Engineers Gate Manager LP Trims Stock Holdings in Grupo Cibest S.A. - Sponsored ADR $CIB

Key Points

• Engineers Gate Manager LP cut its Grupo Cibest stake by 66.9% in the second quarter, selling 39,882 shares and retaining 19,690 shares valued at approximately $1.56 million.
• Analyst sentiment improved, including upgrades from JPMorgan and Zacks; the stock has an average rating of “Hold” and an average price target of $90.83.
• Grupo Cibest reported quarterly EPS of $3.32, exceeding estimates by $1.18, and paid a special dividend of $1.6324 per share. Shares opened at $98.27, near their 52-week high of $105.60.

Engineers Gate Manager LP decreased its position in Grupo Cibest S.A. - Sponsored ADR (NYSE:CIB - Free Report) by 66.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 19,690 shares of the bank's stock after selling 39,882 shares during the quarter. Engineers Gate Manager LP's holdings in Grupo Cibest were worth $1,564,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Bank of America Corp DE increased its stake in shares of Grupo Cibest by 9.1% in the 1st quarter. Bank of America Corp DE now owns 516,834 shares of the bank's stock worth $37,631,000 after acquiring an additional 43,126 shares in the last quarter. ABN Amro Investment Solutions lifted its position in Grupo Cibest by 110.7% during the 4th quarter. ABN Amro Investment Solutions now owns 182,945 shares of the bank's stock valued at $11,637,000 after acquiring an additional 96,109 shares during the period. Assetmark Inc. boosted its stake in Grupo Cibest by 46,580.9% during the first quarter. Assetmark Inc. now owns 95,229 shares of the bank's stock worth $6,934,000 after acquiring an additional 95,025 shares in the last quarter. Barometer Capital Management Inc. boosted its stake in Grupo Cibest by 671.0% during the first quarter. Barometer Capital Management Inc. now owns 23,900 shares of the bank's stock worth $1,740,000 after acquiring an additional 20,800 shares in the last quarter. Finally, Barings LLC grew its holdings in Grupo Cibest by 50.2% in the first quarter. Barings LLC now owns 81,500 shares of the bank's stock worth $5,934,000 after purchasing an additional 27,227 shares during the period.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Itau BBA Securities raised shares of Grupo Cibest from a "strong sell" rating to a "market perform" rating in a research note on Tuesday, May 26th. Bank of America raised Grupo Cibest from an "underperform" rating to a "neutral" rating and boosted their price target for the stock from $68.00 to $75.00 in a research report on Monday, June 1st. JPMorgan Chase & Co. upgraded Grupo Cibest from a "neutral" rating to an "overweight" rating and upped their price target for the stock from $70.00 to $110.00 in a research note on Tuesday, August 11th. Zacks Research raised Grupo Cibest from a "hold" rating to a "strong-buy" rating in a research report on Friday, July 17th. Finally, Royal Bank Of Canada set a $110.00 price objective on Grupo Cibest in a research note on Tuesday, August 11th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $90.83.

Grupo Cibest Stock Down 2.4%

NYSE:CIB opened at $98.27 on Thursday. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.99 and a current ratio of 0.99. The firm has a market cap of $23.32 billion, a P/E ratio of 19.16, a P/E/G ratio of 0.77 and a beta of 0.65. Grupo Cibest S.A. - Sponsored ADR has a fifty-two week low of $50.72 and a fifty-two week high of $105.60. The firm has a 50-day simple moving average of $93.31 and a two-hundred day simple moving average of $79.50.

Grupo Cibest (NYSE:CIB - Get Free Report) last posted its quarterly earnings results on Monday, August 10th. The bank reported $3.32 EPS for the quarter, beating analysts' consensus estimates of $2.14 by $1.18. The firm had revenue of $2.31 billion for the quarter, compared to analysts' expectations of $2.40 billion. Grupo Cibest had a net margin of 10.80% and a return on equity of 20.87%. Analysts predict that Grupo Cibest S.A. - Sponsored ADR will post 10.87 earnings per share for the current fiscal year.

Grupo Cibest Dividend Announcement

The firm also recently announced a special dividend, which was paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 8th were paid a dividend of $1.6324 per share. The ex-dividend date was Tuesday, September 8th. Grupo Cibest's dividend payout ratio (DPR) is currently 103.70%.

About Grupo Cibest

Grupo Cibest SA is a Colombian financial holding company formerly known as Bancolombia SA Through its subsidiaries, the group provides banking, payments, investment, insurance and other financial services to individuals, businesses and institutional customers.

Its principal banking operations are conducted through Bancolombia, which offers checking and savings accounts, consumer and commercial lending, mortgages, credit and debit cards, cash management, investment products and digital banking services.

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