Raymond James Financial Inc. Grows Holdings in BanColombia S.A. $CIB

Key Points

• Raymond James Financial Inc. increased its stake in BanColombia S.A. by 22.5% in the first quarter, acquiring an additional 22,158 shares to reach a total of 120,682 shares valued at approximately $4.85 million.
• BanColombia reported a Q2 earnings per share (EPS) of $1.79, surpassing analyst expectations of $1.66, alongside a revenue of $1.80 billion, exceeding estimates of $1.75 billion.
• Analysts have mixed ratings on BanColombia: while UBS maintains a "neutral" rating with a price target increase to $38, Zacks downgraded it to "hold," and Bank of America upgraded it to "neutral" with a target of $49.

Raymond James Financial Inc. raised its stake in shares of BanColombia S.A. (NYSE:CIB - Free Report) by 22.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 120,682 shares of the bank's stock after purchasing an additional 22,158 shares during the period. Raymond James Financial Inc. owned 0.05% of BanColombia worth $4,851,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Laird Norton Wetherby Wealth Management LLC lifted its holdings in BanColombia by 7.5% during the fourth quarter. Laird Norton Wetherby Wealth Management LLC now owns 9,628 shares of the bank's stock valued at $303,000 after purchasing an additional 668 shares in the last quarter. Measured Wealth Private Client Group LLC lifted its holdings in BanColombia by 7.9% during the first quarter. Measured Wealth Private Client Group LLC now owns 9,548 shares of the bank's stock valued at $384,000 after purchasing an additional 700 shares in the last quarter. US Bancorp DE lifted its holdings in BanColombia by 14.3% during the first quarter. US Bancorp DE now owns 6,394 shares of the bank's stock valued at $257,000 after purchasing an additional 800 shares in the last quarter. Mercer Global Advisors Inc. ADV lifted its holdings in BanColombia by 16.1% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 7,824 shares of the bank's stock valued at $247,000 after purchasing an additional 1,085 shares in the last quarter. Finally, QRG Capital Management Inc. lifted its holdings in BanColombia by 9.4% during the first quarter. QRG Capital Management Inc. now owns 15,840 shares of the bank's stock valued at $637,000 after purchasing an additional 1,364 shares in the last quarter.

BanColombia Trading Up 0.7%

CIB stock traded up $0.38 during trading on Wednesday, reaching $53.67. 362,479 shares of the stock were exchanged, compared to its average volume of 297,200. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.29. The business has a 50 day moving average price of $47.31 and a 200-day moving average price of $43.70. BanColombia S.A. has a 1 year low of $30.65 and a 1 year high of $53.99. The firm has a market capitalization of $12.91 billion, a price-to-earnings ratio of 8.14, a P/E/G ratio of 1.07 and a beta of 0.97.

BanColombia (NYSE:CIB - Get Free Report) last issued its earnings results on Thursday, August 7th. The bank reported $1.79 EPS for the quarter, topping analysts' consensus estimates of $1.66 by $0.13. BanColombia had a net margin of 15.30% and a return on equity of 19.77%. The company had revenue of $1.80 billion for the quarter, compared to the consensus estimate of $1.75 billion. On average, research analysts predict that BanColombia S.A. will post 6 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have issued reports on CIB. UBS Group reaffirmed a "neutral" rating and set a $38.00 price objective (up from $35.00) on shares of BanColombia in a report on Monday, June 2nd. Bank of America raised shares of BanColombia from an "underperform" rating to a "neutral" rating and increased their price objective for the company from $41.00 to $49.00 in a report on Thursday, August 7th. Finally, Zacks Research downgraded shares of BanColombia from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 26th. One investment analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $43.75.

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.