Bank of Nova Scotia Cuts Stake in Credicorp Ltd. $BAP

Bank of Nova Scotia lessened its stake in shares of Credicorp Ltd. (NYSE:BAP) by 61.7% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 317,244 shares of the bank’s stock after selling 511,961 shares during the period. Bank of Nova Scotia owned 0.34% of Credicorp worth $107,603,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of BAP. Capital World Investors boosted its holdings in Credicorp by 34.7% in the 4th quarter. Capital World Investors now owns 2,195,404 shares of the bank’s stock worth $630,081,000 after buying an additional 565,490 shares during the last quarter. Norges Bank acquired a new position in shares of Credicorp during the fourth quarter valued at approximately $150,814,000. PFA Pension Forsikringsaktieselskab acquired a new position in shares of Credicorp during the fourth quarter valued at approximately $89,754,000. Invesco Ltd. raised its holdings 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 acquiring an additional 290,585 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its position in shares of Credicorp by 98.9% in the fourth quarter. Principal Financial Group Inc. now owns 579,231 shares of the bank’s stock valued at $166,239,000 after acquiring an additional 288,056 shares in the last quarter. 89.81% of the stock is owned by hedge funds and other institutional investors.

Credicorp Trading Down 1.3%

Shares of BAP opened at $388.51 on Friday. Credicorp Ltd. has a 12-month low of $230.25 and a 12-month high of $403.30. The firm has a market capitalization of $36.67 billion, a P/E ratio of 14.98, a P/E/G ratio of 0.86 and a beta of 0.88. The firm has a 50-day moving average price of $365.49 and a 200 day moving average price of $345.61. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.36.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. HSBC raised Credicorp from a “hold” rating to a “buy” rating and lifted their price target for the stock from $320.00 to $350.00 in a research note on Tuesday, May 19th. Weiss Ratings lowered Credicorp from a “buy (a-)” rating to a “buy (b)” rating in a report on Friday, May 29th. Morgan Stanley raised shares of Credicorp from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $375.00 to $480.00 in a research note on Wednesday, June 17th. JPMorgan Chase & Co. lowered shares of Credicorp from an “overweight” rating to a “neutral” rating and set a $415.00 target price for the company. in a report on Monday, June 15th. Finally, The Goldman Sachs Group increased their target price on shares of Credicorp from $329.00 to $374.00 and gave the company a “neutral” rating in a research report on Thursday, July 16th. Five analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $384.33.

Insider Activity

In other news, CEO Diego Antonio Cavero sold 3,500 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $319.00, for a total transaction of $1,116,500.00. Following the completion of the sale, the chief executive officer owned 7,307 shares in the company, valued at $2,330,933. This trade represents a 32.39% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Alejandro Perez-Reyes sold 1,073 shares of Credicorp stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $337.50, for a total transaction of $362,137.50. Following the sale, the chief financial officer directly owned 1,745 shares in the company, valued at approximately $588,937.50. The trade was a 38.08% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 15.90% of the company’s stock.

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.