Bancolombia (NYSE:CIB) Hits New 12-Month High – Still a Buy?

Bancolombia S.A. (NYSE:CIB) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $39.73 and last traded at $38.79, with a volume of 221229 shares changing hands. The stock had previously closed at $36.88.

Analysts Set New Price Targets

Separately, Morgan Stanley raised Bancolombia from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $40.00 to $53.00 in a research report on Tuesday.

Bancolombia Price Performance

The firm has a 50-day simple moving average of $32.69 and a two-hundred day simple moving average of $32.51. The company has a market capitalization of $9.33 billion, a price-to-earnings ratio of 6.16, a P/E/G ratio of 1.87 and a beta of 1.20. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.34.

Bancolombia Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, January 13th. Shareholders of record on Monday, December 30th were given a dividend of $0.8044 per share. This represents a $3.22 annualized dividend and a yield of 8.29%. The ex-dividend date of this dividend was Monday, December 30th. Bancolombia’s dividend payout ratio is currently 50.71%.

Institutional Investors Weigh In On Bancolombia

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Venturi Wealth Management LLC purchased a new stake in shares of Bancolombia during the 3rd quarter worth about $27,000. Blue Trust Inc. boosted its stake in shares of Bancolombia by 96.5% during the 3rd quarter. Blue Trust Inc. now owns 1,305 shares of the bank’s stock worth $43,000 after acquiring an additional 641 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Bancolombia by 41.3% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,246 shares of the bank’s stock worth $72,000 after acquiring an additional 657 shares in the last quarter. R Squared Ltd purchased a new stake in shares of Bancolombia during the 4th quarter worth about $121,000. Finally, US Bancorp DE boosted its stake in shares of Bancolombia by 18.9% during the 3rd quarter. US Bancorp DE now owns 5,282 shares of the bank’s stock worth $166,000 after acquiring an additional 839 shares in the last quarter.

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.