Zacks Investment Research Upgrades BanColombia S.A. (CIB) to Buy
BanColombia S.A. (NYSE:CIB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Friday. The firm currently has a $53.00 price objective on the bank’s stock. Zacks Investment Research‘s price target suggests a potential upside of 11.65% from the company’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 several other reports. Standpoint Research lowered BanColombia from a “buy” rating to a “hold” rating in a research report on Monday, May 22nd. BidaskClub lowered BanColombia from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, July 25th. Credit Suisse Group set a $45.00 price target on BanColombia and gave the company a “hold” rating in a research report on Wednesday, May 24th. J P Morgan Chase & Co reissued a “neutral” rating and set a $41.00 price target (down from $42.00) on shares of BanColombia in a research report on Monday, June 5th. Finally, HSBC Holdings plc lowered BanColombia from a “buy” rating to a “hold” rating in a research report on Tuesday, August 15th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $46.33.
BanColombia (NYSE CIB) traded up 0.15% during mid-day trading on Friday, hitting $47.47. The company had a trading volume of 311,566 shares. The company’s 50 day moving average price is $44.93 and its 200-day moving average price is $42.56. The company has a market cap of $11.41 billion, a PE ratio of 11.54 and a beta of 0.33. BanColombia has a one year low of $31.98 and a one year high of $48.74.
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Hedge funds and other institutional investors have recently modified their holdings of the business. Advisor Group Inc. grew its stake in BanColombia by 1.6% in the second quarter. Advisor Group Inc. now owns 3,227 shares of the bank’s stock valued at $144,000 after purchasing an additional 52 shares in the last quarter. Nomura Asset Management Co. Ltd. grew its stake in BanColombia by 5.8% in the first quarter. Nomura Asset Management Co. Ltd. now owns 5,021 shares of the bank’s stock valued at $200,000 after purchasing an additional 275 shares in the last quarter. Teza Capital Management LLC purchased a new position in BanColombia in the first quarter valued at about $204,000. Pinebridge Investments L.P. purchased a new position in BanColombia in the second quarter valued at about $223,000. Finally, Tower Research Capital LLC TRC grew its stake in BanColombia by 1,627.3% in the first quarter. Tower Research Capital LLC TRC now owns 5,700 shares of the bank’s stock valued at $227,000 after purchasing an additional 5,370 shares in the last quarter. Hedge funds and other institutional investors own 14.96% of the company’s stock.
BanColombia 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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