Matthews International Capital Management LLC Invests $4.36 Million in Credicorp Ltd. $BAP

Matthews International Capital Management LLC bought a new position in shares of Credicorp Ltd. (NYSE:BAP) during the 1st quarter, according to its most recent 13F filing with the SEC. The fund bought 12,840 shares of the bank’s stock, valued at approximately $4,355,000. Credicorp comprises 1.8% of Matthews International Capital Management LLC’s holdings, making the stock its 22nd biggest position.

Several other hedge funds also recently added to or reduced their stakes in the business. Capital World Investors raised its stake in Credicorp by 34.7% in the fourth quarter. Capital World Investors now owns 2,195,404 shares of the bank’s stock valued at $630,081,000 after buying an additional 565,490 shares during the last quarter. Norges Bank purchased a new stake in shares of Credicorp during the fourth quarter worth about $150,814,000. PFA Pension Forsikringsaktieselskab acquired a new position in shares of Credicorp during the fourth quarter valued at about $89,754,000. Invesco Ltd. raised its position in shares of Credicorp by 27.4% in the 3rd quarter. Invesco Ltd. now owns 1,349,408 shares of the bank’s stock valued at $359,320,000 after purchasing an additional 290,585 shares during the last quarter. Finally, Principal Financial Group Inc. raised its position in shares of Credicorp by 98.9% in the 4th quarter. Principal Financial Group Inc. now owns 579,231 shares of the bank’s stock valued at $166,239,000 after purchasing an additional 288,056 shares during the last quarter. 89.81% of the stock is owned by institutional investors and hedge funds.

Credicorp Price Performance

NYSE:BAP opened at $401.11 on Monday. Credicorp Ltd. has a one year low of $216.87 and a one year high of $402.19. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.02 and a current ratio of 1.02. The firm has a market cap of $37.86 billion, a price-to-earnings ratio of 15.46, a PEG ratio of 0.87 and a beta of 0.88. The firm’s fifty day moving average is $353.41 and its two-hundred day moving average is $339.11.

Insider Transactions at Credicorp

In other news, CFO Alejandro Perez-Reyes sold 1,073 shares of the company’s stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $337.50, for a total value of $362,137.50. Following the sale, the chief financial officer owned 1,745 shares in the company, valued at $588,937.50. This represents a 38.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Diego Antonio Cavero sold 3,500 shares of the firm’s stock in a transaction dated 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 sale, the chief executive officer directly owned 7,307 shares in the company, valued at approximately $2,330,933. This trade represents a 32.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 15.90% of the company’s stock.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Morgan Stanley raised shares of Credicorp from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $375.00 to $480.00 in a research report on Wednesday, June 17th. Weiss Ratings cut shares of Credicorp from a “buy (a-)” rating to a “buy (b)” rating in a report on Friday, May 29th. HSBC upgraded 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. lowered shares of Credicorp from an “overweight” rating to a “neutral” rating and set a $415.00 price objective on the stock. in a report on Monday, June 15th. Finally, UBS Group upped their target price on Credicorp from $408.00 to $412.00 and gave the company a “buy” rating in a research report on Tuesday, May 26th. Five research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, Credicorp currently has a consensus rating of “Moderate Buy” and an average target price of $377.00.

Credicorp Company 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.