Bancolombia S.A. Announces Quarterly Dividend of $0.85 (NYSE:CIB)

Bancolombia S.A. (NYSE:CIB) announced a quarterly dividend on Monday, September 16th, Wall Street Journal reports. Investors of record on Friday, September 27th will be paid a dividend of 0.8456 per share by the bank on Friday, October 11th. This represents a $3.38 annualized dividend and a yield of 10.34%. The ex-dividend date is Friday, September 27th.

Bancolombia has raised its dividend by an average of 41.0% per year over the last three years. Bancolombia has a payout ratio of 55.8% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Bancolombia to earn $6.08 per share next year, which means the company should continue to be able to cover its $3.38 annual dividend with an expected future payout ratio of 55.6%.

Bancolombia Stock Performance

NYSE:CIB opened at $32.72 on Thursday. Bancolombia has a 52 week low of $24.15 and a 52 week high of $37.85. The company has a fifty day simple moving average of $32.64 and a two-hundred day simple moving average of $33.59. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.40. The company has a market cap of $7.87 billion, a price-to-earnings ratio of 5.14, a price-to-earnings-growth ratio of 3.25 and a beta of 1.23.

Bancolombia (NYSE:CIB) last issued its quarterly earnings results on Thursday, August 8th. The bank reported $1.44 earnings per share for the quarter, topping the consensus estimate of $1.43 by $0.01. The company had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.82 billion. Bancolombia had a return on equity of 15.68% and a net margin of 13.73%. As a group, equities analysts anticipate that Bancolombia will post 5.99 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have issued reports on CIB shares. The Goldman Sachs Group downgraded Bancolombia from a “neutral” rating to a “sell” rating and decreased their price target for the stock from $34.00 to $32.00 in a report on Tuesday, August 20th. Bank of America downgraded shares of Bancolombia from a “neutral” rating to an “underperform” rating and dropped their target price for the company from $38.00 to $34.00 in a research report on Thursday, August 29th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Bancolombia from $36.00 to $35.00 and set an “underweight” rating for the company in a research report on Monday, August 12th. Three research analysts have rated the stock with a sell rating and two have given a hold rating to the stock. According to data from MarketBeat, Bancolombia presently has a consensus rating of “Reduce” and a consensus target price of $32.40.

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.