JPMorgan Chase & Co. Increases Bancolombia (NYSE:CIB) Price Target to $35.00

Bancolombia (NYSE:CIB) had its price objective lifted by JPMorgan Chase & Co. from $30.00 to $35.00 in a report issued on Tuesday, Benzinga reports. The firm currently has an underweight rating on the bank’s stock.

Separately, HSBC downgraded shares of Bancolombia from a buy rating to a hold rating in a research report on Monday, January 8th. One analyst has rated the stock with a sell rating and five have issued a hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of Hold and an average target price of $31.90.

Bancolombia Stock Down 3.1 %

Shares of NYSE:CIB opened at $32.27 on Tuesday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.05 and a current ratio of 1.05. The company has a market cap of $7.76 billion, a PE ratio of 5.29 and a beta of 1.23. Bancolombia has a 52 week low of $23.12 and a 52 week high of $37.15. The firm has a 50 day simple moving average of $33.46 and a 200 day simple moving average of $30.32.

Bancolombia (NYSE:CIB) last issued its quarterly earnings results on Tuesday, February 20th. The bank reported $1.58 EPS for the quarter, beating the consensus estimate of $1.32 by $0.26. The business had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.68 billion. Bancolombia had a net margin of 13.51% and a return on equity of 18.46%. As a group, research analysts expect that Bancolombia will post 5.69 earnings per share for the current year.

Bancolombia Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Monday, April 1st were paid a $0.8118 dividend. The ex-dividend date of this dividend was Thursday, March 28th. This represents a $3.25 annualized dividend and a yield of 10.06%. Bancolombia’s dividend payout ratio is presently 59.34%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of CIB. Advisor Group Holdings Inc. increased its stake in shares of Bancolombia by 12.0% during the 1st quarter. Advisor Group Holdings Inc. now owns 5,173 shares of the bank’s stock worth $221,000 after purchasing an additional 553 shares during the last quarter. American Century Companies Inc. increased its stake in shares of Bancolombia by 14.2% during the 1st quarter. American Century Companies Inc. now owns 16,862 shares of the bank’s stock worth $719,000 after purchasing an additional 2,099 shares during the last quarter. US Bancorp DE increased its stake in shares of Bancolombia by 7.7% during the 1st quarter. US Bancorp DE now owns 8,982 shares of the bank’s stock worth $383,000 after purchasing an additional 643 shares during the last quarter. PNC Financial Services Group Inc. increased its stake in shares of Bancolombia by 13.7% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,719 shares of the bank’s stock worth $117,000 after purchasing an additional 327 shares during the last quarter. Finally, BlackRock Inc. increased its stake in shares of Bancolombia by 25.1% during the 1st quarter. BlackRock Inc. now owns 2,227,183 shares of the bank’s stock worth $95,011,000 after purchasing an additional 446,778 shares during the last quarter.

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.