Man Group plc Invests $7.45 Million in Credicorp Ltd. $BAP

Key Points

• Man Group acquired a new $7.45 million stake in Credicorp during the second quarter, purchasing 19,133 shares. Institutional investors and hedge funds collectively own 89.81% of BAP.
• Analysts have generally become more bullish, with HSBC, UBS, and Morgan Stanley raising price targets and ratings. Credicorp has a “Moderate Buy” consensus rating and an average target price of $418.40.
• Credicorp exceeded quarterly expectations, reporting $7.33 in EPS and $1.96 billion in revenue, while maintaining a 20.52% return on equity and 25.04% net margin. The CEO separately sold 3,500 shares for approximately $1.12 million.

Man Group plc acquired a new stake in shares of Credicorp Ltd. (NYSE:BAP - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 19,133 shares of the bank's stock, valued at approximately $7,454,000.

A number of other hedge funds and other institutional investors have also modified their holdings of BAP. Principal Financial Group Inc. raised its stake in 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 during the period. Y Intercept Hong Kong Ltd acquired a new stake in shares of Credicorp in the first quarter worth $1,800,000. USS Investment Management Ltd grew its holdings in shares of Credicorp by 15.1% during the fourth quarter. USS Investment Management Ltd now owns 110,344 shares of the bank's stock valued at $31,684,000 after buying an additional 14,470 shares in the last quarter. Kestra Private Wealth Services LLC purchased a new position in shares of Credicorp during the fourth quarter valued at $1,119,000. Finally, M&T Bank Corp acquired a new position in Credicorp during the fourth quarter valued at $1,713,000. Institutional investors and hedge funds own 89.81% of the company's stock.

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 shares were sold at an average price of $319.00, for a total value of $1,116,500.00. Following the completion of the transaction, the chief executive officer owned 7,307 shares of the company's stock, valued at $2,330,933. This represents a 32.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 15.90% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several analysts recently commented on the stock. HSBC upgraded shares of Credicorp from a "hold" rating to a "buy" rating and raised their price target for the stock from $320.00 to $350.00 in a report on Tuesday, May 19th. UBS Group increased their target price on shares of Credicorp from $412.00 to $473.00 and gave the stock a "buy" rating in a research report on Thursday, August 20th. Morgan Stanley raised shares of Credicorp from an "equal weight" rating to an "overweight" rating and lifted their target price for the company from $375.00 to $480.00 in a research note on Wednesday, June 17th. Weiss Ratings cut shares of Credicorp from a "buy (b+)" rating to a "buy (b)" rating in a report on Thursday, August 20th. Finally, 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 report on Thursday, July 16th. Four investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $418.40.

Credicorp Price Performance

NYSE BAP opened at $369.53 on Friday. Credicorp Ltd. has a 1 year low of $230.45 and a 1 year high of $413.24. The company has a fifty day simple moving average of $385.48 and a 200 day simple moving average of $354.60. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.38. The company has a market cap of $34.88 billion, a P/E ratio of 13.69, a P/E/G ratio of 0.72 and a beta of 0.90.

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 analysts' consensus estimates of $7.31 by $0.02. The company had revenue of $1.96 billion during the quarter, compared to analyst estimates of $1.82 billion. Credicorp had a return on equity of 20.52% and a net margin of 25.04%. On average, sell-side analysts predict that Credicorp Ltd. will post 29.41 EPS for the current year.

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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