Credicorp Ltd. $BAP Stock: Letko Brosseau & Associates Inc. Increases Stake

Letko Brosseau & Associates Inc. increased its position in Credicorp Ltd. (NYSE:BAP) by 1.5% in the 3rd quarter, HoldingsChannel reports. The fund owned 99,596 shares of the bank’s stock after buying an additional 1,425 shares during the quarter. Letko Brosseau & Associates Inc.’s holdings in Credicorp were worth $37,834,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also added to or reduced their stakes in the company. Russell Investments Group Ltd. increased its stake in shares of Credicorp by 13.1% in the third quarter. Russell Investments Group Ltd. now owns 201,705 shares of the bank’s stock worth $76,790,000 after purchasing an additional 23,301 shares in the last quarter. Eurizon Capital SGR S.p.A. raised its position in shares of Credicorp by 10.4% during the 3rd quarter. Eurizon Capital SGR S.p.A. now owns 19,295 shares of the bank’s stock valued at $7,330,000 after purchasing an additional 1,815 shares during the period. Ritholtz Wealth Management lifted its stake in shares of Credicorp by 1.8% during the 3rd quarter. Ritholtz Wealth Management now owns 11,685 shares of the bank’s stock valued at $4,439,000 after buying an additional 201 shares in the last quarter. Euro Pacific Asset Management LLC purchased a new position in shares of Credicorp during the 3rd quarter valued at $200,000. Finally, Ethic Inc. lifted its stake in shares of Credicorp by 19.6% during the 3rd quarter. Ethic Inc. now owns 5,737 shares of the bank’s stock valued at $2,179,000 after buying an additional 939 shares in the last quarter. Hedge funds and other institutional investors own 89.81% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on BAP. Weiss Ratings downgraded shares of Credicorp from a “buy (a-)” rating to a “buy (b+)” rating in a report on Wednesday, November 4th. JPMorgan Chase & Co. raised Credicorp from a “neutral” rating to an “overweight” rating and raised their price target for the company from $453.00 to $482.00 in a report on Wednesday, September 16th. UBS Group raised their price target on Credicorp from $412.00 to $473.00 and gave the company a “buy” rating in a report on Thursday, August 20th. Finally, The Goldman Sachs Group boosted their price objective on Credicorp from $329.00 to $374.00 and gave the company a “neutral” rating in a research report on Thursday, July 16th. Five research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, Credicorp currently has a consensus rating of “Moderate Buy” and an average target price of $431.80.

Credicorp Price Performance

Shares of Credicorp stock opened at $365.17 on Friday. The stock has a 50 day moving average of $375.39 and a 200 day moving average of $360.36. Credicorp Ltd. has a 12 month low of $230.45 and a 12 month high of $413.24. The firm has a market cap of $34.46 billion, a PE ratio of 13.16, a PEG ratio of 0.72 and a beta of 0.89. The company has a current ratio of 1.03, a quick ratio of 1.00 and a debt-to-equity ratio of 0.49.

Credicorp (NYSE:BAP) last released its quarterly earnings results on Monday, November 9th. The bank reported $7.06 earnings per share for the quarter, missing the consensus estimate of $7.20 by ($0.14). The firm had revenue of $2 billion for the quarter, compared to analysts’ expectations of $1.92 billion. Credicorp had a net margin of 25.26% and a return on equity of 20.94%. On average, research analysts expect that Credicorp Ltd. will post 29.29 EPS for the current fiscal year.

Credicorp Company Profile

Credicorp is a financial services holding company based in Lima, Peru. Through its subsidiaries, it provides commercial and retail banking, insurance, pension-fund management, investment banking, wealth management, microfinance and digital payment services. Its businesses include Banco de Crédito del Perú (BCP), the country’s largest bank; Pacífico Seguros; pension administrator Prima AFP; investment and wealth-management firm Credicorp Capital; and microfinance bank Mibanco. BCP traces its history to 1889, when it was established as Banco Italiano.