Bancolombia (NYSE:CIB) Downgraded by Zacks Investment Research

Zacks Investment Research lowered shares of Bancolombia (NYSE:CIB) from a buy rating to a hold rating in a report released on Monday morning, Zacks.com reports.

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. “

Several other research firms also recently weighed in on CIB. JPMorgan Chase & Co. upgraded Bancolombia from a neutral rating to an overweight rating and increased their target price for the stock from $48.00 to $55.00 in a research report on Tuesday, August 6th. Credit Suisse Group upgraded Bancolombia from an underperform rating to a neutral rating and set a $53.00 target price on the stock in a research report on Tuesday, August 6th. Finally, ValuEngine upgraded Bancolombia from a sell rating to a hold rating in a research report on Tuesday, August 13th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company’s stock. The stock currently has an average rating of Hold and an average price target of $55.00.

Shares of CIB traded up $0.21 during trading hours on Monday, reaching $51.22. 4,697 shares of the company traded hands, compared to its average volume of 307,232. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.70. The stock has a market capitalization of $11.84 billion, a PE ratio of 14.72 and a beta of 0.76. Bancolombia has a fifty-two week low of $35.52 and a fifty-two week high of $55.40. The stock has a fifty day simple moving average of $49.92 and a 200 day simple moving average of $50.11.

Bancolombia (NYSE:CIB) last posted its quarterly earnings data on Monday, August 5th. The bank reported $1.21 EPS for the quarter, beating analysts’ consensus estimates of $1.05 by $0.16. The business had revenue of $1.16 billion for the quarter. Bancolombia had a return on equity of 13.40% and a net margin of 16.24%. Research analysts predict that Bancolombia will post 4.05 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Atria Investments LLC purchased a new position in Bancolombia during the second quarter worth about $461,000. UBS Asset Management Americas Inc. lifted its position in Bancolombia by 5.8% during the second quarter. UBS Asset Management Americas Inc. now owns 180,521 shares of the bank’s stock worth $9,214,000 after buying an additional 9,900 shares during the period. Jane Street Group LLC purchased a new position in Bancolombia during the second quarter worth about $297,000. Citadel Advisors LLC lifted its position in Bancolombia by 21.5% during the second quarter. Citadel Advisors LLC now owns 64,604 shares of the bank’s stock worth $3,297,000 after buying an additional 11,434 shares during the period. Finally, Morgan Stanley lifted its position in Bancolombia by 508.8% during the second quarter. Morgan Stanley now owns 51,855 shares of the bank’s stock worth $2,646,000 after buying an additional 43,337 shares during the period. Hedge funds and other institutional investors own 7.59% of the company’s stock.

Bancolombia Company Profile

Bancolombia SA provides various banking products and services to individual, corporate, and government customers in Colombia, Latin America, and the Caribbean region. The company operates in nine segments: Banking Colombia, Banking Panama, Banking El Salvador, Banking Guatemala, Trust, Investment Banking, Brokerage, Off Shore, and All Other.

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