Zacks Investment Research Upgrades Bancolombia (CIB) to “Hold”

Bancolombia (NYSE:CIB) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Friday.

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. “

A number of other equities research analysts have also recently issued reports on CIB. Deutsche Bank cut shares of Bancolombia from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $52.00 to $45.00 in a report on Friday, October 27th. Citigroup cut shares of Bancolombia from a “neutral” rating to a “sell” rating in a report on Tuesday, January 9th. Four research analysts have rated the stock with a sell rating and six have given a hold rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $46.00.

Shares of Bancolombia (NYSE CIB) traded down $0.46 during trading hours on Friday, reaching $42.67. 267,625 shares of the company were exchanged, compared to its average volume of 239,815. The company has a market capitalization of $10,601.88, a PE ratio of 10.09, a PEG ratio of 2.41 and a beta of 0.46. Bancolombia has a 12-month low of $36.15 and a 12-month high of $48.74. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.11 and a quick ratio of 1.11.

A number of hedge funds have recently added to or reduced their stakes in the business. Harding Loevner LP boosted its holdings in Bancolombia by 1.2% during the third quarter. Harding Loevner LP now owns 4,113,718 shares of the bank’s stock valued at $188,367,000 after acquiring an additional 46,900 shares during the period. Vanguard Group Inc. boosted its holdings in Bancolombia by 3.3% during the second quarter. Vanguard Group Inc. now owns 3,150,030 shares of the bank’s stock valued at $140,334,000 after acquiring an additional 99,894 shares during the period. Earnest Partners LLC boosted its holdings in Bancolombia by 3.9% during the third quarter. Earnest Partners LLC now owns 2,956,142 shares of the bank’s stock valued at $135,362,000 after acquiring an additional 111,384 shares during the period. JPMorgan Chase & Co. boosted its holdings in Bancolombia by 419.6% during the third quarter. JPMorgan Chase & Co. now owns 1,874,923 shares of the bank’s stock valued at $85,647,000 after acquiring an additional 1,514,103 shares during the period. Finally, Wells Fargo & Company MN boosted its holdings in Bancolombia by 1.4% during the third quarter. Wells Fargo & Company MN now owns 1,486,461 shares of the bank’s stock valued at $68,066,000 after acquiring an additional 20,025 shares during the period. Institutional investors own 13.27% of the company’s stock.

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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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