JPMorgan Chase & Co. Raises 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 research report sent to investors on Tuesday, Benzinga reports. JPMorgan Chase & Co. currently has an underweight rating on the bank’s stock.

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

Bancolombia Trading Up 1.2 %

NYSE:CIB opened at $32.65 on Tuesday. Bancolombia has a twelve month low of $23.12 and a twelve month high of $37.15. The business has a 50 day moving average price of $33.49 and a two-hundred day moving average price of $30.37. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.38.

Bancolombia (NYSE:CIB) last announced its quarterly earnings data on Tuesday, February 20th. The bank reported $1.58 EPS for the quarter, topping analysts’ consensus estimates of $1.32 by $0.26. The business had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.68 billion. Bancolombia had a net margin of 13.51% and a return on equity of 18.46%. Equities analysts predict that Bancolombia will post 5.69 earnings per share for the current year.

Bancolombia Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Monday, April 1st were given a dividend of $0.8118 per share. This represents a $3.25 annualized dividend and a yield of 9.95%. The ex-dividend date of this dividend was Thursday, March 28th. Bancolombia’s dividend payout ratio (DPR) is currently 59.34%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in Bancolombia by 2.2% in the 3rd quarter. Vanguard Group Inc. now owns 3,993,245 shares of the bank’s stock valued at $97,315,000 after purchasing an additional 84,456 shares during the last quarter. Earnest Partners LLC lifted its position in shares of Bancolombia by 14.2% in the third quarter. Earnest Partners LLC now owns 2,515,052 shares of the bank’s stock valued at $67,102,000 after buying an additional 312,502 shares during the last quarter. BlackRock Inc. boosted 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 acquiring an additional 446,778 shares during the period. Arrowstreet Capital Limited Partnership boosted its stake in shares of Bancolombia by 14.6% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 852,391 shares of the bank’s stock worth $24,327,000 after acquiring an additional 108,348 shares during the period. Finally, C Partners Holding GmbH increased its holdings in shares of 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 acquiring an additional 56,977 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.