USS Investment Management Ltd Increases Holdings in Credicorp Ltd. $BAP

Key Points

• USS Investment Management Ltd increased its Credicorp stake by 15.1% in the fourth quarter, bringing its holdings to 110,344 shares valued at about $31.7 million.
• Credicorp stock was slightly lower in Monday trading, opening at $369.16, while the shares remain near their 52-week high of $380.20 and well above the low of $213.75.
• Analysts remain generally upbeat: several firms recently raised price targets, and the stock currently carries a consensus rating of Moderate Buy with an average target of $356.40.

USS Investment Management Ltd increased its stake in Credicorp Ltd. (NYSE:BAP - Free Report) by 15.1% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 110,344 shares of the bank's stock after purchasing an additional 14,470 shares during the quarter. USS Investment Management Ltd owned about 0.14% of Credicorp worth $31,684,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the stock. TD Asset Management Inc grew its position in shares of Credicorp by 1.6% in the fourth quarter. TD Asset Management Inc now owns 1,853 shares of the bank's stock valued at $532,000 after purchasing an additional 29 shares in the last quarter. Cigna Investments Inc. New boosted its holdings in shares of Credicorp by 2.8% in the 4th quarter. Cigna Investments Inc. New now owns 1,172 shares of the bank's stock worth $336,000 after purchasing an additional 32 shares in the last quarter. CIBC Private Wealth Group LLC boosted its holdings in shares of Credicorp by 21.6% in the 4th quarter. CIBC Private Wealth Group LLC now owns 180 shares of the bank's stock worth $52,000 after purchasing an additional 32 shares in the last quarter. Perpetual Ltd boosted its holdings in shares of Credicorp by 0.5% in the 4th quarter. Perpetual Ltd now owns 6,418 shares of the bank's stock worth $1,842,000 after purchasing an additional 34 shares in the last quarter. Finally, Nomura Asset Management Co. Ltd. boosted its holdings in shares of Credicorp by 0.4% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 10,162 shares of the bank's stock worth $2,916,000 after purchasing an additional 42 shares in the last quarter. 89.81% of the stock is currently owned by hedge funds and other institutional investors.

Credicorp Trading Down 0.1%

BAP opened at $369.16 on Monday. Credicorp Ltd. has a one year low of $213.75 and a one year high of $380.20. The business has a 50 day simple moving average of $334.58 and a two-hundred day simple moving average of $323.29. 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 firm has a market capitalization of $34.84 billion, a price-to-earnings ratio of 14.23, a PEG ratio of 0.80 and a beta of 0.89.

Credicorp (NYSE:BAP - Get Free Report) last posted its earnings results on Sunday, February 1st. The bank reported $5.91 earnings per share for the quarter. Credicorp had a return on equity of 20.61% and a net margin of 24.81%.The firm had revenue of $1.81 billion for the quarter. Analysts predict that Credicorp Ltd. will post 29.61 EPS for the current year.

Insider Buying and Selling

In related news, CFO Alejandro Perez-Reyes sold 1,073 shares of the company's stock in a transaction that occurred on Thursday, May 21st. The stock was 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 in the company, valued at $588,937.50. This represents a 38.08% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Diego Antonio Cavero sold 3,500 shares of the company's stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $319.00, for a total value of $1,116,500.00. Following the completion of the sale, the chief executive officer owned 7,307 shares in the company, valued at $2,330,933. The trade was a 32.39% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 15.90% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research firms have recently issued reports on BAP. UBS Group upped their price objective on Credicorp from $408.00 to $412.00 and gave the stock a "buy" rating in a report on Tuesday, May 26th. HSBC raised 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 note on Tuesday, May 19th. Weiss Ratings lowered Credicorp from a "buy (a-)" rating to a "buy (b)" rating in a research note on Friday, May 29th. JPMorgan Chase & Co. boosted their target price on Credicorp from $412.00 to $415.00 and gave the company an "overweight" rating in a research note on Thursday, May 28th. Finally, The Goldman Sachs Group boosted their target price on Credicorp from $293.00 to $330.00 and gave the company a "neutral" rating in a research note on Tuesday, February 17th. Five research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $356.40.

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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