Pzena Investment Management LLC Makes New Investment in Credicorp Ltd. $BAP

Pzena Investment Management LLC purchased a new stake in shares of Credicorp Ltd. (NYSE:BAP) in the 2nd quarter, HoldingsChannel reports. The firm purchased 836,569 shares of the bank’s stock, valued at approximately $325,911,000. Credicorp makes up 1.0% of Pzena Investment Management LLC’s portfolio, making the stock its 29th largest holding.

A number of other institutional investors and hedge funds have also recently modified their holdings of BAP. BlackRock Inc. purchased a new position in shares of Credicorp in the second quarter worth about $1,933,666,000. Capital World Investors boosted its holdings in Credicorp by 34.7% during the 4th quarter. Capital World Investors now owns 2,195,404 shares of the bank’s stock valued at $630,081,000 after acquiring an additional 565,490 shares during the period. Royal Bank of Canada boosted its holdings in Credicorp by 0.8% during the 1st quarter. Royal Bank of Canada now owns 1,721,926 shares of the bank’s stock valued at $584,042,000 after acquiring an additional 13,249 shares during the period. Invesco Ltd. grew its position in Credicorp by 2.3% during the 4th quarter. Invesco Ltd. now owns 1,380,791 shares of the bank’s stock worth $396,287,000 after acquiring an additional 31,383 shares during the last quarter. Finally, State Street Corp grew its position in Credicorp by 5.5% during the 4th quarter. State Street Corp now owns 1,336,882 shares of the bank’s stock worth $383,685,000 after acquiring an additional 69,329 shares during the last quarter. 89.81% of the stock is owned by institutional investors.

Credicorp Stock Down 2.3%

NYSE BAP opened at $377.57 on Tuesday. 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 stock has a market capitalization of $35.64 billion, a PE ratio of 13.99, a PEG ratio of 0.84 and a beta of 0.90. Credicorp Ltd. has a 1 year low of $230.45 and a 1 year high of $413.24. The business’s 50-day moving average is $384.39 and its 200 day moving average is $353.73.

Credicorp (NYSE:BAP) last announced its quarterly earnings results on Thursday, August 13th. The bank reported $7.33 earnings per share (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 the consensus estimate of $1.82 billion. Credicorp had a return on equity of 21.09% and a net margin of 25.04%. Sell-side analysts forecast that Credicorp Ltd. will post 29.52 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages have commented on BAP. Weiss Ratings raised Credicorp from a “buy (b)” rating to a “buy (b+)” rating in a research note on Thursday, August 6th. JPMorgan Chase & Co. lowered 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. 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 lifted their target price on shares of Credicorp from $329.00 to $374.00 and gave the stock a “neutral” rating in a research note on Thursday, July 16th. Finally, HSBC upgraded shares of Credicorp from a “hold” rating to a “buy” rating and upped their price target for the company from $320.00 to $350.00 in a report on Tuesday, May 19th. Five analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $384.33.

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 transaction of $362,137.50. Following the completion of the transaction, the chief financial officer owned 1,745 shares in the company, valued at $588,937.50. This represents a 38.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Diego Antonio Cavero sold 3,500 shares of the firm’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 of the company’s stock, 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 company insiders.

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.