Grupo Cibest (NYSE:CIB) Stock Gets Downgrade from Zacks Research

Key Points

• Zacks Research downgraded Grupo Cibest from “strong buy” to “hold,” while analysts overall maintain an average “hold” rating with a $90.83 price target.
• Grupo Cibest shares opened at $95.39, near their 52-week high of $105.60, with a $22.64 billion market capitalization and a price-to-earnings ratio of 10.68.
• The bank exceeded quarterly earnings expectations, reporting $3.32 in EPS versus a $2.14 estimate, though revenue of $2.31 billion fell short of the $2.40 billion consensus.

Grupo Cibest (NYSE:CIB - Get Free Report) was downgraded by research analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a note issued to investors on Monday, Zacks reports.

Other equities research analysts have also issued research reports about the company. Citigroup raised Grupo Cibest from a "hold" rating to a "buy" rating in a research note on Thursday, August 13th. Weiss Ratings upgraded Grupo Cibest from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Thursday, October 8th. Royal Bank Of Canada set a $110.00 price target on Grupo Cibest in a report on Tuesday, August 11th. The Goldman Sachs Group lifted their price target on Grupo Cibest from $98.00 to $110.00 and gave the company a "buy" rating in a research report on Thursday, August 13th. Finally, JPMorgan Chase & Co. reiterated a "neutral" rating and set a $110.00 price target on shares of Grupo Cibest in a research report on Wednesday, September 16th. Three investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $90.83.

Grupo Cibest Stock Performance

NYSE CIB opened at $95.39 on Monday. Grupo Cibest has a 1 year low of $53.34 and a 1 year high of $105.60. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.99 and a quick ratio of 0.99. The stock has a market capitalization of $22.64 billion, a PE ratio of 10.68, a P/E/G ratio of 0.72 and a beta of 0.67. The company's 50 day simple moving average is $96.88 and its two-hundred day simple moving average is $83.08.

Grupo Cibest (NYSE:CIB - Get Free Report) last announced its quarterly earnings results on Monday, August 10th. The bank reported $3.32 EPS for the quarter, beating the consensus estimate of $2.14 by $1.18. The firm had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $2.40 billion. Grupo Cibest had a net margin of 10.80% and a return on equity of 20.87%. Analysts predict that Grupo Cibest will post 10.87 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Grupo Cibest

Several hedge funds have recently added to or reduced their stakes in the company. QRG Capital Management Inc. increased its position in shares of Grupo Cibest by 6.5% during the 2nd quarter. QRG Capital Management Inc. now owns 17,479 shares of the bank's stock valued at $1,388,000 after purchasing an additional 1,070 shares during the last quarter. Sequoia Financial Advisors LLC lifted its position in Grupo Cibest by 29.4% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 7,230 shares of the bank's stock worth $574,000 after buying an additional 1,644 shares during the last quarter. Nykredit A S bought a new stake in Grupo Cibest in the 2nd quarter worth approximately $4,670,000. Corient Private Wealth LP purchased a new stake in Grupo Cibest in the second quarter worth approximately $528,000. Finally, Public Employees Retirement System of Ohio purchased a new stake in Grupo Cibest in the second quarter worth approximately $79,000.

Grupo Cibest Company Profile

Grupo Cibest SA is a Colombia-based financial services holding company formerly known as Bancolombia SA The company operates through a diversified financial-services platform focused on serving individuals, businesses, corporations and institutional clients.

Its businesses include commercial and consumer banking, savings and checking accounts, lending, credit cards, payments, leasing, investment banking, brokerage, fiduciary services, asset management and insurance. Through its subsidiaries and digital channels, Grupo Cibest provides financial products and services to retail customers, small and midsize businesses, and large corporations.

The company has its principal operations in Colombia and a broader presence in Central America, including Panama, Guatemala and El Salvador.

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