Lazard Asset Management LLC Sells 126,827 Shares of Credicorp Ltd. $BAP

Key Points

• Lazard Asset Management reduced its Credicorp stake by 17.6%, selling 126,827 shares in the first quarter and retaining 593,276 shares valued at approximately $201.2 million. Institutional investors collectively own 89.81% of the company.
• Credicorp shares opened at $388.77, near their 52-week high of $403.30, with a market capitalization of $36.69 billion. The stock carries a “Moderate Buy” consensus rating and an average analyst price target of $384.33, though Morgan Stanley set a significantly higher target of $480.
• Credicorp’s CEO and CFO also sold shares recently, reducing their individual holdings by 32.39% and 38.08%, respectively. Company insiders own 15.90% of the stock.

Lazard Asset Management LLC trimmed its stake in Credicorp Ltd. (NYSE:BAP - Free Report) by 17.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 593,276 shares of the bank's stock after selling 126,827 shares during the period. Lazard Asset Management LLC owned 0.63% of Credicorp worth $201,228,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Sovran Advisors LLC bought a new position in shares of Credicorp in the fourth quarter worth about $1,358,000. Assetmark Inc. grew its stake in shares of Credicorp by 8.4% during the 4th quarter. Assetmark Inc. now owns 21,820 shares of the bank's stock valued at $6,262,000 after acquiring an additional 1,688 shares during the period. Ninety One North America Inc. grew its stake in shares of Credicorp by 9.9% during the 4th quarter. Ninety One North America Inc. now owns 166,814 shares of the bank's stock valued at $47,876,000 after acquiring an additional 14,994 shares during the period. SG Americas Securities LLC increased its holdings in Credicorp by 7,441.9% in the 4th quarter. SG Americas Securities LLC now owns 32,053 shares of the bank's stock worth $9,199,000 after acquiring an additional 31,628 shares in the last quarter. Finally, Novem Group purchased a new stake in Credicorp in the 4th quarter worth approximately $1,189,000. 89.81% of the stock is owned by institutional investors.

Credicorp Trading Up 0.1%

Credicorp stock opened at $388.77 on Monday. The stock has a market cap of $36.69 billion, a P/E ratio of 14.99, a PEG ratio of 0.84 and a beta of 0.88. 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 $230.25 and a 1 year high of $403.30. The firm's 50 day moving average price is $366.95 and its 200-day moving average price is $346.29.

Analysts Set New Price Targets

Several brokerages have weighed in on BAP. UBS Group lifted their price target on shares of Credicorp from $408.00 to $412.00 and gave the company a "buy" rating in a report on Tuesday, May 26th. HSBC raised 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 lifted their target price on shares of Credicorp from $329.00 to $374.00 and gave the company a "neutral" rating in a research note on Thursday, July 16th. Morgan Stanley raised shares of 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 report on Wednesday, June 17th. Finally, Weiss Ratings downgraded shares of Credicorp from a "buy (a-)" rating to a "buy (b)" rating in a report on Friday, May 29th. Five equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Credicorp has an average rating of "Moderate Buy" and an average price target of $384.33.

Insiders Place Their Bets

In other news, CEO Diego Antonio Cavero sold 3,500 shares of Credicorp stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $319.00, for a total value of $1,116,500.00. Following the sale, the chief executive officer directly owned 7,307 shares of the company's stock, valued at approximately $2,330,933. The trade was a 32.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Alejandro Perez-Reyes sold 1,073 shares of the business's 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 completion of the sale, the chief financial officer owned 1,745 shares in the company, valued at $588,937.50. This represents 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 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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