NewEdge Wealth LLC Buys New Position in Credicorp Ltd. $BAP

NewEdge Wealth LLC bought a new stake in Credicorp Ltd. (NYSE:BAP) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 2,291 shares of the bank’s stock, valued at approximately $893,000.

Several other hedge funds also recently modified their holdings of the company. BlackRock Inc. purchased a new stake in shares of Credicorp during the second quarter worth about $1,933,666,000. Capital World Investors lifted its stake 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 valued at $630,081,000 after buying an additional 565,490 shares during the period. Royal Bank of Canada boosted its position in Credicorp by 0.8% during the first quarter. Royal Bank of Canada now owns 1,721,926 shares of the bank’s stock worth $584,042,000 after acquiring an additional 13,249 shares during the last quarter. Invesco Ltd. boosted its position in Credicorp by 2.3% during the fourth 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 stake in Credicorp by 5.5% in 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 period. 89.81% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

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 stock was sold at an average price of $319.00, for a total transaction of $1,116,500.00. Following the completion of the sale, the chief executive officer owned 7,307 shares of the company’s stock, valued at approximately $2,330,933. The trade was a 32.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 15.90% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on BAP. The Goldman Sachs Group boosted their price target on Credicorp from $329.00 to $374.00 and gave the company a “neutral” rating in a report on Thursday, July 16th. Weiss Ratings upgraded Credicorp from a “buy (b)” rating to a “buy (b+)” rating in a report on Thursday, August 6th. Morgan Stanley raised Credicorp from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $375.00 to $480.00 in a research report on Wednesday, June 17th. UBS Group upped their target price on Credicorp from $412.00 to $473.00 and gave the company a “buy” rating in a research note on Thursday. Finally, HSBC upgraded Credicorp from a “hold” rating to a “buy” rating and increased their target price for the stock from $320.00 to $350.00 in a research report on Tuesday, May 19th. Four equities 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.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $418.40.

Credicorp Stock Performance

Shares of BAP stock opened at $378.51 on Friday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.02 and a current ratio of 1.00. The firm has a market capitalization of $35.72 billion, a price-to-earnings ratio of 14.02, a price-to-earnings-growth ratio of 0.73 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 company has a 50 day moving average price of $385.34 and a 200 day moving average price of $354.11.

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 company had revenue of $1.96 billion for the quarter, compared to analyst estimates of $1.82 billion. Credicorp had a net margin of 25.04% and a return on equity of 20.52%. Sell-side analysts anticipate that Credicorp Ltd. will post 29.41 EPS for the current year.

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.