Wellington Management Group LLP Sells 17,724 Shares of Credicorp Ltd. $BAP

Key Points

• Wellington Management reduced its Credicorp stake by 9.1%, selling 17,724 shares and retaining 176,848 shares valued at approximately $68.9 million. Institutional investors collectively own 89.81% of the company.
• Credicorp reported quarterly EPS of $7.33, slightly above the $7.31 consensus, while revenue reached $1.96 billion versus expectations of $1.82 billion. The bank posted a 20.52% return on equity and a 25.04% net margin.
• Analyst sentiment remains favorable, with four Buy ratings and three Holds, producing a “Moderate Buy” consensus and an average price target of $418.40. Shares recently opened at $378.93, while CEO Diego Antonio Cavero separately sold 3,500 shares.

Wellington Management Group LLP cut its holdings in Credicorp Ltd. (NYSE:BAP - Free Report) by 9.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 176,848 shares of the bank's stock after selling 17,724 shares during the quarter. Wellington Management Group LLP owned approximately 0.19% of Credicorp worth $68,896,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the business. Pin Oak Investment Advisors Inc. bought a new position in Credicorp in the 2nd quarter worth about $25,000. Quantbot Technologies LP bought a new position in shares of Credicorp in the second quarter worth approximately $26,000. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Credicorp during the second quarter valued at approximately $27,000. Annis Gardner Whiting Capital Advisors LLC bought a new stake in shares of Credicorp during the first quarter valued at approximately $40,000. Finally, Brown Brothers Harriman & Co. purchased a new position in Credicorp in the 3rd quarter worth approximately $35,000. 89.81% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Credicorp 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 completion of the transaction, the chief executive officer directly owned 7,307 shares in the company, valued at $2,330,933. This represents a 32.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 15.90% of the stock is owned by corporate insiders.

Credicorp Stock Performance

NYSE:BAP opened at $378.93 on Thursday. The stock has a 50-day simple moving average of $385.28 and a two-hundred day simple moving average of $355.18. Credicorp Ltd. has a 52-week low of $230.45 and a 52-week high of $413.24. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.00 and a current ratio of 1.00. The firm has a market capitalization of $35.76 billion, a PE ratio of 14.04, a P/E/G ratio of 0.73 and a beta of 0.88.

Credicorp (NYSE:BAP - Get Free Report) last posted its quarterly earnings data on Friday, August 14th. The bank reported $7.33 EPS for the quarter, topping the consensus estimate of $7.31 by $0.02. The firm had revenue of $1.96 billion for the quarter, compared to the consensus estimate of $1.82 billion. Credicorp had a return on equity of 20.52% and a net margin of 25.04%. Analysts forecast that Credicorp Ltd. will post 29.41 EPS for the current year.

Analyst Ratings Changes

A number of analysts have commented on BAP shares. The Goldman Sachs Group lifted their target price on Credicorp from $329.00 to $374.00 and gave the stock a "neutral" rating in a report on Thursday, July 16th. JPMorgan Chase & Co. downgraded Credicorp from an "overweight" rating to a "neutral" rating and set a $415.00 price objective for the company. in a report on Monday, June 15th. Morgan Stanley upgraded shares of Credicorp from an "equal weight" rating to an "overweight" rating and upped their target price for the company from $375.00 to $480.00 in a research note on Wednesday, June 17th. UBS Group lifted their price target on shares of Credicorp from $412.00 to $473.00 and gave the stock a "buy" rating in a research note on Thursday, August 20th. Finally, HSBC upgraded shares of Credicorp from a "hold" rating to a "buy" rating and increased their price objective for the company from $320.00 to $350.00 in a research report on Tuesday, May 19th. Four research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $418.40.

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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