Bancolombia (NYSE:CIB) Price Target Raised to $35.00 at JPMorgan Chase & Co.

Bancolombia (NYSE:CIB) had its price target raised by JPMorgan Chase & Co. from $30.00 to $35.00 in a report released 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 research note on Monday, January 8th. One research analyst has rated the stock with a sell rating and five have issued a hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of Hold and an average price target of $31.90.

Bancolombia Price Performance

Shares of NYSE CIB opened at $33.52 on Tuesday. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.05 and a quick ratio of 1.05. Bancolombia has a 1-year low of $23.12 and a 1-year high of $37.15. The stock’s 50-day moving average is $33.42 and its 200 day moving average is $30.29.

Bancolombia (NYSE:CIB) last announced its quarterly earnings data on Tuesday, February 20th. The bank reported $1.58 earnings per share for the quarter, beating analysts’ consensus estimates of $1.32 by $0.26. The company had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.68 billion. Bancolombia had a return on equity of 18.46% and a net margin of 13.51%. On average, equities research analysts expect that Bancolombia will post 5.69 earnings per share for the current fiscal year.

Bancolombia Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Monday, April 1st were issued a $0.8118 dividend. This represents a $3.25 annualized dividend and a yield of 9.69%. The ex-dividend date of this dividend was Thursday, March 28th. Bancolombia’s dividend payout ratio (DPR) is 59.84%.

Institutional Investors Weigh In On Bancolombia

Hedge funds have recently added to or reduced their stakes in the stock. Qube Research & Technologies Ltd bought a new stake in Bancolombia in the third quarter worth $27,000. FMR LLC raised its stake in shares of Bancolombia by 185.2% in the third quarter. FMR LLC now owns 1,423 shares of the bank’s stock worth $38,000 after purchasing an additional 924 shares during the last quarter. Parallel Advisors LLC raised its stake in shares of Bancolombia by 164.9% in the fourth quarter. Parallel Advisors LLC now owns 2,069 shares of the bank’s stock worth $64,000 after purchasing an additional 1,288 shares during the last quarter. PNC Financial Services Group Inc. raised its stake in shares of Bancolombia by 13.7% in the first 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 last quarter. Finally, Tower Research Capital LLC TRC raised its stake in shares of Bancolombia by 1,934.4% in the second quarter. Tower Research Capital LLC TRC now owns 3,072 shares of the bank’s stock worth $82,000 after purchasing an additional 2,921 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.