Bancolombia S.A. (NYSE:CIB) to Issue Quarterly Dividend of $0.85

Bancolombia S.A. (NYSE:CIB) announced a quarterly dividend on Monday, September 16th, Wall Street Journal reports. Stockholders of record on Friday, September 27th will be paid a dividend of 0.8456 per share by the bank on Friday, October 11th. This represents a $3.38 annualized dividend and a dividend yield of 10.26%. The ex-dividend date is Friday, September 27th.

Bancolombia has raised its dividend payment by an average of 41.0% per year over the last three years. Bancolombia has a dividend payout ratio of 55.8% meaning its dividend is sufficiently covered by earnings. Analysts expect Bancolombia to earn $6.08 per share next year, which means the company should continue to be able to cover its $3.38 annual dividend with an expected future payout ratio of 55.6%.

Bancolombia Stock Up 1.4 %

Shares of CIB stock opened at $32.95 on Wednesday. Bancolombia has a 52-week low of $24.15 and a 52-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. The company’s 50 day moving average is $32.66 and its 200 day moving average is $33.60.

Bancolombia (NYSE:CIB) last announced its quarterly earnings results 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. The business had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.82 billion. Bancolombia had a return on equity of 15.68% and a net margin of 13.73%. As a group, analysts predict that Bancolombia will post 5.99 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms have issued reports on CIB. Bank of America lowered Bancolombia from a “neutral” rating to an “underperform” rating and cut their target price for the company from $38.00 to $34.00 in a research note on Thursday, August 29th. JPMorgan Chase & Co. cut 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. Finally, The Goldman Sachs Group lowered shares of Bancolombia from a “neutral” rating to a “sell” rating and reduced their price objective for the stock from $34.00 to $32.00 in a research note on Tuesday, August 20th. Three investment analysts have rated the stock with a sell rating and two have given a hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus target price of $32.40.

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.