BanColombia S.A. (CIB) Downgraded to “Hold” at Zacks Investment Research
BanColombia S.A. (NYSE:CIB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Wednesday.
According to Zacks, “BanColombia is Colombia’s largest bank in terms of assets and also has the largest market participation in deposit products and loans. “
Several other research firms have also recently commented on CIB. HSBC Holdings plc cut shares of BanColombia from a “buy” rating to a “hold” rating in a research note on Tuesday, August 15th. J P Morgan Chase & Co reaffirmed a “neutral” rating and issued a $41.00 price objective (down previously from $42.00) on shares of BanColombia in a research note on Monday, June 5th. BidaskClub raised shares of BanColombia from a “buy” rating to a “strong-buy” rating in a research note on Saturday, July 1st. Credit Suisse Group set a $45.00 price objective on shares of BanColombia and gave the stock a “hold” rating in a research note on Wednesday, May 24th. Finally, Standpoint Research cut shares of BanColombia from a “buy” rating to a “hold” rating in a research note on Monday, May 22nd. One analyst has rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $45.00.
Shares of BanColombia (NYSE CIB) traded down 1.96% during midday trading on Wednesday, reaching $44.09. The company’s stock had a trading volume of 213,099 shares. BanColombia has a 52 week low of $31.98 and a 52 week high of $47.19. The company has a 50 day moving average of $44.01 and a 200-day moving average of $41.74. The stock has a market capitalization of $10.60 billion, a price-to-earnings ratio of 10.72 and a beta of 0.32.
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Several hedge funds and other institutional investors have recently made changes to their positions in CIB. Bank of Montreal Can boosted its stake in BanColombia by 2,896.6% in the first quarter. Bank of Montreal Can now owns 26,130 shares of the bank’s stock valued at $1,041,000 after buying an additional 25,258 shares in the last quarter. DnB Asset Management AS bought a new stake in BanColombia during the first quarter valued at approximately $439,000. Huntington National Bank boosted its stake in BanColombia by 12.7% in the first quarter. Huntington National Bank now owns 3,235 shares of the bank’s stock valued at $129,000 after buying an additional 365 shares in the last quarter. Nationwide Fund Advisors boosted its stake in BanColombia by 288.9% in the first quarter. Nationwide Fund Advisors now owns 175,000 shares of the bank’s stock valued at $6,977,000 after buying an additional 130,000 shares in the last quarter. Finally, Profund Advisors LLC boosted its stake in BanColombia by 39.9% in the first quarter. Profund Advisors LLC now owns 17,028 shares of the bank’s stock valued at $679,000 after buying an additional 4,853 shares in the last quarter. Institutional investors own 14.96% of the company’s stock.
BanColombia Company Profile
Bancolombia SA (Bancolombia) is a financial institution engaged in providing a range of financial products and services to a diversified individual, corporate, and government customer base throughout Colombia, Latin America and the Caribbean region. The Bank operates through 10 segments: Banking Colombia, Banking Panama, Banking El Salvador, Leasing, Trust, Investment Banking, Brokerage, Off Shore and All other.
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