SPX Gestao de Recursos Ltda Cuts Stake in Credicorp Ltd. $BAP

SPX Gestao de Recursos Ltda lowered its stake in shares of Credicorp Ltd. (NYSE:BAP) by 66.1% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 67,403 shares of the bank’s stock after selling 131,680 shares during the quarter. Credicorp accounts for 1.9% of SPX Gestao de Recursos Ltda’s holdings, making the stock its 15th largest position. SPX Gestao de Recursos Ltda’s holdings in Credicorp were worth $22,862,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. Capital World Investors boosted its position in shares of Credicorp by 34.7% during the fourth quarter. Capital World Investors now owns 2,195,404 shares of the bank’s stock worth $630,081,000 after acquiring an additional 565,490 shares during the last quarter. Norges Bank purchased a new position in Credicorp during the fourth quarter valued at $150,814,000. PFA Pension Forsikringsaktieselskab bought a new stake in Credicorp in the 4th quarter valued at $89,754,000. Invesco Ltd. increased its holdings in Credicorp by 27.4% in the 3rd quarter. Invesco Ltd. now owns 1,349,408 shares of the bank’s stock valued at $359,320,000 after acquiring an additional 290,585 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its stake in Credicorp by 98.9% in the 4th quarter. Principal Financial Group Inc. now owns 579,231 shares of the bank’s stock worth $166,239,000 after purchasing an additional 288,056 shares in the last quarter. Hedge funds and other institutional investors own 89.81% of the company’s stock.

Insider Buying and Selling at Credicorp

In other Credicorp news, CEO Diego Antonio Cavero sold 3,500 shares of the business’s 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 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. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Alejandro Perez-Reyes sold 1,073 shares of the stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $337.50, for a total value of $362,137.50. Following the transaction, the chief financial officer directly owned 1,745 shares in the company, valued at $588,937.50. The trade was a 38.08% 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.

Analysts Set New Price Targets

Several research firms have commented on BAP. UBS Group increased their price objective on shares of Credicorp from $408.00 to $412.00 and gave the company a “buy” rating in a report on Tuesday, May 26th. HSBC raised Credicorp from a “hold” rating to a “buy” rating and lifted their target price for the stock from $320.00 to $350.00 in a report on Tuesday, May 19th. JPMorgan Chase & Co. lowered Credicorp from an “overweight” rating to a “neutral” rating and set a $415.00 price target for the company. in a research note on Monday, June 15th. The Goldman Sachs Group raised their price target on Credicorp from $329.00 to $374.00 and gave the company a “neutral” rating in a report on Thursday. Finally, Morgan Stanley upgraded Credicorp from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $375.00 to $480.00 in a research report on Wednesday, June 17th. Five research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $384.33.

Credicorp Trading Up 1.1%

BAP stock opened at $391.64 on Friday. Credicorp Ltd. has a twelve month low of $224.94 and a twelve month high of $403.30. The stock has a market capitalization of $36.96 billion, a price-to-earnings ratio of 15.10, a price-to-earnings-growth ratio of 0.85 and a beta of 0.88. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.36. The firm’s fifty day simple moving average is $360.14 and its two-hundred day simple moving average is $342.34.

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.