Bancolombia (NYSE:CIB) Lowered to “Hold” at Zacks Investment Research

Zacks Investment Research lowered shares of Bancolombia (NYSE:CIB) from a buy rating to a hold rating in a report released on Wednesday, Zacks.com reports.

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. “

A number of other equities analysts have also recently issued reports on the stock. Citigroup cut their target price on shares of UnitedHealth Group from $288.00 to $247.00 and set a neutral rating on the stock in a report on Wednesday, April 17th. ValuEngine raised shares of Zynerba Pharmaceuticals from a sell rating to a hold rating in a report on Monday, April 1st. Finally, Credit Suisse Group raised shares of ConocoPhillips from a neutral rating to an outperform rating and set a $75.00 target price on the stock in a report on Tuesday, April 30th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus target price of $59.00.

NYSE:CIB traded down $0.70 on Wednesday, reaching $50.93. The stock had a trading volume of 3,001 shares, compared to its average volume of 168,161. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.76. The stock’s 50-day moving average price is $50.58. The company has a market cap of $12.69 billion, a PE ratio of 14.65 and a beta of 0.73. Bancolombia has a 12-month low of $35.52 and a 12-month high of $55.40.

Bancolombia (NYSE:CIB) last issued its earnings results on Thursday, May 9th. The bank reported $1.09 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.98 by $0.11. Bancolombia had a net margin of 15.03% and a return on equity of 11.81%. The firm had revenue of $1.09 billion for the quarter. As a group, equities analysts predict that Bancolombia will post 4.08 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Friday, July 12th. Shareholders of record on Thursday, June 27th were paid a $0.3339 dividend. The ex-dividend date of this dividend was Wednesday, June 26th. This represents a $1.34 annualized dividend and a dividend yield of 2.62%. Bancolombia’s payout ratio is currently 35.92%.

Large investors have recently made changes to their positions in the business. Bartlett & Co. LLC raised its holdings in Bancolombia by 16.0% in the 2nd quarter. Bartlett & Co. LLC now owns 1,450 shares of the bank’s stock worth $74,000 after acquiring an additional 200 shares during the period. State of New Jersey Common Pension Fund D increased its holdings in shares of Bancolombia by 24.8% during the 2nd quarter. State of New Jersey Common Pension Fund D now owns 122,797 shares of the bank’s stock worth $6,267,000 after purchasing an additional 24,375 shares during the period. Bessemer Group Inc. bought a new position in shares of Bancolombia during the 2nd quarter worth about $16,273,000. We Are One Seven LLC bought a new position in shares of Bancolombia during the 2nd quarter worth about $275,000. Finally, Scout Investments Inc. increased its holdings in shares of Bancolombia by 10.5% during the 2nd quarter. Scout Investments Inc. now owns 348,205 shares of the bank’s stock worth $17,772,000 after purchasing an additional 33,059 shares during the period. Institutional investors own 7.31% 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.

Further Reading: What are the disadvantages of after-hours trading?

Get a free copy of the Zacks research report on Bancolombia (CIB)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Bancolombia (NYSE:CIB)

Receive News & Ratings for Bancolombia Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bancolombia and related companies with MarketBeat.com's FREE daily email newsletter.