Matthews International Capital Management LLC Invests $4.36 Million in Credicorp Ltd. $BAP

Key Points

• Matthews International Capital Management opened a new position in Credicorp during the first quarter, buying 12,840 shares valued at about $4.36 million. The stake makes Credicorp its 22nd largest holding and about 1.8% of its portfolio.
• Credicorp continues to attract significant institutional interest, with hedge funds and other investors owning 89.81% of the stock. Several large holders, including Capital World Investors and Invesco, increased their positions in recent quarters.
• Wall Street sentiment is mixed but generally positive: analysts currently rate the stock Moderate Buy on average, with multiple firms raising price targets, even as JPMorgan downgraded it to neutral. Meanwhile, Credicorp executives recently sold shares, including the CEO and CFO reducing their holdings.

Matthews International Capital Management LLC acquired a new stake in shares of Credicorp Ltd. (NYSE:BAP - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 12,840 shares of the bank's stock, valued at approximately $4,355,000. Credicorp accounts for 1.8% of Matthews International Capital Management LLC's investment portfolio, making the stock its 22nd largest holding.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Capital World Investors grew its position in Credicorp by 34.7% in the 4th quarter. Capital World Investors now owns 2,195,404 shares of the bank's stock valued at $630,081,000 after acquiring an additional 565,490 shares during the last quarter. Invesco Ltd. lifted its position in shares of Credicorp by 2.3% during the fourth quarter. Invesco Ltd. now owns 1,380,791 shares of the bank's stock worth $396,287,000 after purchasing an additional 31,383 shares during the last quarter. State Street Corp boosted its stake in shares of Credicorp by 5.5% during the fourth quarter. State Street Corp now owns 1,336,882 shares of the bank's stock valued at $383,685,000 after purchasing an additional 69,329 shares during the period. Schroder Investment Management Group boosted its stake in shares of Credicorp by 2.2% during the fourth quarter. Schroder Investment Management Group now owns 1,107,420 shares of the bank's stock valued at $317,830,000 after purchasing an additional 23,777 shares during the period. Finally, Pzena Investment Management LLC grew its holdings in shares of Credicorp by 1.5% in the fourth quarter. Pzena Investment Management LLC now owns 1,068,942 shares of the bank's stock worth $306,786,000 after purchasing an additional 15,886 shares during the last quarter. Hedge funds and other institutional investors own 89.81% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on BAP shares. Morgan Stanley raised shares of Credicorp from an "equal weight" rating to an "overweight" rating and raised their target price for the stock from $375.00 to $480.00 in a research report on Wednesday, June 17th. HSBC raised 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. UBS Group raised their price objective on Credicorp from $408.00 to $412.00 and gave the stock a "buy" rating in a report on Tuesday, May 26th. Weiss Ratings lowered Credicorp from a "buy (a-)" rating to a "buy (b)" rating in a research report on Friday, May 29th. Finally, JPMorgan Chase & Co. cut Credicorp from an "overweight" rating to a "neutral" rating and set a $415.00 target price for the company. in a report on Monday, June 15th. Five analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, Credicorp has a consensus rating of "Moderate Buy" and an average target price of $377.00.

Insider Transactions at Credicorp

In related news, CEO Diego Antonio Cavero sold 3,500 shares of the firm's stock in a transaction dated 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 sale, the chief executive officer owned 7,307 shares of the company's stock, valued at $2,330,933. This trade represents a 32.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Alejandro Perez-Reyes sold 1,073 shares of Credicorp stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $337.50, for a total value of $362,137.50. Following the completion of the transaction, the chief financial officer owned 1,745 shares in the company, valued at $588,937.50. This trade represents a 38.08% decrease in their position. The disclosure for this sale is available in the SEC filing. 15.90% of the stock is owned by company insiders.

Credicorp Price Performance

NYSE BAP opened at $401.11 on Monday. 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. The firm's 50 day moving average price is $353.41 and its 200-day moving average price is $339.11. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.02 and a current ratio of 1.02. Credicorp Ltd. has a 52-week low of $216.87 and a 52-week high of $402.19.

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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