Connor Clark & Lunn Investment Management Ltd. Acquires New Position in Credicorp Ltd. $BAP

Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Credicorp Ltd. (NYSE:BAP) during the second quarter, Holdings Channel.com reports. The institutional investor acquired 18,712 shares of the bank’s stock, valued at approximately $7,290,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in shares of Credicorp during the 2nd quarter worth approximately $1,933,666,000. Capital World Investors boosted its stake in shares of Credicorp by 34.7% in the fourth quarter. Capital World Investors now owns 2,195,404 shares of the bank’s stock valued at $630,081,000 after buying an additional 565,490 shares in the last quarter. Royal Bank of Canada boosted its stake in shares of Credicorp by 0.8% in the first quarter. Royal Bank of Canada now owns 1,721,926 shares of the bank’s stock valued at $584,042,000 after buying an additional 13,249 shares in the last quarter. Invesco Ltd. boosted its stake in shares of Credicorp by 2.3% in the fourth quarter. Invesco Ltd. now owns 1,380,791 shares of the bank’s stock valued at $396,287,000 after buying an additional 31,383 shares in the last quarter. Finally, State Street Corp grew its holdings in Credicorp by 5.5% during the fourth 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 period. Institutional investors and hedge funds own 89.81% of the company’s stock.

Insider Buying and Selling

In related news, CEO Diego Antonio Cavero sold 3,500 shares of the stock in a transaction dated 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 sale, the chief executive officer directly owned 7,307 shares of the company’s stock, 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 Securities & Exchange Commission, which is available at this hyperlink. Insiders own 15.90% of the company’s stock.

Wall Street Analysts Forecast Growth

BAP has been the subject of several research analyst reports. JPMorgan Chase & Co. cut Credicorp from an “overweight” rating to a “neutral” rating and set a $415.00 price objective for the company. in a research report on Monday, June 15th. Morgan Stanley upgraded shares of Credicorp from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $375.00 to $480.00 in a research note on Wednesday, June 17th. The Goldman Sachs Group boosted their price objective on shares of Credicorp from $329.00 to $374.00 and gave the stock a “neutral” rating in a report on Thursday, July 16th. Weiss Ratings lowered shares of Credicorp from a “buy (b+)” rating to a “buy (b)” rating in a research report on Thursday, August 20th. Finally, UBS Group increased 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, August 20th. Four investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, Credicorp presently has an average rating of “Moderate Buy” and a consensus price target of $418.40.

Credicorp Stock Down 0.4%

BAP opened at $381.74 on Thursday. 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 company has a market cap of $36.03 billion, a price-to-earnings ratio of 14.14, a PEG ratio of 0.75 and a beta of 0.90. Credicorp Ltd. has a one year low of $230.45 and a one year high of $413.24. The business’s fifty day moving average is $385.93 and its two-hundred day moving average is $354.37.

Credicorp (NYSE:BAP) last announced its quarterly earnings results on Friday, August 14th. The bank reported $7.33 earnings per share for the quarter, beating analysts’ consensus estimates of $7.31 by $0.02. The business had revenue of $1.96 billion during the quarter, compared to analysts’ expectations of $1.82 billion. Credicorp had a return on equity of 20.52% and a net margin of 25.04%. Analysts anticipate that Credicorp Ltd. will post 29.41 EPS for the current fiscal year.

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.