The Manufacturers Life Insurance Company Trims Stock Position in Credicorp Ltd. $BAP

Key Points

• The Manufacturers Life Insurance Company reduced its stake in Credicorp Ltd. by 21.3%, owning approximately $30.89 million in shares as of the latest SEC filing.
• Wall Street analysts have recently upgraded Credicorp’s stock rating, with a consensus rating of "Moderate Buy" and a target price of $236.80.
• Credicorp reported $6.24 EPS for the quarter, surpassing analysts' estimates of $5.73, indicating strong revenue performance of $1.58 billion.

The Manufacturers Life Insurance Company lessened its position in shares of Credicorp Ltd. (NYSE:BAP - Free Report) by 21.3% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 165,949 shares of the bank's stock after selling 44,909 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.21% of Credicorp worth $30,893,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in BAP. SVB Wealth LLC purchased a new stake in shares of Credicorp during the 1st quarter worth about $35,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Credicorp in the 4th quarter valued at about $40,000. Cullen Frost Bankers Inc. acquired a new position in Credicorp in the 1st quarter worth about $40,000. Farther Finance Advisors LLC boosted its position in Credicorp by 2,170.0% during the first quarter. Farther Finance Advisors LLC now owns 227 shares of the bank's stock worth $44,000 after purchasing an additional 217 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd purchased a new position in Credicorp during the first quarter worth approximately $108,000. Hedge funds and other institutional investors own 89.81% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on BAP shares. Wall Street Zen upgraded Credicorp from a "hold" rating to a "buy" rating in a research report on Friday, August 22nd. Citigroup boosted their price target on shares of Credicorp from $255.00 to $275.00 and gave the stock a "buy" rating in a report on Wednesday, August 20th. UBS Group reaffirmed a "buy" rating on shares of Credicorp in a report on Monday, June 2nd. The Goldman Sachs Group upgraded shares of Credicorp from a "sell" rating to a "neutral" rating and lifted their target price for the company from $174.00 to $225.00 in a research report on Thursday, July 24th. Finally, HSBC downgraded shares of Credicorp from a "buy" rating to a "hold" rating and upped their price target for the stock from $225.00 to $255.00 in a research report on Friday. Three equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $239.83.

Credicorp Price Performance

Shares of NYSE:BAP traded up $1.25 during midday trading on Friday, hitting $261.23. The company's stock had a trading volume of 586,372 shares, compared to its average volume of 373,064. The company has a market cap of $20.78 billion, a P/E ratio of 14.21, a price-to-earnings-growth ratio of 0.72 and a beta of 1.12. Credicorp Ltd. has a 12-month low of $165.51 and a 12-month high of $263.92. The business's 50 day simple moving average is $240.17 and its 200 day simple moving average is $212.10. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.08 and a current ratio of 1.08.

Credicorp (NYSE:BAP - Get Free Report) last released its quarterly earnings data on Thursday, August 14th. The bank reported $6.24 EPS for the quarter, beating analysts' consensus estimates of $5.73 by $0.51. Credicorp had a net margin of 20.94% and a return on equity of 16.25%. The company had revenue of $1.58 billion during the quarter, compared to the consensus estimate of $1.52 billion. On average, analysts forecast that Credicorp Ltd. will post 21.9 EPS for the current year.

About Credicorp

Credicorp Ltd. provides various financial, insurance, and health services and products primarily in Peru and internationally. It operates through Universal Banking, Insurance and Pensions, Microfinance, and Investment Banking and Equity Management segments. The Universal Banking segment grants various credits and financial instruments to individuals and legal entities; and various deposits and current accounts.