Thornburg Investment Management Inc. Cuts Holdings in Credicorp Ltd. $BAP

Thornburg Investment Management Inc. trimmed its position in shares of Credicorp Ltd. (NYSE:BAP) by 9.9% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 51,776 shares of the bank’s stock after selling 5,712 shares during the period. Thornburg Investment Management Inc.’s holdings in Credicorp were worth $13,787,000 at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA grew its holdings in Credicorp by 7.9% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,038,098 shares of the bank’s stock worth $808,985,000 after acquiring an additional 223,497 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Credicorp by 4.2% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,650,293 shares of the bank’s stock worth $368,873,000 after purchasing an additional 67,249 shares during the last quarter. State Street Corp grew its stake in shares of Credicorp by 1.6% during the second quarter. State Street Corp now owns 1,197,536 shares of the bank’s stock worth $267,673,000 after purchasing an additional 19,361 shares in the last quarter. Pzena Investment Management LLC grew its stake in shares of Credicorp by 2.5% during the third quarter. Pzena Investment Management LLC now owns 1,053,056 shares of the bank’s stock worth $280,408,000 after purchasing an additional 25,339 shares in the last quarter. Finally, Bank of Nova Scotia increased its holdings in Credicorp by 17.1% in the second quarter. Bank of Nova Scotia now owns 1,015,409 shares of the bank’s stock valued at $226,964,000 after buying an additional 148,062 shares during the last quarter. Hedge funds and other institutional investors own 89.81% of the company’s stock.

Credicorp Stock Performance

Shares of BAP stock opened at $354.96 on Thursday. The stock’s 50-day moving average price is $325.23 and its 200 day moving average price is $282.99. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.63. The stock has a market capitalization of $28.23 billion, a PE ratio of 14.60, a price-to-earnings-growth ratio of 0.80 and a beta of 0.87. Credicorp Ltd. has a 52-week low of $165.51 and a 52-week high of $380.20.

Credicorp (NYSE:BAP) last released its earnings results on Tuesday, February 17th. The bank reported $5.88 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $6.61 by ($0.73). Credicorp had a net margin of 24.53% and a return on equity of 21.54%. The company had revenue of $1.95 billion during the quarter, compared to analyst estimates of $1.77 billion. As a group, equities research analysts forecast that Credicorp Ltd. will post 21.9 EPS for the current year.

Analysts Set New Price Targets

BAP has been the subject of a number of recent analyst reports. The Goldman Sachs Group lifted their price target on Credicorp from $293.00 to $330.00 and gave the stock a “neutral” rating in a report on Tuesday, February 17th. Weiss Ratings restated a “buy (b)” rating on shares of Credicorp in a research note on Monday, December 29th. Wall Street Zen downgraded Credicorp from a “buy” rating to a “hold” rating in a report on Saturday, December 20th. JPMorgan Chase & Co. raised their price objective on shares of Credicorp from $242.00 to $310.00 and gave the stock an “overweight” rating in a report on Friday, November 21st. Finally, Zacks Research downgraded shares of Credicorp from a “strong-buy” rating to a “hold” rating in a research report on Tuesday. Four investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $297.60.

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.