BanColombia (NYSE:CIB) Sets New 1-Year High - Here's What Happened

Key Points

• BanColombia's stock reached a new 52-week high of $47.78, closing at $47.26 with a trading volume of 61,373 shares.
• Analysts have upgraded their ratings for BanColombia, with Bank of America raising its price target from $41.00 to $49.00, while UBS set a target of $38.00.
• Institutional investments increased, with several hedge funds purchasing new positions or raising their stakes in BanColombia during the second quarter.

BanColombia S.A. (NYSE:CIB - Get Free Report)'s stock price reached a new 52-week high during trading on Thursday . The stock traded as high as $47.78 and last traded at $47.26, with a volume of 61373 shares traded. The stock had previously closed at $45.40.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. UBS Group reissued a "neutral" rating and set a $38.00 target price (up from $35.00) on shares of BanColombia in a research report on Monday, June 2nd. Bank of America raised shares of BanColombia from an "underperform" rating to a "neutral" rating and upped their price objective for the stock from $41.00 to $49.00 in a research report on Thursday. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $42.00.

BanColombia Price Performance

The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $11.23 billion, a P/E ratio of 7.48, a P/E/G ratio of 0.98 and a beta of 0.92. The business's fifty day moving average price is $44.17 and its 200-day moving average price is $41.80.

Hedge Funds Weigh In On BanColombia

Hedge funds and other institutional investors have recently modified their holdings of the company. Acadian Asset Management LLC purchased a new position in shares of BanColombia during the second quarter valued at about $2,333,000. Campbell & CO Investment Adviser LLC bought a new position in BanColombia during the second quarter valued at approximately $939,000. Connor Clark & Lunn Investment Management Ltd. lifted its position in BanColombia by 10.7% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 195,129 shares of the bank's stock valued at $9,013,000 after purchasing an additional 18,848 shares during the period. Stokes Family Office LLC raised its position in BanColombia by 3.6% in the second quarter. Stokes Family Office LLC now owns 43,290 shares of the bank's stock worth $2,000,000 after acquiring an additional 1,500 shares during the period. Finally, Y Intercept Hong Kong Ltd bought a new position in BanColombia in the second quarter worth approximately $445,000.

About BanColombia

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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