Bancolombia (NYSE:CIB) Raised to “Strong-Buy” at Zacks Investment Research

Bancolombia (NYSE:CIB – Get Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Wednesday, Zacks.com reports. The firm presently has a $43.00 price target on the bank’s stock. Zacks Investment Research‘s price target points to a potential upside of 11.83% from the company’s current price.

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

A number of other research analysts have also recently weighed in on CIB. Bank of America upgraded Bancolombia from an “underperform” rating to a “buy” rating in a research report on Wednesday, February 23rd. Citigroup upgraded Bancolombia from a “neutral” rating to a “buy” rating in a research report on Tuesday, May 3rd. Itau BBA Securities upgraded Bancolombia from a “market perform” rating to an “outperform” rating and set a $47.00 price objective for the company in a research report on Wednesday, March 23rd. JPMorgan Chase & Co. cut Bancolombia from an “overweight” rating to a “neutral” rating and set a $46.00 price objective for the company. in a research report on Tuesday, April 12th. Finally, The Goldman Sachs Group upgraded Bancolombia from a “sell” rating to a “buy” rating and lifted their price target for the company from $27.00 to $45.00 in a report on Thursday, March 3rd. Three investment analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $43.67.

Bancolombia stock traded up $0.85 during midday trading on Wednesday, reaching $38.45. The company’s stock had a trading volume of 291,295 shares, compared to its average volume of 348,459. Bancolombia has a fifty-two week low of $27.64 and a fifty-two week high of $44.33. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.04 and a current ratio of 1.04. The stock’s 50 day simple moving average is $40.24 and its 200 day simple moving average is $36.03. The firm has a market capitalization of $9.25 billion, a PE ratio of 6.71, a P/E/G ratio of 0.38 and a beta of 1.25.

Bancolombia (NYSE:CIB – Get Rating) last announced its quarterly earnings results on Wednesday, May 11th. The bank reported $1.92 earnings per share for the quarter, beating analysts’ consensus estimates of $1.17 by $0.75. Bancolombia had a return on equity of 14.28% and a net margin of 22.87%. The business had revenue of $1.35 billion during the quarter. Equities analysts predict that Bancolombia will post 5.6 earnings per share for the current year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Jane Street Group LLC acquired a new position in shares of Bancolombia in the 1st quarter valued at about $311,000. Philadelphia Financial Management of San Francisco LLC acquired a new position in shares of Bancolombia in the 1st quarter valued at about $10,958,000. Royal Bank of Canada lifted its stake in shares of Bancolombia by 6.1% in the 1st quarter. Royal Bank of Canada now owns 19,372 shares of the bank’s stock valued at $826,000 after purchasing an additional 1,114 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in shares of Bancolombia in the 1st quarter valued at about $340,000. Finally, Goldman Sachs Group Inc. lifted its stake in shares of Bancolombia by 165.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 116,671 shares of the bank’s stock valued at $4,977,000 after purchasing an additional 72,719 shares in the last quarter. 3.72% of the stock is currently owned by institutional investors and hedge funds.

About Bancolombia (Get 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: Banking Colombia, Banking Panama, Banking El Salvador, Banking Guatemala, Trust, Investment Banking, Brokerage, International Banking, and All Other.

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