Pzena Investment Management LLC Invests $325.91 Million in Credicorp Ltd. $BAP

Key Points

• Pzena Investment Management acquired 836,569 Credicorp shares worth approximately $325.9 million in the second quarter, giving it a 0.89% stake and making BAP its 29th-largest holding. Institutional investors collectively own 89.81% of the company.
• Analyst sentiment is broadly positive: Credicorp has a “Moderate Buy” consensus rating from five Buy and three Hold ratings, with an average price target of $384.33. Morgan Stanley upgraded the stock to Overweight and raised its target to $480.
• Credicorp’s latest quarterly results slightly exceeded expectations, with earnings of $7.33 per share versus $7.31 expected and revenue of $1.96 billion versus $1.82 billion forecast. Shares opened at $377.57, down 2.3%, while CEO and CFO insider sales were also reported.

Pzena Investment Management LLC acquired a new stake in Credicorp Ltd. (NYSE:BAP - Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 836,569 shares of the bank's stock, valued at approximately $325,911,000. Credicorp accounts for 1.0% of Pzena Investment Management LLC's portfolio, making the stock its 29th biggest holding. Pzena Investment Management LLC owned about 0.89% of Credicorp at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. BlackRock Inc. bought a new position in Credicorp in the 2nd quarter valued at $1,933,666,000. Capital World Investors grew its position in shares of Credicorp by 34.7% during the 4th quarter. Capital World Investors now owns 2,195,404 shares of the bank's stock valued at $630,081,000 after purchasing an additional 565,490 shares in the last quarter. Royal Bank of Canada increased its holdings in shares of Credicorp by 0.8% in the first quarter. Royal Bank of Canada now owns 1,721,926 shares of the bank's stock worth $584,042,000 after purchasing an additional 13,249 shares during the period. Invesco Ltd. increased its holdings in shares of Credicorp by 2.3% in 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 period. Finally, State Street Corp raised its position in shares of Credicorp by 5.5% in the fourth quarter. State Street Corp now owns 1,336,882 shares of the bank's stock worth $383,685,000 after buying an additional 69,329 shares in the last quarter. Hedge funds and other institutional investors own 89.81% of the company's stock.

Analyst Upgrades and Downgrades

BAP has been the subject of several research analyst reports. Morgan Stanley raised 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 raised their price target on Credicorp from $408.00 to $412.00 and gave the company a "buy" rating in a report on Tuesday, May 26th. JPMorgan Chase & Co. downgraded Credicorp from an "overweight" rating to a "neutral" rating and set a $415.00 price target for the company. in a research report on Monday, June 15th. HSBC raised Credicorp from a "hold" rating to a "buy" rating and boosted their price objective for the stock from $320.00 to $350.00 in a report on Tuesday, May 19th. Finally, Weiss Ratings upgraded shares of Credicorp from a "buy (b)" rating to a "buy (b+)" rating in a research report on Thursday, August 6th. Five analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, Credicorp presently has an average rating of "Moderate Buy" and a consensus price target of $384.33.

Credicorp Stock Down 2.3%

BAP opened at $377.57 on Tuesday. The stock has a market cap of $35.64 billion, a PE ratio of 13.99, a P/E/G ratio of 0.84 and a beta of 0.90. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.36. Credicorp Ltd. has a 52 week low of $230.45 and a 52 week high of $413.24. The business's fifty day simple moving average is $384.39 and its 200 day simple moving average is $353.73.

Credicorp (NYSE:BAP - Get Free Report) last released its quarterly earnings results on Thursday, August 13th. The bank reported $7.33 earnings per share for the quarter, beating analysts' consensus estimates of $7.31 by $0.02. The business had revenue of $1.96 billion for the quarter, compared to the consensus estimate of $1.82 billion. Credicorp had a return on equity of 21.09% and a net margin of 25.04%. As a group, research analysts expect that Credicorp Ltd. will post 29.52 earnings per share for the current fiscal year.

Insider Transactions at Credicorp

In other Credicorp news, CEO Diego Antonio Cavero sold 3,500 shares of the company's stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $319.00, for a total value 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 $2,330,933. This represents a 32.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Alejandro Perez-Reyes sold 1,073 shares of the stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $337.50, for a total transaction of $362,137.50. Following the transaction, the chief financial officer owned 1,745 shares in the company, valued at $588,937.50. The trade was a 38.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 15.90% of the company's stock.

Credicorp 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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