Bancolombia (NYSE:CIB) Hits New 52-Week High – Should You Buy?

Bancolombia S.A. (NYSE:CIB) hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $40.95 and last traded at $40.56, with a volume of 39561 shares changing hands. The stock had previously closed at $40.32.

Wall Street Analyst Weigh In

Separately, Morgan Stanley upgraded Bancolombia from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $40.00 to $53.00 in a research note on Tuesday, January 28th.

Bancolombia Stock Up 0.7 %

The firm has a 50 day moving average price of $34.31 and a two-hundred day moving average price of $33.02. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.34. The company has a market capitalization of $9.76 billion, a price-to-earnings ratio of 6.44, a P/E/G ratio of 2.27 and a beta of 1.22.

Bancolombia Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, January 13th. Stockholders of record on Monday, December 30th were given a dividend of $0.8044 per share. The ex-dividend date was Monday, December 30th. This represents a $3.22 annualized dividend and a dividend yield of 7.92%. Bancolombia’s payout ratio is 50.71%.

Hedge Funds Weigh In On Bancolombia

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in shares of Bancolombia by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 3,099,224 shares of the bank’s stock worth $97,657,000 after purchasing an additional 19,499 shares during the last quarter. Robeco Institutional Asset Management B.V. lifted its position in shares of Bancolombia by 12.8% during the third quarter. Robeco Institutional Asset Management B.V. now owns 1,323,482 shares of the bank’s stock worth $41,531,000 after purchasing an additional 150,022 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its position in shares of Bancolombia by 12.3% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 928,679 shares of the bank’s stock worth $29,263,000 after purchasing an additional 102,015 shares during the last quarter. JPMorgan Chase & Co. lifted its position in shares of Bancolombia by 40.0% during the fourth quarter. JPMorgan Chase & Co. now owns 484,281 shares of the bank’s stock worth $15,260,000 after purchasing an additional 138,461 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of Bancolombia by 4.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 365,603 shares of the bank’s stock worth $11,523,000 after purchasing an additional 14,293 shares during the last quarter.

About Bancolombia

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.