Bancolombia (CIB) Set to Announce Earnings on Wednesday

Bancolombia (NYSE:CIB) is set to post its quarterly earnings results after the market closes on Wednesday, November 6th. Analysts expect Bancolombia to post earnings of $1.45 per share for the quarter.

Bancolombia (NYSE:CIB) last announced its 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. Bancolombia had a net margin of 13.73% and a return on equity of 15.68%. The firm had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.82 billion. On average, analysts expect Bancolombia to post $6 EPS for the current fiscal year and $6 EPS for the next fiscal year.

Bancolombia Price Performance

Shares of CIB stock traded up $0.46 during midday trading on Tuesday, reaching $32.22. 142,263 shares of the company were exchanged, compared to its average volume of 267,238. The company’s 50 day moving average price is $32.07 and its two-hundred day moving average price is $33.11. Bancolombia has a 12 month low of $26.35 and a 12 month 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.

Bancolombia Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were given a $0.8456 dividend. The ex-dividend date of this dividend was Friday, September 27th. This represents a $3.38 annualized dividend and a yield of 10.50%. Bancolombia’s dividend payout ratio (DPR) is 52.28%.

Analysts Set New Price Targets

A number of research firms recently issued reports on CIB. The Goldman Sachs Group cut Bancolombia from a “neutral” rating to a “sell” rating and reduced their price objective for the company from $34.00 to $32.00 in a research report on Tuesday, August 20th. Bank of America downgraded shares of Bancolombia from a “neutral” rating to an “underperform” rating and cut their price target for the company from $38.00 to $34.00 in a report on Thursday, August 29th. Finally, JPMorgan Chase & Co. lowered their target price 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.

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.