Mirae Asset Global Investments Co. Ltd. lessened its stake in Bancolombia S.A. (NYSE:CIB – Get Rating) by 16.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 155,466 shares of the bank’s stock after selling 29,778 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned approximately 0.06% of Bancolombia worth $6,632,000 at the end of the most recent quarter.
A number of other hedge funds also recently modified their holdings of the stock. Signaturefd LLC raised its holdings in shares of Bancolombia by 4.4% in the 1st quarter. Signaturefd LLC now owns 6,220 shares of the bank’s stock worth $265,000 after purchasing an additional 264 shares during the period. PNC Financial Services Group Inc. raised its holdings in shares of Bancolombia by 13.7% in 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 period. Trustcore Financial Services LLC raised its holdings in shares of Bancolombia by 135.7% in the 1st quarter. Trustcore Financial Services LLC now owns 660 shares of the bank’s stock worth $28,000 after purchasing an additional 380 shares during the period. Advisor Group Holdings Inc. raised its holdings in shares of Bancolombia by 12.0% in 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 period. Finally, Pinebridge Investments L.P. bought a new stake in Bancolombia during the 1st quarter valued at $26,000. Institutional investors own 2.44% of the company’s stock.
Analysts Set New Price Targets
CIB has been the topic of a number of analyst reports. Credit Suisse Group raised shares of Bancolombia from a “neutral” rating to an “outperform” rating and set a $35.00 target price on the stock in a report on Tuesday, August 2nd. TheStreet cut shares of Bancolombia from a “b-” rating to a “c+” rating in a report on Wednesday, July 27th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, Bancolombia currently has an average rating of “Moderate Buy” and an average target price of $44.00.
Bancolombia Stock Down 0.8 %
Bancolombia Cuts Dividend
The company also recently declared a quarterly dividend, which will be paid on Thursday, October 13th. Stockholders of record on Thursday, September 29th will be given a dividend of $0.7403 per share. The ex-dividend date is Wednesday, September 28th. This represents a $2.96 dividend on an annualized basis and a dividend yield of 10.53%. Bancolombia’s dividend payout ratio (DPR) is currently 41.73%.
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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