Raymond James Financial Inc. Invests $3.10 Million in Bancolombia S.A. (NYSE:CIB)

Raymond James Financial Inc. bought a new position in shares of Bancolombia S.A. (NYSE:CIB - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The fund bought 98,524 shares of the bank's stock, valued at approximately $3,104,000.

A number of other hedge funds also recently made changes to their positions in the business. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Bancolombia by 7.0% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 128,546 shares of the bank's stock worth $4,034,000 after buying an additional 8,432 shares during the last quarter. Walleye Capital LLC purchased a new stake in shares of Bancolombia during the 3rd quarter worth approximately $1,250,000. Centiva Capital LP bought a new stake in shares of Bancolombia in the 3rd quarter worth approximately $288,000. Point72 Asset Management L.P. raised its holdings in shares of Bancolombia by 3,160.0% in the 3rd quarter. Point72 Asset Management L.P. now owns 16,300 shares of the bank's stock worth $511,000 after purchasing an additional 15,800 shares during the period. Finally, Quantinno Capital Management LP purchased a new position in Bancolombia in the third quarter valued at approximately $245,000.

Bancolombia Stock Performance

CIB stock traded up $0.59 during midday trading on Wednesday, reaching $41.97. 430,820 shares of the company's stock traded hands, compared to its average volume of 295,263. The firm has a market capitalization of $10.09 billion, a PE ratio of 6.66, a price-to-earnings-growth ratio of 2.47 and a beta of 1.22. The company has a 50-day moving average price of $41.18 and a two-hundred day moving average price of $35.36. Bancolombia S.A. has a 52 week low of $30.25 and a 52 week high of $44.93. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.00 and a current ratio of 1.05.

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Bancolombia (NYSE:CIB - Get Free Report) last released its quarterly earnings data on Thursday, February 20th. The bank reported $1.57 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $1.41 billion. As a group, equities analysts anticipate that Bancolombia S.A. will post 6 EPS for the current year.

Bancolombia Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Monday, March 31st will be issued a $3.8119 dividend. This represents a $15.25 dividend on an annualized basis and a dividend yield of 36.33%. This is an increase from Bancolombia's previous quarterly dividend of $0.80. The ex-dividend date of this dividend is Monday, March 31st. Bancolombia's dividend payout ratio is presently 241.90%.

Analysts Set New Price Targets

A number of research firms have issued reports on CIB. Morgan Stanley raised Bancolombia from an "equal weight" rating to an "overweight" rating and raised their target price for the stock from $40.00 to $53.00 in a research report on Tuesday, January 28th. The Goldman Sachs Group boosted their price objective on 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.