Bank of America downgraded shares of Bancolombia (NYSE:CIB – Free Report) 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.
Check Out Our Latest Report on CIB
Bancolombia Price Performance
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.
Recommended Stories
- Five stocks we like better than Bancolombia
- Stock Trading Terms – Stock Terms Every Investor Needs to Know
- Applied Digital’s Stock Recovery: Analysts Forecast Strong Upside
- Where Do I Find 52-Week Highs and Lows?
- Ollie’s Stock Goes On Sale: It’s Time To Back Up The Truck
- What are earnings reports?
- Does A&F’s Q2 Earnings Win Point to a Strong Holiday Season?
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.