The Manufacturers Life Insurance Company Sells 2,651 Shares of Credicorp Ltd. $BAP

The Manufacturers Life Insurance Company cut its stake in Credicorp Ltd. (NYSE:BAP) by 3.6% in the 1st quarter, Holdings Channel.com reports. The firm owned 70,231 shares of the bank’s stock after selling 2,651 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Credicorp were worth $23,821,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Capital World Investors lifted its holdings in Credicorp by 34.7% during the 4th quarter. Capital World Investors now owns 2,195,404 shares of the bank’s stock worth $630,081,000 after purchasing an additional 565,490 shares in the last quarter. Norges Bank purchased a new position in Credicorp during the 4th quarter valued at about $150,814,000. PFA Pension Forsikringsaktieselskab purchased a new position in Credicorp during the 4th quarter valued at about $89,754,000. Invesco Ltd. increased its position in shares of Credicorp by 27.4% during the third quarter. Invesco Ltd. now owns 1,349,408 shares of the bank’s stock valued at $359,320,000 after buying an additional 290,585 shares during the period. Finally, Principal Financial Group Inc. increased its position in shares of Credicorp by 98.9% during the fourth quarter. Principal Financial Group Inc. now owns 579,231 shares of the bank’s stock valued at $166,239,000 after buying an additional 288,056 shares during the period. 89.81% of the stock is currently owned by institutional investors.

Credicorp Stock Performance

Shares of BAP opened at $401.22 on Friday. Credicorp Ltd. has a 12-month low of $230.45 and a 12-month high of $413.25. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.36. The company has a market cap of $37.87 billion, a PE ratio of 15.47, a price-to-earnings-growth ratio of 0.87 and a beta of 0.88. The stock has a 50-day moving average price of $373.73 and a 200-day moving average price of $349.27.

Analyst Ratings Changes

A number of brokerages have recently issued reports on BAP. JPMorgan Chase & Co. downgraded shares of Credicorp from an “overweight” rating to a “neutral” rating and set a $415.00 price target on the stock. in a report on Monday, June 15th. The Goldman Sachs Group boosted their price objective on shares of Credicorp from $329.00 to $374.00 and gave the company a “neutral” rating in a research note on Thursday, July 16th. UBS Group upped their target price on shares of Credicorp from $408.00 to $412.00 and gave the stock a “buy” rating in a report on Tuesday, May 26th. Morgan Stanley upgraded shares of Credicorp from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $375.00 to $480.00 in a research note on Wednesday, June 17th. Finally, HSBC raised shares of Credicorp from a “hold” rating to a “buy” rating and raised their price target for the company from $320.00 to $350.00 in a report on Tuesday, May 19th. Five research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Credicorp presently has a consensus rating of “Moderate Buy” and a consensus target price of $384.33.

Insider Buying and Selling

In related news, CEO Diego Antonio Cavero sold 3,500 shares of the company’s stock in a transaction on 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 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Alejandro Perez-Reyes sold 1,073 shares of the 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 approximately $588,937.50. This represents a 38.08% decrease in their position. The SEC filing for this sale provides additional information. 15.90% of the stock is owned by insiders.

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.