SPX Gestao de Recursos Ltda Decreases Stock Holdings in Credicorp Ltd. $BAP

Key Points

• SPX Gestao de Recursos Ltda cut its Credicorp stake by 66.1% in the first quarter, selling 131,680 shares and leaving it with 67,403 shares valued at about $22.9 million.
• Several other institutional investors recently adjusted their positions in Credicorp, and overall hedge funds and institutions own 89.81% of the stock.
• Analysts are mixed but generally positive: Credicorp has a Moderate Buy consensus with an average price target of $384.33, though JPMorgan downgraded the stock to neutral while Morgan Stanley and UBS raised their targets.

SPX Gestao de Recursos Ltda lowered its stake in shares of Credicorp Ltd. (NYSE:BAP - Free Report) by 66.1% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 67,403 shares of the bank's stock after selling 131,680 shares during the period. Credicorp makes up approximately 1.9% of SPX Gestao de Recursos Ltda's holdings, making the stock its 15th biggest position. SPX Gestao de Recursos Ltda owned approximately 0.07% of Credicorp worth $22,862,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Sovran Advisors LLC purchased a new position in shares of Credicorp in the 4th quarter worth $1,358,000. Marshall Financial Group LLC purchased a new stake in Credicorp during the fourth quarter valued at $912,000. Ninety One North America Inc. increased its position in Credicorp by 9.9% during the fourth quarter. Ninety One North America Inc. now owns 166,814 shares of the bank's stock valued at $47,876,000 after acquiring an additional 14,994 shares during the last quarter. Assetmark Inc. lifted its holdings in Credicorp by 8.4% in the fourth quarter. Assetmark Inc. now owns 21,820 shares of the bank's stock valued at $6,262,000 after acquiring an additional 1,688 shares during the period. Finally, SG Americas Securities LLC lifted its holdings in Credicorp by 7,441.9% in the fourth quarter. SG Americas Securities LLC now owns 32,053 shares of the bank's stock valued at $9,199,000 after acquiring an additional 31,628 shares during the period. 89.81% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. 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 note on Monday, June 15th. Weiss Ratings cut shares of Credicorp from a "buy (a-)" rating to a "buy (b)" rating in a research note on Friday, May 29th. The Goldman Sachs Group boosted their target price on shares of Credicorp from $329.00 to $374.00 and gave the company a "neutral" rating in a research report on Thursday. Morgan Stanley upgraded Credicorp from an "equal weight" rating to an "overweight" rating and upped their price objective for the stock from $375.00 to $480.00 in a research note on Wednesday, June 17th. Finally, UBS Group raised their target price on Credicorp from $408.00 to $412.00 and gave the stock a "buy" rating in a report on Tuesday, May 26th. Five equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Credicorp currently has an average rating of "Moderate Buy" and an average price target of $384.33.

Insider Buying and Selling at Credicorp

In other Credicorp 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 directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Alejandro Perez-Reyes sold 1,073 shares of the business's 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. The trade was a 38.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 15.90% of the company's stock.

Credicorp Price Performance

NYSE BAP opened at $391.64 on Friday. Credicorp Ltd. has a 12 month low of $224.94 and a 12 month high of $403.30. The stock has a market cap of $36.96 billion, a price-to-earnings ratio of 15.10, a PEG ratio of 0.85 and a beta of 0.88. The company's 50 day moving average is $360.14 and its two-hundred day moving average is $342.34. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.36.

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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