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.

Analyst Recommendations for Bancolombia SA (NYSE:CIB)

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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.

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