Virtus Advisers LLC Purchases New Stake in Credicorp Ltd. $BAP

Key Points

• Virtus Advisers acquired 13,207 Credicorp shares worth approximately $5.15 million, making the bank its third-largest holding at 2% of the portfolio. Institutional investors collectively own 89.81% of Credicorp.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $418.40. UBS and Morgan Stanley raised their targets to $473 and $480, respectively.
• Credicorp slightly exceeded quarterly expectations, reporting $7.33 in EPS versus the $7.31 estimate and $1.96 billion in revenue versus $1.82 billion expected; shares opened at $371.16.

Virtus Advisers LLC acquired a new position in shares of Credicorp Ltd. (NYSE:BAP - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 13,207 shares of the bank's stock, valued at approximately $5,145,000. Credicorp makes up 2.0% of Virtus Advisers LLC's holdings, making the stock its 3rd biggest holding.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Fairtree Asset Management Pty Ltd purchased a new stake in Credicorp in the 2nd quarter valued at $1,432,000. Trillium Asset Management LLC purchased a new position in shares of Credicorp during the 2nd quarter worth $6,065,000. Edmond DE Rothschild Holding S.A. acquired a new position in shares of Credicorp during the 2nd quarter valued at about $1,173,000. West Family Investments Inc. acquired a new position in shares of Credicorp during the 2nd quarter valued at about $218,000. Finally, NewEdge Wealth LLC purchased a new stake in shares of Credicorp in the second quarter valued at about $893,000. Institutional investors and hedge funds own 89.81% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Weiss Ratings upgraded shares of Credicorp from a "buy (b)" rating to a "buy (b+)" rating in a research report on Thursday, August 6th. UBS Group boosted their target price on shares of Credicorp from $412.00 to $473.00 and gave the company a "buy" rating in a report on Thursday. HSBC raised shares of Credicorp from a "hold" rating to a "buy" rating and increased their price target for the company from $320.00 to $350.00 in a research note on Tuesday, May 19th. The Goldman Sachs Group lifted their price target on shares of Credicorp from $329.00 to $374.00 and gave the company a "neutral" rating in a research report on Thursday, July 16th. Finally, Morgan Stanley upgraded Credicorp from an "equal weight" rating to an "overweight" rating and upped their price objective for the company from $375.00 to $480.00 in a report on Wednesday, June 17th. Four analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, Credicorp currently has a consensus rating of "Moderate Buy" and a consensus target price of $418.40.

Credicorp Stock Up 0.6%

Shares of NYSE:BAP opened at $371.16 on Friday. The business has a 50-day moving average price of $385.15 and a 200 day moving average price of $353.94. The company has a current ratio of 1.00, a quick ratio of 1.02 and a debt-to-equity ratio of 0.38. The company has a market capitalization of $35.03 billion, a price-to-earnings ratio of 13.75, a PEG ratio of 0.72 and a beta of 0.90. 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 posted its earnings results on Friday, August 14th. The bank reported $7.33 EPS for the quarter, beating analysts' consensus estimates of $7.31 by $0.02. The company had revenue of $1.96 billion for the quarter, compared to analysts' expectations of $1.82 billion. Credicorp had a net margin of 25.04% and a return on equity of 20.52%. Sell-side analysts expect that Credicorp Ltd. will post 29.41 EPS for the current year.

Insider Activity

In other news, CEO Diego Antonio Cavero sold 3,500 shares of the company'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 directly owned 7,307 shares in the company, valued at approximately $2,330,933. This represents a 32.39% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 15.90% of the company's stock.

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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