BanColombia (NYSE:CIB) Hits New 12-Month High After Better-Than-Expected Earnings

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) hit a new 52-week high during trading on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $47.78 and last traded at $47.26, with a volume of 61373 shares changing hands. The stock had previously closed at $45.40.

The bank reported $1.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.66 by $0.13. The company had revenue of $1.80 billion during the quarter, compared to the consensus estimate of $1.75 billion. BanColombia had a net margin of 15.30% and a return on equity of 17.84%.

Wall Street Analysts Forecast Growth

CIB has been the topic of several analyst reports. Bank of America upgraded BanColombia from an "underperform" rating to a "neutral" rating and upped their target price for the company from $41.00 to $49.00 in a report on Thursday. UBS Group reissued a "neutral" rating and set a $38.00 target price (up from $35.00) on shares of BanColombia in a research note on Monday, June 2nd. Two analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, BanColombia currently has a consensus rating of "Hold" and a consensus price target of $42.00.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CIB. Caitong International Asset Management Co. Ltd boosted its holdings in shares of BanColombia by 253.2% in the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 657 shares of the bank's stock worth $30,000 after purchasing an additional 471 shares in the last quarter. SVB Wealth LLC bought a new stake in BanColombia in the 1st quarter worth approximately $45,000. Aberdeen Group plc purchased a new stake in BanColombia in the first quarter worth approximately $201,000. Whipplewood Advisors LLC boosted its stake in BanColombia by 4,800.9% in the first quarter. Whipplewood Advisors LLC now owns 5,195 shares of the bank's stock worth $209,000 after buying an additional 5,089 shares in the last quarter. Finally, Malaga Cove Capital LLC bought a new position in BanColombia during the first quarter valued at approximately $209,000.

BanColombia Price Performance

The stock has a market capitalization of $11.54 billion, a PE ratio of 7.28, a P/E/G ratio of 0.98 and a beta of 0.92. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.00 and a quick ratio of 1.00. The firm's 50 day simple moving average is $44.37 and its 200 day simple moving average is $42.12.

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.