Bancolombia S.A. to Issue Quarterly Dividend of $0.80 (NYSE:CIB)

Bancolombia S.A. (NYSE:CIB) declared a quarterly dividend on Thursday, November 21st,Wall Street Journal reports. Investors of record on Monday, December 30th will be paid a dividend of 0.8044 per share by the bank on Monday, January 13th. This represents a $3.22 annualized dividend and a yield of 9.75%. The ex-dividend date is Monday, December 30th.

Bancolombia has increased its dividend payment by an average of 41.0% per year over the last three years. Bancolombia has a dividend payout ratio of 57.2% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Bancolombia to earn $5.91 per share next year, which means the company should continue to be able to cover its $3.32 annual dividend with an expected future payout ratio of 56.2%.

Bancolombia Price Performance

NYSE:CIB traded down $0.46 during midday trading on Thursday, hitting $33.01. The stock had a trading volume of 117,228 shares, compared to its average volume of 267,169. Bancolombia has a one year low of $26.72 and a one year high of $37.85. The stock has a 50-day moving average of $32.01 and a 200 day moving average of $33.06. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.34.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CIB. Bank of America lowered Bancolombia from a “neutral” rating to an “underperform” rating and reduced their target price for the stock from $38.00 to $34.00 in a research note on Thursday, August 29th. JPMorgan Chase & Co. cut their price target on Bancolombia from $36.00 to $35.00 and set an “underweight” rating on the stock in a research report on Monday, August 12th. Finally, The Goldman Sachs Group downgraded Bancolombia from a “neutral” rating to a “sell” rating and cut their price target for the stock from $34.00 to $32.00 in a research report on Tuesday, August 20th.

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.