Lazard Asset Management LLC Reduces Stock Position in Credicorp Ltd. $BAP

Lazard Asset Management LLC cut its holdings in Credicorp Ltd. (NYSE:BAP) by 17.6% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 593,276 shares of the bank’s stock after selling 126,827 shares during the period. Lazard Asset Management LLC’s holdings in Credicorp were worth $201,228,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Capital World Investors increased its stake in 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. Invesco Ltd. raised its position in Credicorp by 2.3% during the fourth quarter. Invesco Ltd. now owns 1,380,791 shares of the bank’s stock valued at $396,287,000 after purchasing an additional 31,383 shares during the period. State Street Corp lifted its stake in shares of Credicorp by 5.5% in the 4th quarter. State Street Corp now owns 1,336,882 shares of the bank’s stock valued at $383,685,000 after purchasing an additional 69,329 shares during the last quarter. Schroder Investment Management Group boosted its holdings in shares of Credicorp by 2.2% in the 4th quarter. Schroder Investment Management Group now owns 1,107,420 shares of the bank’s stock worth $317,830,000 after purchasing an additional 23,777 shares during the period. Finally, Pzena Investment Management LLC boosted its holdings in shares of Credicorp by 1.5% in the 4th quarter. Pzena Investment Management LLC now owns 1,068,942 shares of the bank’s stock worth $306,786,000 after purchasing an additional 15,886 shares during the period. 89.81% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on BAP. The Goldman Sachs Group boosted their target price on Credicorp from $329.00 to $374.00 and gave the company a “neutral” rating in a research report on Thursday, July 16th. HSBC raised shares of Credicorp from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $320.00 to $350.00 in a research note on Tuesday, May 19th. JPMorgan Chase & Co. cut shares of Credicorp from an “overweight” rating to a “neutral” rating and set a $415.00 price objective on the stock. in a research report on Monday, June 15th. Morgan Stanley raised shares of 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 note on Wednesday, June 17th. Finally, Weiss Ratings lowered shares of Credicorp from a “buy (a-)” rating to a “buy (b)” rating in a report on Friday, May 29th. Five analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $384.33.

Insider Buying and Selling

In related news, CEO Diego Antonio Cavero sold 3,500 shares of the business’s stock in a transaction on 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 transaction, the chief executive officer owned 7,307 shares in the company, valued at $2,330,933. The trade was a 32.39% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Alejandro Perez-Reyes sold 1,073 shares of the company’s stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $337.50, for a total value of $362,137.50. Following the completion of the transaction, the chief financial officer directly owned 1,745 shares in the company, valued at $588,937.50. This trade represents 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.

Credicorp Trading Up 0.1%

BAP opened at $388.77 on Monday. The stock has a market cap of $36.69 billion, a price-to-earnings ratio of 14.99, a P/E/G ratio of 0.84 and a beta of 0.88. The stock’s 50 day moving average price is $366.95 and its 200-day moving average price is $346.29. Credicorp Ltd. has a one year low of $230.25 and a one year high of $403.30. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.02 and a current ratio of 1.02.

Credicorp 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.