Summit Global Investments Has $2.46 Million Position in Bancolombia S.A. (NYSE:CIB)

Summit Global Investments lessened its holdings in shares of Bancolombia S.A. (NYSE:CIB) by 46.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 78,410 shares of the bank’s stock after selling 68,534 shares during the period. Summit Global Investments’ holdings in Bancolombia were worth $2,460,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Barrow Hanley Mewhinney & Strauss LLC boosted its holdings in shares of Bancolombia by 45.3% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,412,322 shares of the bank’s stock valued at $46,112,000 after buying an additional 440,026 shares during the period. M&G Plc acquired a new stake in shares of Bancolombia in the 1st quarter valued at about $10,299,000. Swedbank AB bought a new stake in shares of Bancolombia in the first quarter valued at about $9,260,000. Russell Investments Group Ltd. acquired a new position in shares of Bancolombia during the first quarter worth about $8,248,000. Finally, Moneda S.A. Administradora General de Fondos bought a new position in shares of Bancolombia during the second quarter worth about $5,756,000.

Analyst Ratings Changes

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

Bancolombia Stock Performance

CIB opened at $32.82 on Friday. The stock has a fifty day moving average of $32.04 and a 200-day moving average of $33.10. Bancolombia S.A. has a fifty-two week low of $26.38 and a fifty-two week high of $37.85. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.03 and a quick ratio of 1.03.

Bancolombia (NYSE:CIB) last announced its quarterly earnings data on Thursday, August 8th. The bank reported $1.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.43 by $0.01. Bancolombia had a net margin of 13.73% and a return on equity of 15.68%. The business had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.82 billion. On average, research analysts forecast that Bancolombia S.A. will post 5.99 EPS for the current year.

Bancolombia Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were issued a dividend of $0.8456 per share. This represents a $3.38 annualized dividend and a dividend yield of 10.31%. The ex-dividend date was Friday, September 27th. Bancolombia’s dividend payout ratio (DPR) is 52.28%.

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.