Bancolombia (NYSE:CIB) downgraded by Zacks Investment Research to “Hold”


Bancolombia (NYSE:CIB – Get a Rating) was downgraded by Zacks Investment Research from a “strong buy” rating to a “hold” rating in a report on Tuesday, Zacks.com reports.

According to Zacks, “BanColombia is the largest bank in Colombia in terms of assets and also has the largest participation in the market for deposit and loan products. “

CIB has been the subject of a number of other research reports. Bank of America upgraded Bancolombia from an “underperforming” rating to a “buy” rating in a Wednesday, February 23 research report. Citigroup upgraded Bancolombia from a “neutral” rating to a “buy” rating in a Tuesday, May 3 research report. JPMorgan Chase & Co. downgraded Bancolombia from an “overweight” rating to a “neutral” rating and set a price target of $46.00 for the company. in a research report on Tuesday, April 12. Itaú Unibanco upgraded Bancolombia from a “market performer” rating to an “outperformer” rating and set a price target of $47.00 for the company in a Wednesday, March 23 research report. Finally, Itau BBA Securities upgraded Bancolombia from a “market performance” rating to an “outperform” rating and set a price target of $47.00 for the company in a Wednesday, March 23 research report. Four investment analysts gave the stock a hold rating and five gave the company a buy rating. According to data from MarketBeat.com, Bancolombia currently has a consensus rating of “Buy” and an average target price of $43.67.

NYSE: CIB traded at $4.52 during midday trading on Tuesday, hitting $44.91. The stock recorded a trading volume of 1,704,072 shares, compared to an average volume of 360,531. The company has a 50-day moving average price of $40.30 and a two-hundred-day moving average price of $36.22. The stock has a market capitalization of $10.80 billion, a P/E ratio of 7.84, a P/E/G ratio of 0.41 and a beta of 1.25. Bancolombia has a one-year low of $27.64 and a one-year high of $45.98. The company has a debt ratio of 0.62, a quick ratio of 1.04 and a current ratio of 1.04.

Bancolombia (NYSE:CIB – Get Rating) last released its results on Wednesday, May 11. The bank reported earnings per share of $1.92 for the quarter, beating analyst consensus estimates of $1.17 by $0.75. The company had revenue of $1.35 billion in the quarter. Bancolombia achieved a return on equity of 14.28% and a net margin of 22.87%. Research analysts expect Bancolombia to post earnings per share of 5.98 for the current year.

Several large investors have recently changed their positions in the company. Signaturefd LLC increased its stake in Bancolombia by 4.4% in the first quarter. Signaturefd LLC now owns 6,220 shares of the bank valued at $265,000 after acquiring an additional 264 shares during the period. PNC Financial Services Group Inc. increased its stake in Bancolombia by 13.7% in the first quarter. PNC Financial Services Group Inc. now owns 2,719 shares of the bank valued at $117,000 after acquiring 327 additional shares during the period. American Century Companies Inc. increased its stake in Bancolombia by 4.0% in the third quarter. American Century Companies Inc. now owns 8,893 shares of the bank valued at $308,000 after acquiring 342 additional shares during the period. Trustcore Financial Services LLC increased its stake in Bancolombia by 135.7% in the first quarter. Trustcore Financial Services LLC now owns 660 shares of the bank valued at $28,000 after acquiring an additional 380 shares during the period. Finally, Veriti Management LLC increased its stake in Bancolombia by 2.6% in the fourth quarter. Veriti Management LLC now owns 17,110 shares of the bank valued at $541,000 after acquiring 435 additional shares during the period. 3.72% of the shares are currently held by hedge funds and other institutional investors.

Bancolombia Company Profile (Get a rating)

Bancolombia SA provides banking products and services in Colombia, Panama, Puerto Rico, El Salvador, Costa Rica and Guatemala. The Company operates through nine segments: Bank Colombia, Bank Panama, Bank El Salvador, Bank Guatemala, Trust, Investment Bank, Brokerage, International Bank and All Others.

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