Earnest Partners LLC Sells 69,184 Shares of Bancolombia S.A. (NYSE:CIB)

Earnest Partners LLC decreased its stake in Bancolombia S.A. (NYSE:CIB) by 2.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,555,079 shares of the bank’s stock after selling 69,184 shares during the quarter. Earnest Partners LLC owned approximately 1.06% of Bancolombia worth $83,423,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Leith Wheeler Investment Counsel Ltd. purchased a new position in shares of Bancolombia during the 1st quarter valued at $1,519,000. Capital Wealth Planning LLC bought a new position in shares of Bancolombia in the first quarter worth about $2,080,000. Ballentine Partners LLC purchased a new stake in shares of Bancolombia during the first quarter worth about $448,000. PNC Financial Services Group Inc. raised its stake in Bancolombia by 6.6% during the 4th quarter. PNC Financial Services Group Inc. now owns 9,644 shares of the bank’s stock valued at $297,000 after purchasing an additional 599 shares during the period. Finally, Banco BTG Pactual S.A. purchased a new position in Bancolombia in the 4th quarter worth approximately $3,017,000.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. reduced their price objective on shares of Bancolombia from $36.00 to $35.00 and set an “underweight” rating on the stock 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 reduced their price target for the company from $34.00 to $32.00 in a report on Tuesday, August 20th. Finally, Bank of America downgraded shares of Bancolombia from a “neutral” rating to an “underperform” rating and dropped their price objective for the company from $38.00 to $34.00 in a report on Thursday, August 29th. Three investment analysts have rated the stock with a sell rating and two have issued a hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Reduce” and an average target price of $32.40.

Bancolombia Trading Up 0.9 %

CIB stock opened at $33.00 on Friday. The firm has a fifty day moving average price of $32.63 and a 200 day moving average price of $33.59. Bancolombia S.A. has a fifty-two week low of $24.15 and a fifty-two week high of $37.85. The firm has a market cap of $7.94 billion, a PE ratio of 5.19, a price-to-earnings-growth ratio of 3.25 and a beta of 1.23. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.03 and a current ratio of 1.03.

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

Bancolombia Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be paid a dividend of $0.8456 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $3.38 annualized dividend and a yield of 10.25%. Bancolombia’s payout ratio is currently 53.14%.

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.