BanColombia (NYSE:CIB) Receives "Underperform" Rating from Bank of America

Key Points

• BanColombia's stock received an "underperform" rating from Bank of America, with Zacks Research downgrading it from "strong-buy" to "hold".
• The company's average analyst rating is "Reduce" with a consensus price target of $43.75, despite a recent earnings report beating expectations.
• Significant increases in holdings by hedge funds, including a 796.3% rise in shares owned by Tower Research Capital LLC, indicate growing institutional interest in BanColombia.

BanColombia (NYSE:CIB - Get Free Report)'s stock had its "underperform" rating reissued by stock analysts at Bank of America in a report released on Thursday,Benzinga reports.

Several other analysts have also recently weighed in on CIB. Zacks Research cut shares of BanColombia from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 26th. UBS Group reaffirmed a "neutral" rating and set a $38.00 price objective (up from $35.00) on shares of BanColombia in a research note on Monday, June 2nd. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Reduce" and a consensus price target of $43.75.

BanColombia Stock Performance

NYSE CIB opened at $53.67 on Thursday. The stock has a market cap of $12.91 billion, a P/E ratio of 8.14, a PEG ratio of 1.07 and a beta of 0.97. The company's 50-day simple moving average is $47.31 and its 200 day simple moving average is $43.70. BanColombia has a twelve month low of $30.65 and a twelve month high of $53.99. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.29.

BanColombia (NYSE:CIB - Get Free Report) last posted its earnings results on Thursday, August 7th. The bank reported $1.79 earnings per share for the quarter, beating analysts' consensus estimates of $1.66 by $0.13. The business had revenue of $1.80 billion for the quarter, compared to analysts' expectations of $1.75 billion. BanColombia had a net margin of 15.30% and a return on equity of 19.77%. As a group, research analysts forecast that BanColombia will post 6 earnings per share for the current fiscal year.

Hedge Funds Weigh In On BanColombia

Large investors have recently bought and sold shares of the business. Caitong International Asset Management Co. Ltd lifted its holdings in BanColombia by 253.2% in the second quarter. Caitong International Asset Management Co. Ltd now owns 657 shares of the bank's stock valued at $30,000 after buying an additional 471 shares during the period. SVB Wealth LLC acquired a new position in BanColombia in the first quarter valued at approximately $45,000. Tower Research Capital LLC TRC lifted its holdings in BanColombia by 796.3% in the second quarter. Tower Research Capital LLC TRC now owns 977 shares of the bank's stock valued at $45,000 after buying an additional 868 shares during the period. Aberdeen Group plc acquired a new position in BanColombia in the first quarter valued at approximately $201,000. Finally, Corient Private Wealth LLC acquired a new position in BanColombia in the second quarter valued at approximately $205,000.

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.

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