BanColombia (NYSE:CIB) Upgraded by Bank of America to Neutral Rating

Key Points

• BanColombia has been upgraded by Bank of America from an "underperform" to a "neutral" rating, with a new price target of $49.00, indicating a potential upside of 8.01% from the current price.
• UBS Group also maintains a "neutral" rating with a target price of $38.00, reflecting slight optimism in the stock's performance.
• Currently, BanColombia has an average rating of "Hold" based on analyst evaluations, with a consensus target price of $42.00.

BanColombia (NYSE:CIB - Get Free Report) was upgraded by investment analysts at Bank of America from an "underperform" rating to a "neutral" rating in a research note issued to investors on Thursday, MarketBeat.com reports. The brokerage presently has a $49.00 price target on the bank's stock, up from their previous price target of $41.00. Bank of America's price target indicates a potential upside of 8.01% from the company's current price.

Separately, UBS Group reiterated a "neutral" rating and set a $38.00 target price (up previously from $35.00) on shares of BanColombia in a report on Monday, June 2nd. Two analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $42.00.

BanColombia Price Performance

CIB stock opened at $45.37 on Thursday. The stock has a 50-day moving average price of $44.17 and a two-hundred day moving average price of $41.80. The stock has a market cap of $10.91 billion, a PE ratio of 7.27, a price-to-earnings-growth ratio of 0.98 and a beta of 0.92. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.26. BanColombia has a 1 year low of $30.57 and a 1 year high of $46.81.

Institutional Investors Weigh In On BanColombia

Several institutional investors and hedge funds have recently added to or reduced their stakes in CIB. Vanguard Group Inc. raised its holdings in shares of BanColombia by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 3,099,224 shares of the bank's stock valued at $97,657,000 after purchasing an additional 19,499 shares during the period. Earnest Partners LLC raised its holdings in shares of BanColombia by 2.3% in the 1st quarter. Earnest Partners LLC now owns 2,566,128 shares of the bank's stock valued at $103,158,000 after purchasing an additional 56,475 shares during the period. Itau Unibanco Holding S.A. bought a new stake in shares of BanColombia in the 4th quarter valued at about $24,801,000. JPMorgan Chase & Co. raised its holdings in shares of BanColombia by 40.0% in the 4th quarter. JPMorgan Chase & Co. now owns 484,281 shares of the bank's stock valued at $15,260,000 after purchasing an additional 138,461 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in shares of BanColombia by 4.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 365,603 shares of the bank's stock valued at $11,523,000 after purchasing an additional 14,293 shares during the period.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.