Bancolombia (CIB) Upgraded to “Buy” at Citigroup

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Citigroup upgraded shares of Bancolombia (NYSE:CIB) from a neutral rating to a buy rating in a research report released on Wednesday morning, BenzingaRatingsTable reports.

CIB has been the subject of several other research reports. Bank of America upgraded shares of Bancolombia from a neutral rating to a buy rating in a research report on Tuesday, January 22nd. Zacks Investment Research lowered shares of Bancolombia from a hold rating to a sell rating in a research report on Monday, December 24th. JPMorgan Chase & Co. upgraded shares of Bancolombia from an underweight rating to a neutral rating in a research report on Monday, February 25th. Finally, ValuEngine upgraded shares of Bancolombia from a sell rating to a hold rating in a research report on Wednesday, December 26th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the stock. Bancolombia has an average rating of Hold and an average target price of $51.00.

NYSE:CIB opened at $53.08 on Wednesday. Bancolombia has a twelve month low of $35.52 and a twelve month high of $55.40. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.12. The stock has a market cap of $12.76 billion, a PE ratio of 14.50, a price-to-earnings-growth ratio of 0.93 and a beta of 0.67.

Bancolombia (NYSE:CIB) last posted its quarterly earnings data on Thursday, February 21st. The bank reported $1.28 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.92 by $0.36. Bancolombia had a net margin of 13.80% and a return on equity of 8.93%. The company had revenue of $1.28 billion during the quarter. Equities research analysts expect that Bancolombia will post 4.4 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Monday, April 8th were issued a $0.3423 dividend. This represents a $1.37 annualized dividend and a dividend yield of 2.58%. This is a boost from Bancolombia’s previous quarterly dividend of $0.32. The ex-dividend date of this dividend was Friday, April 5th.

Several institutional investors and hedge funds have recently made changes to their positions in the business. Advisor Group Inc. boosted its holdings in shares of Bancolombia by 6.0% in the fourth quarter. Advisor Group Inc. now owns 5,567 shares of the bank’s stock worth $212,000 after buying an additional 317 shares during the period. Wetherby Asset Management Inc. boosted its holdings in shares of Bancolombia by 4.4% in the fourth quarter. Wetherby Asset Management Inc. now owns 9,443 shares of the bank’s stock worth $360,000 after buying an additional 401 shares during the period. PNC Financial Services Group Inc. boosted its holdings in shares of Bancolombia by 37.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,914 shares of the bank’s stock worth $73,000 after buying an additional 519 shares during the period. Lindbrook Capital LLC acquired a new position in shares of Bancolombia in the fourth quarter worth about $31,000. Finally, Nomura Asset Management Co. Ltd. boosted its holdings in shares of Bancolombia by 14.0% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 7,551 shares of the bank’s stock worth $288,000 after buying an additional 930 shares during the period. Institutional investors own 6.40% of the company’s stock.

Bancolombia Company Profile

Bancolombia SA provides various banking products and services to individual, corporate, and government customers in Colombia, Latin America, and the Caribbean region. The company operates in nine segments: Banking Colombia, Banking Panama, Banking El Salvador, Banking Guatemala, Trust, Investment Banking, Brokerage, Off Shore, and All Other.

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