Bancolombia SA (NYSE:CIB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The firm presently has a $43.00 price target on the stock. Zacks Investment Research’s target price points to a potential upside of 11.72% from the stock’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 topic of a number of other research reports. Deutsche Bank AG raised Bancolombia SA from a “hold” rating to a “buy” rating and set a $47.00 target price on the stock in a research note on Monday, August 22nd. Credit Suisse Group AG lowered Bancolombia SA from an “outperform” rating to a “neutral” rating and upped their target price for the company from $38.00 to $40.00 in a research note on Thursday, October 6th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $40.13.
Bancolombia SA (NYSE:CIB) traded down 0.05% on Tuesday, hitting $38.49. The stock had a trading volume of 400,143 shares. The firm has a market cap of $9.26 billion, a price-to-earnings ratio of 12.04 and a beta of 0.69. Bancolombia SA has a one year low of $23.69 and a one year high of $42.58. The company’s 50-day moving average price is $39.07 and its 200 day moving average price is $36.29.
Hedge funds and other institutional investors have recently modified their holdings of the company. Axiom International Investors LLC DE purchased a new stake in Bancolombia SA during the second quarter worth approximately $30,031,000. Harding Loevner LP increased its stake in Bancolombia SA by 30.1% in the second quarter. Harding Loevner LP now owns 3,634,184 shares of the company’s stock worth $126,906,000 after buying an additional 841,700 shares during the last quarter. Emerald Acquisition Ltd. purchased a new stake in Bancolombia SA during the second quarter worth approximately $25,316,000. Principal Financial Group Inc. purchased a new stake in Bancolombia SA during the second quarter worth approximately $19,335,000. Finally, JPMorgan Chase & Co. increased its stake in Bancolombia SA by 125.5% in the first quarter. JPMorgan Chase & Co. now owns 632,400 shares of the company’s stock worth $21,615,000 after buying an additional 351,999 shares during the last quarter. 12.37% of the stock is currently owned by institutional investors.
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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