Bancolombia (NYSE:CIB) Downgraded to “Hold” at Zacks Investment Research

Zacks Investment Research cut shares of Bancolombia (NYSE:CIB) from a strong-buy rating to a hold rating in a report released on Thursday, Zacks.com reports.

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 weighed in on the company. Santander upgraded Bancolombia from an underperform rating to a hold rating in a research note on Tuesday, October 15th. ValuEngine upgraded Bancolombia from a strong sell rating to a sell rating in a research note on Monday, November 11th. JPMorgan Chase & Co. upgraded Bancolombia from a neutral rating to an overweight rating and raised their price objective for the company from $48.00 to $55.00 in a research note on Tuesday, August 6th. Finally, Credit Suisse Group upgraded Bancolombia from an underperform rating to a neutral rating and set a $53.00 price objective for the company in a research note on Tuesday, August 6th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the stock. Bancolombia presently has an average rating of Hold and a consensus price target of $56.67.

NYSE CIB traded down $0.65 during mid-day trading on Thursday, reaching $51.30. 227,600 shares of the company’s stock traded hands, compared to its average volume of 292,361. Bancolombia has a 1-year low of $35.52 and a 1-year high of $55.40. The company has a fifty day simple moving average of $51.21 and a 200-day simple moving average of $50.03. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.73. The company has a market cap of $12.30 billion, a price-to-earnings ratio of 14.74 and a beta of 0.74.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. grew its position in shares of Bancolombia by 0.7% in the 2nd quarter. Vanguard Group Inc. now owns 3,841,561 shares of the bank’s stock worth $196,073,000 after acquiring an additional 26,028 shares in the last quarter. Genesis Investment Management LLP acquired a new position in shares of Bancolombia in the 3rd quarter worth approximately $105,406,000. BlackRock Inc. grew its position in shares of Bancolombia by 103.9% in the 2nd quarter. BlackRock Inc. now owns 2,065,949 shares of the bank’s stock worth $105,446,000 after acquiring an additional 1,052,496 shares in the last quarter. Polaris Capital Management LLC grew its position in shares of Bancolombia by 0.9% in the 2nd quarter. Polaris Capital Management LLC now owns 1,970,290 shares of the bank’s stock worth $100,564,000 after acquiring an additional 16,700 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA grew its position in shares of Bancolombia by 24.9% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 747,114 shares of the bank’s stock worth $36,946,000 after acquiring an additional 148,718 shares in the last quarter. Hedge funds and other institutional investors own 7.72% of the company’s stock.

Bancolombia Company Profile

Bancolombia SA provides various banking products and services to individual, corporate, and government customers in Colombia, Latin America, and the Caribbean region. The company operates in nine segments: Banking Colombia, Banking Panama, Banking El Salvador, Banking Guatemala, Trust, Investment Banking, Brokerage, Off Shore, and All Other.

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