SPX Gestao de Recursos Ltda Takes $17.13 Million Position in Credicorp Ltd. $BAP

Key Points

• SPX Gestao de Recursos acquired 43,967 Credicorp shares worth approximately $17.13 million, making the bank its 21st-largest holding. Institutional investors collectively own 89.81% of Credicorp.
• Analyst sentiment remains positive overall, with four Buy ratings and three Holds producing a “Moderate Buy” consensus and an average price target of $418.40. Targets range from $374 to $480, although JPMorgan downgraded the stock to Neutral.
• Credicorp exceeded quarterly expectations, reporting $7.33 EPS versus a $7.31 estimate and $1.96 billion in revenue versus $1.82 billion expected. Shares opened at $383.33, near their 12-month high of $413.24.

SPX Gestao de Recursos Ltda acquired a new stake in shares of Credicorp Ltd. (NYSE:BAP - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 43,967 shares of the bank's stock, valued at approximately $17,129,000. Credicorp accounts for about 1.7% of SPX Gestao de Recursos Ltda's holdings, making the stock its 21st largest holding.

A number of other hedge funds have also recently bought and sold shares of the company. M&T Bank Corp purchased a new position in Credicorp during the fourth quarter worth about $1,403,000. Principal Financial Group Inc. boosted its stake in Credicorp by 98.9% in the 4th quarter. Principal Financial Group Inc. now owns 579,231 shares of the bank's stock worth $166,239,000 after buying an additional 288,056 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp grew its holdings in Credicorp by 24.7% in the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 363,084 shares of the bank's stock valued at $104,265,000 after buying an additional 71,847 shares during the period. Y Intercept Hong Kong Ltd purchased a new stake in Credicorp in the 1st quarter valued at about $1,800,000. Finally, Kestra Private Wealth Services LLC acquired a new position in shares of Credicorp during the 4th quarter valued at about $1,119,000. Institutional investors and hedge funds own 89.81% of the company's stock.

Insider Buying and Selling

In related news, CEO Diego Antonio Cavero sold 3,500 shares of the firm's stock in a transaction that occurred on 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 transaction, the chief executive officer owned 7,307 shares in the company, valued at approximately $2,330,933. This trade represents a 32.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 15.90% of the company's stock.

Analyst Ratings Changes

BAP has been the topic of several recent analyst reports. JPMorgan Chase & Co. lowered shares of Credicorp from an "overweight" rating to a "neutral" rating and set a $415.00 price objective on the stock. in a report on Monday, June 15th. 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 report on Thursday, July 16th. Morgan Stanley raised shares of Credicorp from an "equal weight" rating to an "overweight" rating and upped their price target for the stock from $375.00 to $480.00 in a research report on Wednesday, June 17th. Weiss Ratings downgraded shares of Credicorp from a "buy (b+)" rating to a "buy (b)" rating in a research note on Thursday, August 20th. Finally, UBS Group lifted their price target on shares of Credicorp from $412.00 to $473.00 and gave the company a "buy" rating in a report on Thursday, August 20th. Four research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $418.40.

Credicorp Stock Performance

Shares of NYSE:BAP opened at $383.33 on Wednesday. The firm has a market capitalization of $36.18 billion, a PE ratio of 14.20, a P/E/G ratio of 0.75 and a beta of 0.90. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.00 and a quick ratio of 1.00. The business has a 50-day moving average of $386.07 and a two-hundred day moving average of $354.19. Credicorp Ltd. has a 12 month low of $230.45 and a 12 month high of $413.24.

Credicorp (NYSE:BAP - Get Free Report) last released its quarterly earnings data on Friday, August 14th. The bank reported $7.33 earnings per share for the quarter, beating the consensus estimate of $7.31 by $0.02. Credicorp had a return on equity of 20.52% and a net margin of 25.04%.The business had revenue of $1.96 billion for the quarter, compared to analyst estimates of $1.82 billion. As a group, research analysts forecast that Credicorp Ltd. will post 29.41 earnings per share for the current year.

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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