equal weight" rating to an "overweight" rating and upped their target price for the stock from $375.00 to $480.00 in a research note on Wednesday, June 17th. Weiss Ratings raised Credicorp from a "buy (b)" rating to a "buy (b+)" rating in a report on Thursday. JPMorgan Chase & Co. downgraded Credicorp from an "overweight" rating to a "neutral" rating and set a $415.00 price target for the company. in a research report on Monday, June 15th. Finally, UBS Group boosted their price objective on Credicorp from $408.00 to $412.00 and gave the stock a "buy" rating in a report on Tuesday, May 26th. Five research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, Credicorp currently has an average rating of "Moderate Buy" and a consensus target price of $384.33.

Insider Transactions at Credicorp

In related news, CEO Diego Antonio Cavero sold 3,500 shares of the stock in a transaction dated 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 completion of the sale, the chief executive officer directly owned 7,307 shares in the company, valued at $2,330,933. This represents a 32.39% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Alejandro Perez-Reyes sold 1,073 shares of the firm's stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $337.50, for a total value of $362,137.50. Following the transaction, the chief financial officer owned 1,745 shares in the company, valued at approximately $588,937.50. The trade was a 38.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 15.90% of the company's stock.

Credicorp Stock Performance

Shares of NYSE BAP opened at $381.89 on Tuesday. The stock has a market cap of $36.04 billion, a price-to-earnings ratio of 14.72, a P/E/G ratio of 0.84 and a beta of 0.90. Credicorp Ltd. has a 1-year low of $230.45 and a 1-year high of $413.24. The stock's 50-day moving average is $379.38 and its 200 day moving average is $352.55. 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 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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