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.

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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.

About BanColombia

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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Analyst Recommendations for BanColombia (NYSE:CIB)

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