Zacks Investment Research upgraded shares of Bancolombia (NYSE:CIB) from a sell rating to a hold rating in a research note released on Thursday morning.
According to Zacks, “BanColombia is Colombia’s largest bank in terms of assets and also has the largest market participation in deposit products and loans. “
CIB has been the subject of a number of other reports. Citigroup cut shares of Bancolombia from a neutral rating to a sell rating in a report on Tuesday, January 9th. Deutsche Bank cut shares of Bancolombia from a buy rating to a hold rating and decreased their price target for the company from $52.00 to $45.00 in a report on Friday, October 27th. ValuEngine upgraded shares of Bancolombia from a buy rating to a strong-buy rating in a report on Wednesday, February 14th. Finally, UBS Group upgraded shares of Bancolombia from a sell rating to a hold rating in a report on Monday, February 12th. Four investment analysts have rated the stock with a sell rating, seven have issued a hold rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of Hold and a consensus price target of $46.00.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Guggenheim Capital LLC lifted its stake in shares of Bancolombia by 432.0% in the fourth quarter. Guggenheim Capital LLC now owns 65,101 shares of the bank’s stock valued at $2,581,000 after buying an additional 52,864 shares during the period. Jefferies Group LLC lifted its stake in shares of Bancolombia by 28.8% in the fourth quarter. Jefferies Group LLC now owns 8,995 shares of the bank’s stock valued at $357,000 after buying an additional 2,010 shares during the period. Amundi Pioneer Asset Management Inc. bought a new stake in shares of Bancolombia in the fourth quarter valued at about $682,000. AXA lifted its stake in shares of Bancolombia by 21.6% in the fourth quarter. AXA now owns 9,000 shares of the bank’s stock valued at $357,000 after buying an additional 1,600 shares during the period. Finally, Lazard Asset Management LLC lifted its stake in shares of Bancolombia by 2.3% in the fourth quarter. Lazard Asset Management LLC now owns 1,643,311 shares of the bank’s stock valued at $65,173,000 after buying an additional 37,283 shares during the period. Institutional investors and hedge funds own 12.11% of the company’s stock.
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Bancolombia SA (Bancolombia) is a financial institution engaged in providing a range of financial products and services to a diversified individual, corporate, and government customer base throughout Colombia, Latin America and the Caribbean region. The Bank operates through 10 segments: Banking Colombia, Banking Panama, Banking El Salvador, Leasing, Trust, Investment Banking, Brokerage, Off Shore and All other.
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