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

Summit Global Investments reduced its position in shares of Bancolombia S.A. (NYSE:CIB) by 46.6% during the third quarter, Holdings Channel reports. 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 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Blue Trust Inc. grew its holdings in shares of Bancolombia by 96.5% during the third quarter. Blue Trust Inc. now owns 1,305 shares of the bank’s stock valued at $43,000 after buying an additional 641 shares during the last quarter. Virtus Investment Advisers Inc. purchased a new stake in Bancolombia in the 1st quarter worth about $89,000. Signaturefd LLC raised its position in shares of Bancolombia by 10.6% in the second quarter. Signaturefd LLC now owns 5,053 shares of the bank’s stock valued at $165,000 after purchasing an additional 484 shares during the period. US Bancorp DE boosted its holdings in Bancolombia by 18.9% in the 3rd quarter. US Bancorp DE now owns 5,282 shares of the bank’s stock worth $166,000 after buying an additional 839 shares during the period. Finally, AXA S.A. bought a new position in shares of Bancolombia in the second quarter worth $192,000.

Wall Street Analysts Forecast Growth

CIB has been the subject of several recent analyst reports. Bank of America cut 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 report on Thursday, August 29th. The Goldman Sachs Group lowered shares of Bancolombia from a “neutral” rating to a “sell” rating and reduced their target price for the company from $34.00 to $32.00 in a report on Tuesday, August 20th. Finally, JPMorgan Chase & Co. lowered their price objective on Bancolombia from $36.00 to $35.00 and set an “underweight” rating for the company in a research report on Monday, August 12th.

Bancolombia Price Performance

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

Bancolombia (NYSE:CIB) last issued its earnings results on Thursday, August 8th. The bank reported $1.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.43 by $0.01. The firm had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.82 billion. Bancolombia had a return on equity of 15.68% and a net margin of 13.73%. Analysts anticipate that Bancolombia S.A. will post 5.99 earnings per share for the current fiscal year.

Bancolombia Cuts Dividend

The company also recently declared 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. The ex-dividend date was Friday, September 27th. This represents a $3.38 annualized dividend and a yield of 10.31%. Bancolombia’s payout ratio 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.