SPX Gestao de Recursos Ltda Acquires Shares of 43,967 Credicorp Ltd. $BAP

SPX Gestao de Recursos Ltda acquired a new position in shares of Credicorp Ltd. (NYSE:BAP) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 43,967 shares of the bank’s stock, valued at approximately $17,129,000. Credicorp makes up about 1.7% of SPX Gestao de Recursos Ltda’s investment portfolio, making the stock its 21st biggest position.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Credicorp during the 1st quarter valued at about $78,000. Cetera Investment Advisers lifted its position in Credicorp by 36.3% during the 2nd quarter. Cetera Investment Advisers now owns 1,786 shares of the bank’s stock worth $399,000 after acquiring an additional 476 shares in the last quarter. State Street Corp boosted its holdings in Credicorp by 1.6% in the 2nd quarter. State Street Corp now owns 1,197,536 shares of the bank’s stock worth $267,673,000 after acquiring an additional 19,361 shares during the period. Nebula Research & Development LLC purchased a new position in Credicorp in the 2nd quarter worth approximately $355,000. Finally, Quantinno Capital Management LP grew its position in Credicorp by 24.7% in the second quarter. Quantinno Capital Management LP now owns 5,468 shares of the bank’s stock valued at $1,222,000 after acquiring an additional 1,083 shares in the last quarter. Hedge funds and other institutional investors own 89.81% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. HSBC upgraded shares of Credicorp from a “hold” rating to a “buy” rating and lifted their price objective for the company from $320.00 to $350.00 in a research note on Tuesday, May 19th. The Goldman Sachs Group upped their target price on shares of Credicorp from $329.00 to $374.00 and gave the company a “neutral” rating in a research note on Thursday, July 16th. Morgan Stanley raised shares of Credicorp from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $375.00 to $480.00 in a report on Wednesday, June 17th. JPMorgan Chase & Co. downgraded shares of Credicorp from an “overweight” rating to a “neutral” rating and set a $415.00 price target on the stock. in a research note on Monday, June 15th. Finally, Weiss Ratings lowered shares of Credicorp from a “buy (b+)” rating to a “buy (b)” rating in a report on Thursday, August 20th. Four equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $418.40.

Credicorp Price Performance

Shares of NYSE BAP opened at $383.33 on Wednesday. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.38. Credicorp Ltd. has a fifty-two week low of $230.45 and a fifty-two week high of $413.24. The business has a 50 day moving average price of $386.07 and a two-hundred day moving average price of $354.19. The firm has a market cap of $36.18 billion, a PE ratio of 14.20, a price-to-earnings-growth ratio of 0.75 and a beta of 0.90.

Credicorp (NYSE:BAP) last announced its earnings results on Friday, August 14th. 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 analyst estimates of $1.82 billion. Credicorp had a return on equity of 20.52% and a net margin of 25.04%. Sell-side analysts expect that Credicorp Ltd. will post 29.41 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Diego Antonio Cavero sold 3,500 shares of Credicorp stock in a transaction 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 sale, the chief executive officer owned 7,307 shares in the company, valued at approximately $2,330,933. The trade was a 32.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 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.