Hsbc Holdings PLC Purchases New Holdings in Credicorp Ltd. $BAP

Key Points

• Hsbc Holdings PLC acquired 216,855 Credicorp shares during the second quarter, worth approximately $84.5 million and representing about 0.23% of the company. Institutional investors collectively own 89.81% of Credicorp.
• Credicorp exceeded quarterly expectations, reporting $7.33 in earnings per share versus the $7.31 consensus and $1.96 billion in revenue versus the $1.82 billion estimate.
• Analyst sentiment remains positive but mixed: Credicorp has a “Moderate Buy” consensus rating and an average price target of $418.40, compared with shares recently trading at $381.74.

Hsbc Holdings PLC purchased a new stake in Credicorp Ltd. (NYSE:BAP - Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 216,855 shares of the bank's stock, valued at approximately $84,497,000. Hsbc Holdings PLC owned approximately 0.23% of Credicorp as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Legal & General Group Plc acquired a new stake in Credicorp in the second quarter valued at $227,711,000. The Manufacturers Life Insurance Company bought a new position in shares of Credicorp in the 2nd quarter valued at about $27,698,000. Cibc World Market Inc. acquired a new position in shares of Credicorp during the 2nd quarter worth about $3,572,000. OMERS ADMINISTRATION Corp acquired a new position in shares of Credicorp during the 2nd quarter worth about $388,000. Finally, Sanctuary Advisors LLC bought a new stake in shares of Credicorp in the 2nd quarter valued at about $1,790,000. Institutional investors and hedge funds own 89.81% of the company's stock.

Credicorp Stock Down 0.4%

Shares of BAP opened at $381.74 on Thursday. The firm has a market cap of $36.03 billion, a P/E ratio of 14.14, a price-to-earnings-growth ratio of 0.75 and a beta of 0.90. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.00 and a current ratio of 1.00. Credicorp Ltd. has a 52 week low of $230.45 and a 52 week high of $413.24. The firm's 50-day simple moving average is $385.93 and its 200 day simple moving average is $354.37.

Credicorp (NYSE:BAP - Get Free Report) last issued its quarterly earnings data on Friday, August 14th. The bank reported $7.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $7.31 by $0.02. Credicorp had a net margin of 25.04% and a return on equity of 20.52%. The firm had revenue of $1.96 billion during the quarter, compared to the consensus estimate of $1.82 billion. On average, analysts forecast that Credicorp Ltd. will post 29.41 earnings per share for the current year.

Analyst Ratings Changes

BAP has been the subject of several recent analyst reports. HSBC upgraded shares of Credicorp from a "hold" rating to a "buy" rating and raised their target price for the company from $320.00 to $350.00 in a research note on Tuesday, May 19th. Weiss Ratings lowered Credicorp from a "buy (b+)" rating to a "buy (b)" rating in a research note on Thursday, August 20th. Morgan Stanley raised Credicorp from an "equal weight" rating to an "overweight" rating and boosted their target price for the stock from $375.00 to $480.00 in a report on Wednesday, June 17th. The Goldman Sachs Group increased their price target on Credicorp from $329.00 to $374.00 and gave the company a "neutral" rating in a research note on Thursday, July 16th. Finally, 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 report on Monday, June 15th. Four 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, Credicorp has an average rating of "Moderate Buy" and an average price target of $418.40.

Insider Buying and Selling at Credicorp

In related news, CEO Diego Antonio Cavero sold 3,500 shares of Credicorp 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 completion of the sale, the chief executive officer directly owned 7,307 shares of the company's stock, valued at approximately $2,330,933. This trade represents a 32.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 15.90% of the company's stock.

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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