Connor Clark & Lunn Investment Management Ltd. Purchases 11,849 Shares of BanColombia S.A. (NYSE:CIB)

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in BanColombia S.A. by 7.2%, purchasing an additional 11,849 shares and bringing their total holdings to 176,281 shares worth approximately $7.09 million.
• Analysts have shown mixed opinions on BanColombia, with Bank of America upgrading the stock to a "neutral" rating and increasing its price target from $41.00 to $49.00, while others maintain a "hold" or "sell" rating.
• BanColombia's shares opened at $47.99, with a market capitalization of $11.54 billion, and the bank reported earnings of $1.79 per share for the latest quarter, exceeding estimates.

Connor Clark & Lunn Investment Management Ltd. raised its holdings in BanColombia S.A. (NYSE:CIB - Free Report) by 7.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 176,281 shares of the bank's stock after buying an additional 11,849 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 0.07% of BanColombia worth $7,086,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Whipplewood Advisors LLC increased its stake in BanColombia by 4,800.9% in the 1st quarter. Whipplewood Advisors LLC now owns 5,195 shares of the bank's stock valued at $209,000 after buying an additional 5,089 shares during the last quarter. Malaga Cove Capital LLC acquired a new stake in BanColombia in the 1st quarter valued at $209,000. JBF Capital Inc. acquired a new stake in BanColombia in the 1st quarter valued at $241,000. Mercer Global Advisors Inc. ADV increased its stake in BanColombia by 16.1% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 7,824 shares of the bank's stock valued at $247,000 after buying an additional 1,085 shares during the last quarter. Finally, US Bancorp DE increased its stake in BanColombia by 14.3% in the 1st quarter. US Bancorp DE now owns 6,394 shares of the bank's stock valued at $257,000 after buying an additional 800 shares during the last quarter.

Analyst Ratings Changes

Several research firms have recently weighed in on CIB. Bank of America upgraded shares of BanColombia from an "underperform" rating to a "neutral" rating and boosted their price objective for the stock from $41.00 to $49.00 in a research note on Thursday, August 7th. UBS Group restated 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.

BanColombia Stock Performance

CIB traded up $0.89 on Friday, reaching $49.45. The company had a trading volume of 425,161 shares, compared to its average volume of 328,597. BanColombia S.A. has a fifty-two week low of $30.65 and a fifty-two week high of $49.79. The stock has a market cap of $11.89 billion, a P/E ratio of 7.50, a P/E/G ratio of 0.97 and a beta of 0.92. The company's fifty day moving average is $44.89 and its 200 day moving average is $42.45. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.00 and a current ratio of 1.00.

BanColombia (NYSE:CIB - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The bank reported $1.79 EPS for the quarter, beating analysts' consensus estimates of $1.66 by $0.13. BanColombia had a net margin of 15.30% and a return on equity of 17.84%. The business had revenue of $1.80 billion for the quarter, compared to analyst estimates of $1.75 billion. As a group, analysts predict that BanColombia S.A. will post 6 earnings per share for the current fiscal year.

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.