JPMorgan Chase & Co. Lowers Bancolombia (NYSE:CIB) to Neutral

Bancolombia (NYSE:CIBGet Rating) was downgraded by stock analysts at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a note issued to investors on Tuesday, MarketBeat reports. They currently have a $46.00 price objective on the bank’s stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 5.17% from the company’s previous close.

A number of other equities analysts have also weighed in on the stock. Bank of America raised shares of Bancolombia from an “underperform” rating to a “buy” rating in a research note on Wednesday, February 23rd. Itaú Unibanco raised shares of Bancolombia from a “market perform” rating to an “outperform” rating and set a $47.00 price target on the stock in a research report on Wednesday, March 23rd. Zacks Investment Research raised shares of Bancolombia from a “hold” rating to a “buy” rating and set a $39.00 price target on the stock in a research report on Monday, January 24th. The Goldman Sachs Group raised shares of Bancolombia from a “sell” rating to a “buy” rating and boosted their price target for the stock from $27.00 to $45.00 in a research report on Thursday, March 3rd. Finally, Itau BBA Securities raised shares of Bancolombia from a “market perform” rating to an “outperform” rating and set a $47.00 price target on the stock in a research report on Wednesday, March 23rd. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $43.00.

Shares of CIB stock opened at $43.74 on Tuesday. The firm has a market capitalization of $10.52 billion, a price-to-earnings ratio of 9.90, a price-to-earnings-growth ratio of 0.51 and a beta of 1.27. The company has a quick ratio of 1.03, a current ratio of 1.04 and a debt-to-equity ratio of 0.62. Bancolombia has a 12-month low of $27.64 and a 12-month high of $43.80. The firm has a fifty day moving average of $38.44 and a 200-day moving average of $35.29.

Bancolombia (NYSE:CIBGet Rating) last announced its earnings results on Tuesday, February 22nd. The bank reported $1.51 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.90 by $0.61. The firm had revenue of $1.25 billion during the quarter. Bancolombia had a net margin of 18.80% and a return on equity of 11.51%. Research analysts expect that Bancolombia will post 5.16 earnings per share for the current year.

Several hedge funds have recently modified their holdings of CIB. Marshall Wace LLP bought a new stake in shares of Bancolombia in the 4th quarter valued at about $33,000. Signaturefd LLC raised its holdings in shares of Bancolombia by 15.5% in the 4th quarter. Signaturefd LLC now owns 5,956 shares of the bank’s stock valued at $188,000 after purchasing an additional 799 shares during the period. CAPROCK Group Inc. bought a new stake in shares of Bancolombia in the 4th quarter valued at about $200,000. Geode Capital Management LLC bought a new stake in shares of Bancolombia in the 3rd quarter valued at about $202,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Bancolombia in the 3rd quarter valued at about $212,000. 5.21% of the stock is currently owned by institutional investors.

About Bancolombia (Get Rating)

Bancolombia SA provides various banking products and services to individual, corporate, and government customers in Colombia, Latin America, and the Caribbean region. It operates through following operating segments: Banking Colombia, Banking Panama, Banking El Salvador, Banking Guatemala, Trust, Investment banking, Brokerage, Off Shore and Others.

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