The Manufacturers Life Insurance Company Makes New Investment in Credicorp Ltd. $BAP

The Manufacturers Life Insurance Company bought a new stake in shares of Credicorp Ltd. (NYSE:BAP) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund bought 71,098 shares of the bank’s stock, valued at approximately $27,698,000.

Other large investors also recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of Credicorp in the 1st quarter worth $78,000. Cetera Investment Advisers increased its holdings in Credicorp by 36.3% in the second quarter. Cetera Investment Advisers now owns 1,786 shares of the bank’s stock valued at $399,000 after purchasing an additional 476 shares during the last quarter. State Street Corp increased its holdings in Credicorp by 1.6% in the second quarter. State Street Corp now owns 1,197,536 shares of the bank’s stock valued at $267,673,000 after purchasing an additional 19,361 shares during the last quarter. Nebula Research & Development LLC acquired a new position in Credicorp in the second quarter valued at about $355,000. Finally, Quantinno Capital Management LP lifted its stake 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 buying an additional 1,083 shares during the period. Institutional investors and hedge funds own 89.81% of the company’s stock.

Credicorp Stock Performance

BAP stock opened at $372.56 on Friday. Credicorp Ltd. has a 1-year low of $230.45 and a 1-year high of $413.24. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.38. The firm has a market cap of $35.16 billion, a PE ratio of 13.80, a P/E/G ratio of 0.75 and a beta of 0.90. The business’s 50-day moving average price is $385.74 and its two-hundred day moving average price is $354.50.

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

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Weiss Ratings lowered Credicorp from a “buy (b+)” rating to a “buy (b)” rating in a research report on Thursday, August 20th. The Goldman Sachs Group lifted their price objective 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. Morgan Stanley raised shares of Credicorp from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $375.00 to $480.00 in a research note on Wednesday, June 17th. JPMorgan Chase & Co. cut shares of Credicorp from an “overweight” rating to a “neutral” rating and set a $415.00 price objective for the company. in a report on Monday, June 15th. Finally, UBS Group upped their target price on shares of Credicorp from $412.00 to $473.00 and gave the company a “buy” rating in a research note on Thursday, August 20th. Four investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $418.40.

Insider Activity

In related news, CEO Diego Antonio Cavero sold 3,500 shares of the business’s stock in a transaction that occurred 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 transaction, the chief executive officer directly owned 7,307 shares in the company, valued at approximately $2,330,933. The trade was a 32.39% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 15.90% of the company’s stock.

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.