Zacks Investment Research Upgrades BanColombia S.A. (CIB) to Buy
BanColombia S.A. (NYSE:CIB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Friday. The firm presently has a $53.00 target price on the bank’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 11.65% from the company’s current price.
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 subject of several other research reports. Standpoint Research lowered shares of BanColombia from a “buy” rating to a “hold” rating in a report on Monday, May 22nd. BidaskClub lowered shares of BanColombia from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 25th. Credit Suisse Group set a $45.00 price target on shares of BanColombia and gave the stock a “hold” rating in a report on Wednesday, May 24th. J P Morgan Chase & Co reissued a “neutral” rating and issued a $41.00 price target (down previously from $42.00) on shares of BanColombia in a report on Monday, June 5th. Finally, HSBC Holdings plc lowered shares of BanColombia from a “buy” rating to a “hold” rating in a report on Tuesday, August 15th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company’s stock. BanColombia has a consensus rating of “Hold” and an average price target of $46.33.
Shares of BanColombia (CIB) traded up 0.15% during trading on Friday, hitting $47.47. 311,566 shares of the company were exchanged. The firm has a market capitalization of $11.41 billion, a PE ratio of 11.54 and a beta of 0.33. The firm’s 50-day moving average price is $44.93 and its 200 day moving average price is $42.56. BanColombia has a 12 month low of $31.98 and a 12 month high of $48.74.
Several institutional investors have recently added to or reduced their stakes in CIB. Advisor Group Inc. grew its holdings in shares of BanColombia by 1.6% during the second quarter. Advisor Group Inc. now owns 3,227 shares of the bank’s stock worth $144,000 after buying an additional 52 shares in the last quarter. Nomura Asset Management Co. Ltd. boosted its position in shares of BanColombia by 5.8% during the 1st quarter. Nomura Asset Management Co. Ltd. now owns 5,021 shares of the bank’s stock valued at $200,000 after acquiring an additional 275 shares during the last quarter. Teza Capital Management LLC acquired a new position in shares of BanColombia during the 1st quarter valued at about $204,000. Pinebridge Investments L.P. acquired a new position in shares of BanColombia during the 2nd quarter valued at about $223,000. Finally, Tower Research Capital LLC TRC boosted its position in shares of BanColombia by 1,627.3% during the 1st quarter. Tower Research Capital LLC TRC now owns 5,700 shares of the bank’s stock valued at $227,000 after acquiring an additional 5,370 shares during the last quarter. 14.96% of the stock is owned by institutional investors and hedge funds.
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 S.A. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for BanColombia S.A. and related companies with MarketBeat.com's FREE daily email newsletter.