DNB Asset Management AS has increased its stake in **Credicorp Ltd.** (NYSE: BAP) by **2.7%** during the second quarter of 2023, as detailed in its recent **13F filing** with the **Securities and Exchange Commission**. The institutional investor now holds **15,737 shares** of Credicorp, having acquired an additional **421 shares** during this period. As of the latest filing, DNB’s holdings in the bank were valued at approximately **$3.52 million**.
Several other institutional investors have also adjusted their positions in Credicorp recently. **First Horizon Advisors Inc.** reported a significant increase, growing its holdings by **33.5%** in the same quarter. This firm now owns **283 shares**, valued at **$63,000**, following the purchase of **71 additional shares**. The **National Pension Service** has increased its stake by **0.7%** in the first quarter, bringing its total to **17,592 shares**, worth about **$3.28 million** after acquiring **117 shares**. Additionally, **Voya Investment Management LLC** raised its holdings by **2.4%**, now possessing **5,088 shares** valued at **$947,000** after purchasing **120 shares**.
In the second quarter, **DekaBank Deutsche Girozentrale** also increased its position in Credicorp by **0.8%**, owning **21,871 shares** valued at **$4.85 million** after acquiring an additional **179 shares**. Furthermore, **SVB Wealth LLC** purchased a new stake in Credicorp during the first quarter, valued at around **$35,000**. Notably, institutional investors collectively own **89.81%** of the company’s stock.
Analyst Ratings and Stock Performance
Several research firms have recently provided insights on Credicorp’s stock performance. **UBS Group** raised its price target from **$257.00** to **$318.00** and issued a “buy” rating on September 16, 2023. Conversely, **HSBC** downgraded the stock from a “buy” rating to a “hold” rating while increasing its price target from **$225.00** to **$255.00** on September 5, 2023. **Wall Street Zen** upgraded Credicorp from “hold” to “buy” on August 22, 2023.
**Zacks Research** enhanced its rating from “hold” to “strong-buy” on September 26, 2023, and **Citigroup** raised its target price from **$255.00** to **$275.00** in a report dated August 20, 2023. Currently, one analyst has designated the stock as a “Strong Buy,” while four others have assigned “Buy” ratings, and another four have given it “Hold” ratings. According to **MarketBeat.com**, Credicorp holds a consensus rating of “Moderate Buy” with an average target price of **$265.17**.
As of Tuesday, Credicorp stock opened at **$252.92**, having fluctuated between a fifty-two week low of **$165.51** and a high of **$280.88**. The company maintains a **debt-to-equity ratio** of **0.49**, with both its quick and current ratios at **1.08**. The stock’s market capitalization stands at approximately **$20.12 billion**, with a **P/E ratio** of **11.99** and a **price-to-earnings-growth ratio** of **0.71**. The fifty-day moving average price is **$259.29**, while the two-hundred-day average is **$240.79**.
Credicorp’s Financial Performance
Credicorp’s latest earnings report, released on November 13, 2023, revealed earnings per share (EPS) of **$6.17**, surpassing the consensus estimate of **$6.05** by **$0.12**. The company’s revenue for the quarter amounted to **$1.48 billion**, falling short of analyst expectations of **$1.71 billion**. Credicorp achieved a net margin of **23.22%** and a return on equity of **17.94%**. Analysts anticipate that Credicorp Ltd. will post an EPS of **$21.90** for the current fiscal year.
Credicorp Ltd. offers a range of financial, insurance, and health services, primarily operating in **Peru** and internationally. Its business segments include **Universal Banking**, **Insurance and Pensions**, **Microfinance**, and **Investment Banking and Equity Management**. The Universal Banking segment provides various credit and financial instruments to individuals and businesses, along with various deposits and current accounts.
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