Bancolombia (NYSE:CIB) Stock Rating Lowered by Bank of America

Bancolombia (NYSE:CIB) was downgraded by equities researchers at Bank of America from a “neutral” rating to an “underperform” rating in a report released on Thursday, Marketbeat.com reports. They currently have a $34.00 price objective on the bank’s stock, down from their previous price objective of $38.00. Bank of America‘s target price indicates a potential upside of 2.56% from the company’s current price.

A number of other research analysts also recently weighed in on CIB. JPMorgan Chase & Co. decreased their price target on Bancolombia from $36.00 to $35.00 and set an “underweight” rating for the company in a research note on Monday, August 12th. The Goldman Sachs Group lowered shares of Bancolombia from a “neutral” rating to a “sell” rating and dropped their price target for the stock from $34.00 to $32.00 in a research report on Tuesday, August 20th. Three research analysts have rated the stock with a sell rating and three have issued a hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $32.52.

Bancolombia Stock Down 0.2 %

Shares of CIB stock opened at $33.15 on Thursday. The firm’s fifty day moving average price is $33.06 and its two-hundred day moving average price is $33.61. Bancolombia has a 1 year low of $24.15 and a 1 year high of $37.85. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.39. The firm has a market capitalization of $7.97 billion, a P/E ratio of 5.21 and a beta of 1.22.

Hedge Funds Weigh In On Bancolombia

Several institutional investors and hedge funds have recently made changes to their positions in CIB. Barrow Hanley Mewhinney & Strauss LLC grew its position in Bancolombia by 45.3% during the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,412,322 shares of the bank’s stock worth $46,112,000 after buying an additional 440,026 shares in the last quarter. M&G Plc acquired a new stake in shares of Bancolombia during the 1st quarter worth $10,299,000. Swedbank AB acquired a new position in Bancolombia in the first quarter valued at about $9,260,000. Russell Investments Group Ltd. bought a new stake in Bancolombia during the first quarter worth about $8,248,000. Finally, Moneda S.A. Administradora General de Fondos bought a new stake in shares of Bancolombia during the 2nd quarter worth approximately $5,756,000.

Bancolombia Company Profile

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.