Bancolombia SA (CIB) Upgraded to Buy at Zacks Investment Research
Bancolombia SA (NYSE:CIB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The brokerage currently has a $43.00 target price on the stock. Zacks Investment Research’s price target indicates a potential upside of 11.72% from the stock’s previous close.
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. “
CIB has been the topic of a number of other research reports. Deutsche Bank AG raised shares of Bancolombia SA from a “hold” rating to a “buy” rating and set a $47.00 price target on the stock in a research report on Monday, August 22nd. Credit Suisse Group AG cut shares of Bancolombia SA from an “outperform” rating to a “neutral” rating and upped their price target for the company from $38.00 to $40.00 in a research report on Thursday, October 6th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $40.13.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at https://www.americanbankingnews.com/2016/10/11/bancolombia-sa-cib-upgraded-to-buy-at-zacks-investment-research.html
Shares of Bancolombia SA (NYSE:CIB) traded down 0.05% during trading on Tuesday, hitting $38.49. The stock had a trading volume of 400,143 shares. Bancolombia SA has a 1-year low of $23.69 and a 1-year high of $42.58. The firm has a 50-day moving average of $39.07 and a 200 day moving average of $36.29. The company has a market capitalization of $9.26 billion, a P/E ratio of 12.04 and a beta of 0.69.
Institutional investors have recently made changes to their positions in the stock. Quantbot Technologies LP bought a new position in shares of Bancolombia SA during the second quarter valued at $110,000. DIAM Co. Ltd. bought a new position in shares of Bancolombia SA during the second quarter valued at $134,000. US Bancorp DE raised its position in shares of Bancolombia SA by 215.7% in the second quarter. US Bancorp DE now owns 4,452 shares of the company’s stock valued at $155,000 after buying an additional 3,042 shares in the last quarter. Flow Traders U.S. LLC bought a new position in shares of Bancolombia SA during the first quarter valued at $171,000. Finally, Eqis Capital Management Inc. bought a new position in shares of Bancolombia SA during the third quarter valued at $211,000. Hedge funds and other institutional investors own 12.37% of the company’s stock.
Bancolombia SA Company Profile
Bancolombia SA (Bancolombia) is a financial institution engaged in providing a range of financial products and services to a diversified individual, corporate, and government customer base throughout Colombia, Latin America and the Caribbean region. The Bank operates through 10 segments: Banking Colombia, Banking Panama, Banking El Salvador, Leasing, Trust, Investment Banking, Brokerage, Off Shore and All other.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Bancolombia SA Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bancolombia SA and related companies with MarketBeat.com's FREE daily email newsletter.