LGT Fund Management Co Ltd. Invests $1.82 Million in Credicorp Ltd. $BAP

Key Points

• LGT Fund Management disclosed a new first-quarter stake in Credicorp Ltd., buying 5,381 shares valued at about $1.82 million.
• Credicorp’s stock was trading near its 52-week high, opening at $401.11 with a market cap of $37.86 billion and a P/E ratio of 15.46.
• Analyst sentiment is mixed but constructive: the stock carries a Moderate Buy rating overall, with an average price target of $377, while insiders including the CFO and CEO recently sold shares.

LGT Fund Management Co Ltd. bought a new stake in Credicorp Ltd. (NYSE:BAP - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 5,381 shares of the bank's stock, valued at approximately $1,825,000.

A number of other large investors have also recently made changes to their positions in BAP. Brown Brothers Harriman & Co. acquired a new position in Credicorp during the third quarter worth approximately $35,000. Kestra Advisory Services LLC acquired a new stake in shares of Credicorp in the fourth quarter valued at approximately $42,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Credicorp in the fourth quarter valued at approximately $46,000. Raymond James Financial Inc. purchased a new position in shares of Credicorp during the second quarter worth approximately $38,000. Finally, Quarry LP purchased a new position in shares of Credicorp during the third quarter worth approximately $46,000. 89.81% of the stock is owned by institutional investors and hedge funds.

Credicorp Price Performance

Shares of NYSE BAP opened at $401.11 on Monday. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.02 and a quick ratio of 1.02. The stock has a fifty day moving average price of $353.41 and a 200 day moving average price of $339.11. Credicorp Ltd. has a 1-year low of $216.87 and a 1-year high of $402.19. The company has a market cap of $37.86 billion, a PE ratio of 15.46, a P/E/G ratio of 0.87 and a beta of 0.88.

Analysts Set New Price Targets

Several research firms recently commented on BAP. HSBC upgraded shares of Credicorp from a "hold" rating to a "buy" rating and upped their price target for the company from $320.00 to $350.00 in a research report on Tuesday, May 19th. JPMorgan Chase & Co. downgraded shares of Credicorp from an "overweight" rating to a "neutral" rating and set a $415.00 price objective on the stock. in a research report on Monday, June 15th. Morgan Stanley upgraded shares of Credicorp from an "equal weight" rating to an "overweight" rating and lifted their price objective for the company from $375.00 to $480.00 in a research note on Wednesday, June 17th. UBS Group upped their target price on shares of Credicorp from $408.00 to $412.00 and gave the company a "buy" rating in a report on Tuesday, May 26th. Finally, Weiss Ratings downgraded shares of Credicorp from a "buy (a-)" rating to a "buy (b)" rating in a research note on Friday, May 29th. Five research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $377.00.

Insider Buying and Selling at Credicorp

In related news, CFO Alejandro Perez-Reyes sold 1,073 shares of the stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $337.50, for a total transaction of $362,137.50. Following the completion of the transaction, the chief financial officer directly owned 1,745 shares of the company's stock, valued at $588,937.50. This represents a 38.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Diego Antonio Cavero sold 3,500 shares of the firm's stock in a transaction dated 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 disclosure for this sale is available in the SEC filing. 15.90% of the stock is currently owned by company insiders.

About Credicorp

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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