Bancolombia S.A. (NYSE:CIB) Plans Dividend Increase - $0.57 Per Share

Bancolombia S.A. (NYSE:CIB - Get Free Report) 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 by an average of 141.9% annually over the last three years. Bancolombia has a dividend payout ratio of 233.1% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities 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 Stock Up 0.6 %

CIB traded up $0.24 during trading hours on Wednesday, reaching $41.54. 162,569 shares of the stock traded hands, compared to its average volume of 309,969. Bancolombia has a fifty-two week low of $30.25 and a fifty-two week high of $44.93. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.05 and a quick ratio of 1.00. The company has a market cap of $9.99 billion, a price-to-earnings ratio of 6.59, a PEG ratio of 2.47 and a beta of 0.85. The firm's fifty day simple moving average is $41.17 and its two-hundred day simple moving average is $36.11.

Bancolombia (NYSE:CIB - Get Free Report) last announced its earnings results on Thursday, February 20th. The bank reported $1.57 earnings per share for the quarter, beating the consensus estimate of $1.35 by $0.22. Bancolombia had a return on equity of 14.61% and a net margin of 14.14%. The company had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.41 billion. As a group, analysts forecast that Bancolombia will post 6 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. Morgan Stanley upgraded Bancolombia from an "equal weight" rating to an "overweight" rating and increased their target price for the company from $40.00 to $53.00 in a research note on Tuesday, January 28th. The Goldman Sachs Group increased their price objective on shares of Bancolombia from $31.00 to $35.00 and gave the company a "sell" rating in a research note 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.