Bancolombia (NYSE:CIB) Downgraded by Bank of America

Bank of America downgraded shares of Bancolombia (NYSE:CIB) from a neutral rating to an underperform rating in a research note released on Thursday, Marketbeat Ratings reports. They currently have $34.00 target price on the bank’s stock, down from their prior target price of $38.00.

Several other analysts also recently issued reports on CIB. JPMorgan Chase & Co. lowered their price target on Bancolombia from $36.00 to $35.00 and set an underweight rating for the company in a report on Monday, August 12th. The Goldman Sachs Group downgraded Bancolombia from a neutral rating to a sell rating and dropped their target price for the company from $34.00 to $32.00 in a report on Tuesday, August 20th. Three analysts have rated the stock with a sell rating and three have issued a hold rating to the stock. According to MarketBeat.com, Bancolombia presently has an average rating of Hold and an average price target of $32.52.

Bancolombia Price Performance

Bancolombia stock opened at $32.56 on Thursday. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.39. The firm has a market capitalization of $7.83 billion, a P/E ratio of 5.12 and a beta of 1.22. The firm has a fifty day moving average of $33.06 and a 200-day moving average of $33.60. Bancolombia has a 52-week low of $24.15 and a 52-week high of $37.85.

Bancolombia Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Shareholders of record on Thursday, June 27th were paid a dividend of $0.898 per share. This represents a $3.59 dividend on an annualized basis and a yield of 11.03%. This is an increase from Bancolombia’s previous quarterly dividend of $0.81. The ex-dividend date of this dividend was Thursday, June 27th. Bancolombia’s dividend payout ratio is 53.62%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CIB. Earnest Partners LLC grew its stake in Bancolombia by 4.4% in the first quarter. Earnest Partners LLC now owns 2,624,263 shares of the bank’s stock worth $89,802,000 after purchasing an additional 110,845 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC lifted its holdings in shares of Bancolombia by 45.3% in the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,412,322 shares of the bank’s stock worth $46,112,000 after purchasing an additional 440,026 shares during the last quarter. C Partners Holding GmbH grew its stake in Bancolombia by 7.5% during the 4th quarter. C Partners Holding GmbH now owns 818,496 shares of the bank’s stock worth $25,185,000 after buying an additional 56,977 shares during the last quarter. M&G Plc bought a new stake in Bancolombia in the first quarter valued at $10,299,000. Finally, Swedbank AB acquired a new stake in shares of Bancolombia in the 1st quarter worth about $9,260,000.

About Bancolombia

Bancolombia SA, together with its subsidiaries, provides banking products and services in Colombia and internationally. The company operates through nine segments: Banking Colombia, Banking Panama, Banking El Salvador, Banking Guatemala, Trust, Investment Banking, Brokerage, International Banking, and All Other.