Bancolombia S.A. (CIB) to Issue Quarterly Dividend of $0.85 on October 11th

Bancolombia S.A. (NYSE:CIB) declared a quarterly dividend on Monday, September 16th, Wall Street Journal reports. Stockholders of record on Friday, September 27th will be given 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 increased its dividend 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. Equities 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 Price Performance

NYSE CIB 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 quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.40. The company has a fifty day moving average of $32.66 and a two-hundred day moving average of $33.60.

Bancolombia (NYSE:CIB) last issued its quarterly earnings results on Thursday, August 8th. The bank reported $1.44 EPS for the quarter, beating the consensus estimate of $1.43 by $0.01. Bancolombia had a net margin of 13.73% and a return on equity of 15.68%. The company had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.82 billion. As a group, equities analysts predict that Bancolombia will post 5.99 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

CIB has been the subject of a number of research analyst reports. The Goldman Sachs Group lowered Bancolombia from a “neutral” rating to a “sell” rating and decreased their price target for the stock from $34.00 to $32.00 in a research note on Tuesday, August 20th. 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 report on Thursday, August 29th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Bancolombia from $36.00 to $35.00 and set an “underweight” rating for the company in a report on Monday, August 12th. Three analysts have rated the stock with a sell rating and two have issued a hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Reduce” and a consensus target price of $32.40.

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.