Bancolombia SA (CIB) Receives “Hold” Rating from Credit Suisse Group AG
Bancolombia SA (NYSE:CIB)‘s stock had its “hold” rating reissued by research analysts at Credit Suisse Group AG in a research report issued to clients and investors on Tuesday. They currently have a $40.00 target price on the stock. Credit Suisse Group AG’s target price suggests a potential upside of 18.73% from the company’s current price.
The analysts wrote, “We see 3Q16 results as negative for the shares. Even though we see with good eyes the further improvement in the Tier 1 ratio, the nice performance of net fee income and the efforts on cost efficiency (mainly at the personnel expense side), results came in 18% lower q/q (7% down on a pretax basis) and 10% below our forecast (13% below consensus), negatively affected by asset quality deterioration driving provisions up. 3Q16 results suggest risks to our COP$2,546bn net income forecast for 2016 are to the downside.””
CIB has been the topic of a number of other research reports. Zacks Investment Research downgraded Bancolombia SA from a “buy” rating to a “hold” rating in a research note on Friday, September 9th. Deutsche Bank AG upgraded Bancolombia SA from a “hold” rating to a “buy” rating and set a $47.00 target price on the stock in a research note on Monday, August 22nd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $40.63.
Shares of Bancolombia SA (NYSE:CIB) traded down 2.17% on Tuesday, reaching $32.96. The company had a trading volume of 727,772 shares. The stock has a 50-day moving average price of $37.42 and a 200-day moving average price of $36.52. The stock has a market cap of $7.93 billion, a PE ratio of 10.31 and a beta of 0.58. Bancolombia SA has a 12 month low of $23.69 and a 12 month high of $42.58.
A number of institutional investors have recently bought and sold shares of CIB. Quantbot Technologies LP purchased a new position in Bancolombia SA during the second quarter valued at approximately $110,000. Advisor Group Inc. increased its position in Bancolombia SA by 8,571.4% in the third quarter. Advisor Group Inc. now owns 3,035 shares of the company’s stock valued at $118,000 after buying an additional 3,000 shares during the last quarter. DIAM Co. Ltd. purchased a new position in Bancolombia SA during the second quarter valued at approximately $134,000. Catalyst Capital Advisors LLC acquired a new stake in shares of Bancolombia SA during the third quarter worth about $146,000. Finally, US Bancorp DE boosted its stake in shares of Bancolombia SA by 215.7% in the second quarter. US Bancorp DE now owns 4,452 shares of the company’s stock worth $155,000 after buying an additional 3,042 shares during the last quarter. Institutional investors and hedge funds own 12.39% of the company’s stock.
Bancolombia SA Company Profile
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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