The Manufacturers Life Insurance Company Has $23.82 Million Holdings in Credicorp Ltd. $BAP

Key Points

• The Manufacturers Life Insurance Company reduced its Credicorp position by 3.6% in the first quarter, retaining 70,231 shares worth approximately $23.82 million. Institutional investors collectively own 89.81% of BAP.
• Credicorp’s CEO and CFO sold shares in separate transactions, reducing their direct holdings by 32.39% and 38.08%, respectively.
• Analyst sentiment remains positive overall, with five Buy ratings and three Holds giving Credicorp a “Moderate Buy” consensus and an average price target of $384.33. The stock opened at $401.22, near its 52-week high of $413.25.

The Manufacturers Life Insurance Company lessened its position in shares of Credicorp Ltd. (NYSE:BAP - Free Report) by 3.6% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 70,231 shares of the bank's stock after selling 2,651 shares during the period. The Manufacturers Life Insurance Company owned 0.07% of Credicorp worth $23,821,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of BAP. Brown Brothers Harriman & Co. acquired a new stake in Credicorp during the 3rd quarter worth about $35,000. Raymond James Financial Inc. bought a new position in shares of Credicorp in the 2nd quarter worth about $38,000. Annis Gardner Whiting Capital Advisors LLC acquired a new position in shares of Credicorp in the 1st quarter valued at about $40,000. Kestra Advisory Services LLC bought a new stake in shares of Credicorp during the 4th quarter valued at about $42,000. Finally, Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Credicorp during the 4th quarter valued at about $46,000. 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 dated Friday, June 5th. The shares were sold at an average price of $319.00, for a total transaction of $1,116,500.00. Following the transaction, 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 document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Alejandro Perez-Reyes sold 1,073 shares of Credicorp stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $337.50, for a total transaction of $362,137.50. Following the transaction, the chief financial officer directly owned 1,745 shares in the company, valued at approximately $588,937.50. This represents a 38.08% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 15.90% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on BAP. Morgan Stanley upgraded Credicorp from an "equal weight" rating to an "overweight" rating and lifted their target price for the stock from $375.00 to $480.00 in a report on Wednesday, June 17th. JPMorgan Chase & Co. downgraded shares of Credicorp from an "overweight" rating to a "neutral" rating and set a $415.00 price objective for the company. in a research report on Monday, June 15th. HSBC upgraded shares of Credicorp from a "hold" rating to a "buy" rating and boosted their target price for the company from $320.00 to $350.00 in a research report on Tuesday, May 19th. The Goldman Sachs Group increased their target price on shares of Credicorp from $329.00 to $374.00 and gave the stock a "neutral" rating in a research note on Thursday, July 16th. Finally, Weiss Ratings cut shares of Credicorp from a "buy (a-)" rating to a "buy (b)" rating in a report on Friday, May 29th. Five investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, Credicorp presently has an average rating of "Moderate Buy" and an average price target of $384.33.

Credicorp Trading Down 0.3%

BAP opened at $401.22 on Friday. Credicorp Ltd. has a fifty-two week low of $230.45 and a fifty-two week high of $413.25. The firm has a market capitalization of $37.87 billion, a PE ratio of 15.47, a P/E/G ratio of 0.87 and a beta of 0.88. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.02 and a quick ratio of 1.02. The company's 50-day moving average is $373.73 and its 200 day moving average is $349.27.

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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