Bancolombia (NYSE:CIB) Upgraded by Morgan Stanley to Overweight Rating

Morgan Stanley upgraded shares of Bancolombia (NYSE:CIB) from an equal weight rating to an overweight rating in a research note released on Tuesday, MarketBeat Ratings reports. The brokerage currently has $53.00 price target on the bank’s stock, up from their prior price target of $40.00.

Bancolombia Stock Performance

Bancolombia stock opened at $38.56 on Tuesday. Bancolombia has a fifty-two week low of $30.25 and a fifty-two week high of $39.73. The stock has a market cap of $9.27 billion, a price-to-earnings ratio of 6.11, a PEG ratio of 1.87 and a beta of 1.20. The stock’s 50 day simple moving average is $32.80 and its two-hundred day simple moving average is $32.53. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.00 and a current ratio of 1.00.

Bancolombia Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, January 13th. Shareholders of record on Monday, December 30th were issued a $0.8044 dividend. The ex-dividend date was Monday, December 30th. This represents a $3.22 dividend on an annualized basis and a yield of 8.34%. Bancolombia’s dividend payout ratio (DPR) is 50.71%.

Institutional Trading of Bancolombia

Hedge funds have recently modified their holdings of the business. Wellington Management Group LLP purchased a new position in Bancolombia during the 3rd quarter valued at about $8,208,000. Robeco Institutional Asset Management B.V. lifted its holdings in shares of Bancolombia by 12.8% during the third quarter. Robeco Institutional Asset Management B.V. now owns 1,323,482 shares of the bank’s stock valued at $41,531,000 after purchasing an additional 150,022 shares during the last quarter. B. Metzler seel. Sohn & Co. Holding AG bought a new stake in shares of Bancolombia in the 3rd quarter worth approximately $2,845,000. Public Employees Retirement System of Ohio purchased a new stake in shares of Bancolombia in the 3rd quarter worth approximately $2,667,000. Finally, Thrivent Financial for Lutherans increased its position in Bancolombia by 671.2% during the 2nd quarter. Thrivent Financial for Lutherans now owns 62,201 shares of the bank’s stock valued at $2,031,000 after buying an additional 54,136 shares in the last quarter.

Bancolombia Company Profile

Bancolombia SA, together with its subsidiaries, provides banking products and services in Colombia and internationally. The company operates through nine segments: Banking Colombia, Banking Panama, Banking El Salvador, Banking Guatemala, Trust, Investment Banking, Brokerage, International Banking, and All Other.