Bancolombia SA (CIB) Upgraded by Zacks Investment Research to Buy
Zacks Investment Research upgraded shares of Bancolombia SA (NYSE:CIB) from a hold rating to a buy rating in a report published on Tuesday morning. The firm currently has $43.00 price objective on the stock.
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 analysts have also issued reports on the stock. Credit Suisse Group AG lowered shares of Bancolombia SA from an outperform rating to a neutral rating and boosted their price target for the stock from $38.00 to $40.00 in a research note on Thursday, October 6th. Deutsche Bank AG upgraded shares of Bancolombia SA from a hold rating to a buy rating and set a $47.00 price target on the stock in a research note on Monday, August 22nd. One investment analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the stock. The company presently has an average rating of Hold and an average price target of $40.13.
Bancolombia SA (NYSE:CIB) opened at 38.49 on Tuesday. The firm has a 50 day moving average of $39.07 and a 200-day moving average of $36.29. The company has a market capitalization of $9.26 billion, a price-to-earnings ratio of 12.04 and a beta of 0.69. Bancolombia SA has a 52-week low of $23.69 and a 52-week high of $42.58.
Institutional investors have recently made changes to their positions in the stock. Harding Loevner LP increased its position in shares of Bancolombia SA by 2.7% in the third quarter. Harding Loevner LP now owns 3,731,715 shares of the company’s stock worth $145,686,000 after buying an additional 97,531 shares during the period. Vanguard Group Inc. increased its position in shares of Bancolombia SA by 2.2% in the second quarter. Vanguard Group Inc. now owns 2,608,665 shares of the company’s stock worth $91,095,000 after buying an additional 56,497 shares during the period. INCA Investments LLC increased its position in shares of Bancolombia SA by 32.4% in the second quarter. INCA Investments LLC now owns 1,077,500 shares of the company’s stock worth $37,626,000 after buying an additional 263,400 shares during the period. Axiom International Investors LLC DE acquired a new position in shares of Bancolombia SA during the second quarter worth about $30,031,000. Finally, Emerald Acquisition Ltd. acquired a new position in shares of Bancolombia SA during the second quarter worth about $25,316,000. 12.37% of the stock is owned by hedge funds and other institutional investors.
About Bancolombia SA
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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