Mitsubishi UFJ Asset Management Co. Ltd. Invests $36.73 Million in Credicorp Ltd. $BAP

Key Points

• Mitsubishi UFJ Asset Management acquired 94,288 Credicorp shares worth approximately $36.7 million, giving it about a 0.10% stake. Institutional investors collectively own 89.81% of the company.
• Credicorp exceeded quarterly expectations, reporting $7.33 in EPS versus the $7.31 consensus and revenue of $1.96 billion compared with estimates of $1.82 billion.
• Analyst sentiment remains moderately bullish: the stock has a consensus “Moderate Buy” rating and an average price target of $406.20, compared with its latest quoted price of $368.47.

Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Credicorp Ltd. (NYSE:BAP - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 94,288 shares of the bank's stock, valued at approximately $36,733,000. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.10% of Credicorp as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in Credicorp in the 1st quarter worth approximately $78,000. Cetera Investment Advisers boosted its position in shares of Credicorp by 36.3% in the second quarter. Cetera Investment Advisers now owns 1,786 shares of the bank's stock valued at $399,000 after acquiring an additional 476 shares during the period. State Street Corp boosted its position in shares of Credicorp by 1.6% in the second quarter. State Street Corp now owns 1,197,536 shares of the bank's stock valued at $267,673,000 after acquiring an additional 19,361 shares during the period. Nebula Research & Development LLC acquired a new stake in shares of Credicorp in the second quarter worth $355,000. Finally, Quantinno Capital Management LP increased its position in Credicorp by 24.7% during the second quarter. Quantinno Capital Management LP now owns 5,468 shares of the bank's stock worth $1,222,000 after acquiring an additional 1,083 shares during the period. Institutional investors own 89.81% of the company's stock.

Credicorp Stock Up 0.0%

BAP opened at $368.47 on Thursday. Credicorp Ltd. has a fifty-two week low of $230.45 and a fifty-two week high of $413.24. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.00 and a quick ratio of 1.02. The firm's fifty day moving average price is $385.10 and its two-hundred day moving average price is $353.84. The company has a market capitalization of $34.78 billion, a P/E ratio of 13.65, a P/E/G ratio of 0.72 and a beta of 0.90.

Credicorp (NYSE:BAP - Get Free Report) last announced its quarterly earnings results on Thursday, August 13th. The bank reported $7.33 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $1.96 billion for the quarter, compared to analyst estimates of $1.82 billion. On average, analysts anticipate that Credicorp Ltd. will post 29.41 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts recently commented on BAP shares. The Goldman Sachs Group upped 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. Weiss Ratings upgraded shares of Credicorp from a "buy (b)" rating to a "buy (b+)" rating in a report on Thursday, August 6th. Morgan Stanley raised shares of Credicorp from an "equal weight" rating to an "overweight" rating and upped their price objective for the company from $375.00 to $480.00 in a research report on Wednesday, June 17th. HSBC upgraded shares of Credicorp from a "hold" rating to a "buy" rating and increased their target price for the company from $320.00 to $350.00 in a research note on Tuesday, May 19th. Finally, JPMorgan Chase & Co. downgraded Credicorp from an "overweight" rating to a "neutral" rating and set a $415.00 target price on the stock. in a research report on Monday, June 15th. Four investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $406.20.

Insiders Place Their Bets

In related news, CEO Diego Antonio Cavero sold 3,500 shares of the company's 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 sale, the chief executive officer owned 7,307 shares of the company's stock, valued at $2,330,933. The trade was a 32.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 15.90% of the stock is currently owned by insiders.

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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