Sumitomo Mitsui Trust Group Inc. Lowers Position in Credicorp Ltd. $BAP

Key Points

• Sumitomo Mitsui Trust Group reduced its Credicorp stake by 3.4% in the first quarter, selling 5,859 shares and ending with 164,343 shares valued at about $55.7 million.
• Credicorp shares have been strong, recently trading up to $401.11 and near their 52-week high of $402.19, with a market cap of $37.86 billion.
• Analyst sentiment remains constructive overall: Credicorp has a consensus “Moderate Buy” rating, with several firms raising targets, though JPMorgan recently downgraded the stock to neutral.

Sumitomo Mitsui Trust Group Inc. cut its stake in shares of Credicorp Ltd. (NYSE:BAP - Free Report) by 3.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 164,343 shares of the bank's stock after selling 5,859 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.17% of Credicorp worth $55,742,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. QRG Capital Management Inc. bought a new stake in shares of Credicorp in the 1st quarter worth $286,000. Y Intercept Hong Kong Ltd bought a new position in shares of Credicorp during the first quarter valued at about $1,800,000. Elevation Point Wealth Partners LLC boosted its holdings in Credicorp by 39.9% during the first quarter. Elevation Point Wealth Partners LLC now owns 2,180 shares of the bank's stock worth $739,000 after purchasing an additional 622 shares during the last quarter. Keybank National Association OH boosted its holdings in Credicorp by 4.8% during the first quarter. Keybank National Association OH now owns 4,553 shares of the bank's stock worth $1,544,000 after purchasing an additional 210 shares during the last quarter. Finally, USS Investment Management Ltd grew its position in Credicorp by 41.7% in the 1st quarter. USS Investment Management Ltd now owns 156,358 shares of the bank's stock worth $52,975,000 after purchasing an additional 46,014 shares in the last quarter. 89.81% of the stock is owned by hedge funds and other institutional investors.

Credicorp Stock Performance

BAP stock traded up $9.19 during mid-day trading on Friday, hitting $401.11. The company had a trading volume of 205,209 shares, compared to its average volume of 361,199. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.02 and a current ratio of 1.02. The firm has a market cap of $37.86 billion, a PE ratio of 15.46, a price-to-earnings-growth ratio of 0.87 and a beta of 0.88. Credicorp Ltd. has a 12 month low of $216.87 and a 12 month high of $402.19. The stock's fifty day moving average price is $353.41 and its two-hundred day moving average price is $338.76.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. JPMorgan Chase & Co. lowered shares of Credicorp from an "overweight" rating to a "neutral" rating and set a $415.00 price objective for the company. in a research note on Monday, June 15th. HSBC upgraded Credicorp from a "hold" rating to a "buy" rating and boosted their target price for the stock from $320.00 to $350.00 in a research note on Tuesday, May 19th. Morgan Stanley raised Credicorp from an "equal weight" rating to an "overweight" rating and increased their price target for the company from $375.00 to $480.00 in a research report on Wednesday, June 17th. Weiss Ratings lowered Credicorp from a "buy (a-)" rating to a "buy (b)" rating in a report on Friday, May 29th. Finally, UBS Group boosted their price objective on Credicorp from $408.00 to $412.00 and gave the stock a "buy" rating in a research report on Tuesday, May 26th. Five research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $377.00.

Insider Buying and Selling

In related news, CFO Alejandro Perez-Reyes sold 1,073 shares of Credicorp stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $337.50, for a total value of $362,137.50. Following the sale, the chief financial officer owned 1,745 shares of the company's stock, valued at approximately $588,937.50. The trade was a 38.08% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Diego Antonio Cavero sold 3,500 shares of the stock in a transaction 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 directly owned 7,307 shares of the company's stock, valued at approximately $2,330,933. This trade represents a 32.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 15.90% of the company's stock.

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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