Trade Report: Today: Bancolombia SA (CIB) Stock Rating Upgraded by Zacks Investment Research

Today: Bancolombia SA (CIB) Stock Rating Upgraded by Zacks Investment Research

Zacks Investment Research upgraded shares of Bancolombia SA (NYSE:CIB) from a hold rating to a buy rating in a research report sent to investors on Tuesday. The brokerage currently has $43.00 price objective on the stock.

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 analysts have also recently weighed in on CIB. Deutsche Bank AG upgraded Bancolombia SA from a hold rating to a buy rating and set a $47.00 price target on the stock in a report on Monday, August 22nd. Credit Suisse Group AG cut Bancolombia SA from an outperform rating to a neutral rating and boosted their price target for the stock from $38.00 to $40.00 in a report on Thursday, October 6th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company’s stock. Bancolombia SA presently has a consensus rating of Hold and a consensus target price of $40.13.

Shares of Bancolombia SA (NYSE:CIB) opened at 38.43 on Tuesday. The company’s 50-day moving average price is $39.05 and its 200-day moving average price is $36.36. Bancolombia SA has a 1-year low of $23.69 and a 1-year high of $42.58. The company has a market capitalization of $9.24 billion, a PE ratio of 12.02 and a beta of 0.69.

Several institutional investors have recently bought and sold shares of CIB. Wetherby Asset Management Inc. raised its position in shares of Bancolombia SA by 0.9% in the second quarter. Wetherby Asset Management Inc. now owns 7,428 shares of the company’s stock valued at $259,000 after buying an additional 66 shares during the period. Bailard Inc. raised its position in shares of Bancolombia SA by 1.6% in the second quarter. Bailard Inc. now owns 17,854 shares of the company’s stock valued at $623,000 after buying an additional 279 shares during the period. Royal Bank of Canada raised its position in shares of Bancolombia SA by 1.5% in the first quarter. Royal Bank of Canada now owns 19,317 shares of the company’s stock valued at $660,000 after buying an additional 289 shares during the period. Panagora Asset Management Inc. raised its position in shares of Bancolombia SA by 1.6% in the second quarter. Panagora Asset Management Inc. now owns 19,001 shares of the company’s stock valued at $664,000 after buying an additional 296 shares during the period. Finally, Rockefeller Financial Services Inc. raised its position in shares of Bancolombia SA by 3.6% in the second quarter. Rockefeller Financial Services Inc. now owns 14,959 shares of the company’s stock valued at $522,000 after buying an additional 516 shares during the period. 12.37% of the stock is currently owned by institutional investors.

Bancolombia SA 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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