Bancolombia SA (CIB) Upgraded by Zacks Investment Research to Buy
Zacks Investment Research upgraded shares of Bancolombia SA (NYSE:CIB) from a hold rating to a buy rating in a research report released on Tuesday. They currently have $43.00 price target on the stock.
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. “
Other research analysts have also issued research reports about the company. Deutsche Bank AG upgraded Bancolombia SA from a hold rating to a buy rating and set a $47.00 target price for the company in a research report on Monday, August 22nd. Credit Suisse Group AG lowered Bancolombia SA from an outperform rating to a neutral rating and lifted their target price for the stock from $38.00 to $40.00 in a research report 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 a consensus rating of Hold and a consensus target price of $40.13.
Shares of Bancolombia SA (NYSE:CIB) opened at 38.49 on Tuesday. The stock has a market cap of $9.26 billion, a PE ratio of 12.04 and a beta of 0.69. Bancolombia SA has a 52 week low of $23.69 and a 52 week high of $42.58. The firm has a 50-day moving average price of $39.07 and a 200-day moving average price of $36.29.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Ngam Advisors L.P. raised its position in Bancolombia SA by 261.0% in the first quarter. Ngam Advisors L.P. now owns 72,383 shares of the company’s stock worth $2,474,000 after buying an additional 52,332 shares in the last quarter. Franklin Resources Inc. increased its stake in shares of Bancolombia SA by 31.8% in the first quarter. Franklin Resources Inc. now owns 423,902 shares of the company’s stock valued at $14,489,000 after buying an additional 102,200 shares during the last quarter. BlackRock Inc. increased its stake in shares of Bancolombia SA by 463.3% in the first quarter. BlackRock Inc. now owns 29,688 shares of the company’s stock valued at $1,014,000 after buying an additional 24,418 shares during the last quarter. BlackRock Group LTD increased its stake in shares of Bancolombia SA by 9.8% in the first quarter. BlackRock Group LTD now owns 290,515 shares of the company’s stock valued at $9,929,000 after buying an additional 26,044 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its stake in shares of Bancolombia SA by 125.5% in the first quarter. JPMorgan Chase & Co. now owns 632,400 shares of the company’s stock valued at $21,615,000 after buying an additional 351,999 shares during the last quarter. Institutional investors and hedge funds own 12.37% of the company’s stock.
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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