Bancolombia S.A. (NYSE:CIB) Raises Dividend to $0.57 Per Share

Bancolombia S.A. (NYSE:CIB) declared a dividend on Friday, April 18th, investing.com reports. Stockholders of record on Tuesday, April 29th will be given a dividend of 0.5745 per share by the bank on Friday, May 9th. This represents a dividend yield of 17.13%. The ex-dividend date of this dividend is Monday, April 28th. This is a 94.1% increase from Bancolombia’s previous dividend of $0.30.

Bancolombia has raised its dividend payment by an average of 141.9% annually over the last three years. Bancolombia has a payout ratio of 233.1% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Bancolombia to earn $6.28 per share next year, which means the company may not be able to cover its $14.85 annual dividend with an expected future payout ratio of 236.5%.

Bancolombia Trading Down 0.3 %

Shares of CIB stock opened at $39.54 on Friday. The stock has a market capitalization of $9.51 billion, a P/E ratio of 6.28, a P/E/G ratio of 2.47 and a beta of 0.85. The company has a current ratio of 1.05, a quick ratio of 1.00 and a debt-to-equity ratio of 0.60. The firm’s 50 day moving average is $41.16 and its 200 day moving average is $35.89. Bancolombia has a 12-month low of $30.25 and a 12-month high of $44.93.

Bancolombia (NYSE:CIB) last released its quarterly earnings results on Thursday, February 20th. The bank reported $1.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.35 by $0.22. The firm had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.41 billion. Bancolombia had a return on equity of 14.61% and a net margin of 14.14%. Research analysts expect that Bancolombia will post 6 earnings per share for the current year.

Analyst Upgrades and Downgrades

CIB has been the topic of several recent research reports. Morgan Stanley upgraded shares of Bancolombia from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $40.00 to $53.00 in a research note on Tuesday, January 28th. The Goldman Sachs Group increased their price target on shares of Bancolombia from $31.00 to $35.00 and gave the stock a “sell” rating in a research report on Monday, February 24th.

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.