W1M Asset Management Ltd Makes New Investment in Credicorp Ltd. $BAP

Key Points

• W1M Asset Management initiated a 3,200-share position in Credicorp during the second quarter, valued at approximately $1.25 million. Institutional investors collectively own 89.81% of the company’s stock.
• Credicorp reported quarterly EPS of $7.33, slightly exceeding estimates, while revenue of $1.96 billion surpassed expectations of $1.82 billion. Analysts project full-year EPS of $29.41.
• Analyst sentiment is moderately bullish: the stock has a consensus “Moderate Buy” rating and an average price target of $418.40, although JPMorgan downgraded it to “neutral.”

W1M Asset Management Ltd bought a new position in Credicorp Ltd. (NYSE:BAP - Free Report) during the second quarter, according to its most recent 13F filing with the SEC. The fund bought 3,200 shares of the bank's stock, valued at approximately $1,248,000.

Several other hedge funds have also recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Credicorp in the first quarter worth about $78,000. Cetera Investment Advisers raised its position in Credicorp by 36.3% during the second quarter. Cetera Investment Advisers now owns 1,786 shares of the bank's stock valued at $399,000 after purchasing an additional 476 shares during the period. State Street Corp lifted its stake in shares of Credicorp by 1.6% in the 2nd quarter. State Street Corp now owns 1,197,536 shares of the bank's stock valued at $267,673,000 after purchasing an additional 19,361 shares during the last quarter. Nebula Research & Development LLC purchased a new position in shares of Credicorp in the 2nd quarter worth approximately $355,000. Finally, Quantinno Capital Management LP increased its position in shares of Credicorp by 24.7% during the 2nd quarter. Quantinno Capital Management LP now owns 5,468 shares of the bank's stock valued at $1,222,000 after purchasing an additional 1,083 shares during the last quarter. 89.81% of the stock is currently owned by hedge funds and other institutional investors.

Credicorp Trading Up 2.2%

NYSE BAP opened at $378.51 on Friday. The stock has a market cap of $35.72 billion, a PE ratio of 14.02, a PEG ratio of 0.74 and a beta of 0.90. Credicorp Ltd. has a 12 month low of $230.45 and a 12 month high of $413.24. The company's 50-day moving average price is $385.34 and its 200-day moving average price is $354.11. The company has a current ratio of 1.00, a quick ratio of 1.02 and a debt-to-equity ratio of 0.38.

Credicorp (NYSE:BAP - Get Free Report) last released its quarterly earnings data on Friday, August 14th. The bank reported $7.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.31 by $0.02. The company had revenue of $1.96 billion during 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%. Equities research analysts forecast that Credicorp Ltd. will post 29.41 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on BAP. HSBC upgraded 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 report on Tuesday, May 19th. Morgan Stanley upgraded shares of Credicorp from an "equal weight" rating to an "overweight" rating and raised their target price for the stock from $375.00 to $480.00 in a report on Wednesday, June 17th. The Goldman Sachs Group upped their price target on shares of Credicorp from $329.00 to $374.00 and gave the company a "neutral" rating in a report on Thursday, July 16th. 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 note on Monday, June 15th. Finally, Weiss Ratings cut Credicorp from a "buy (b+)" rating to a "buy (b)" rating in a research note on Thursday. Four investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $418.40.

Insiders Place Their Bets

In other Credicorp news, CEO Diego Antonio Cavero sold 3,500 shares of the company's stock in a transaction 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 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 15.90% of the stock is currently owned by company insiders.

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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