Legal & General Group Plc Acquires Shares of 584,503 Credicorp Ltd. $BAP

Key Points

• Legal & General Group Plc acquired 584,503 Credicorp shares worth approximately $227.7 million, representing about 0.62% of the company. Other institutional investors also initiated positions, with institutions and hedge funds collectively owning 89.81% of the stock.
• Credicorp exceeded quarterly expectations, reporting $7.33 in earnings per share versus the $7.31 consensus estimate and $1.96 billion in revenue against expectations of $1.82 billion.
• Analyst sentiment remains positive, with the stock holding a “Moderate Buy” consensus rating and an average price target of $418.40, although CEO Diego Antonio Cavero recently sold 3,500 shares for approximately $1.12 million.

Legal & General Group Plc purchased a new position in Credicorp Ltd. (NYSE:BAP - Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 584,503 shares of the bank's stock, valued at approximately $227,711,000. Legal & General Group Plc owned about 0.62% of Credicorp at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company bought a new stake in shares of Credicorp during the 2nd quarter worth about $27,698,000. Cibc World Market Inc. bought a new position in shares of Credicorp in the 2nd quarter valued at approximately $3,572,000. OMERS ADMINISTRATION Corp acquired a new stake in Credicorp in the 2nd quarter worth approximately $388,000. Sanctuary Advisors LLC acquired a new stake in Credicorp in the 2nd quarter worth approximately $1,790,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Credicorp in the 2nd quarter worth approximately $7,290,000. Institutional investors and hedge funds own 89.81% of the company's stock.

Insider Buying and Selling

In other Credicorp news, CEO Diego Antonio Cavero sold 3,500 shares of Credicorp stock in a transaction on Friday, June 5th. The shares were 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 owned 7,307 shares of the company's stock, valued at approximately $2,330,933. The trade was a 32.39% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 15.90% of the company's stock.

Credicorp Stock Performance

Credicorp stock opened at $381.74 on Thursday. The company has a market cap of $36.03 billion, a PE ratio of 14.14, a PEG ratio of 0.75 and a beta of 0.90. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.38. Credicorp Ltd. has a 1 year low of $230.45 and a 1 year high of $413.24. The company's 50-day moving average is $385.93 and its two-hundred day moving average is $354.37.

Credicorp (NYSE:BAP - Get Free Report) last issued its quarterly earnings results on Friday, August 14th. The bank reported $7.33 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 company had revenue of $1.96 billion during the quarter, compared to analysts' expectations of $1.82 billion. Equities analysts anticipate that Credicorp Ltd. will post 29.41 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on BAP. UBS Group increased their target price on Credicorp from $412.00 to $473.00 and gave the company a "buy" rating in a research note on Thursday, August 20th. Morgan Stanley raised shares of Credicorp from an "equal weight" rating to an "overweight" rating and increased their price target for the stock from $375.00 to $480.00 in a research report on Wednesday, June 17th. JPMorgan Chase & Co. cut Credicorp from an "overweight" rating to a "neutral" rating and set a $415.00 price objective for the company. in a report on Monday, June 15th. HSBC raised Credicorp from a "hold" rating to a "buy" rating and boosted their target price for the stock from $320.00 to $350.00 in a report on Tuesday, May 19th. Finally, Weiss Ratings lowered shares of Credicorp from a "buy (b+)" rating to a "buy (b)" rating in a report on Thursday, August 20th. Four equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $418.40.

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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