Bancolombia (NYSE:CIB) Upgraded at Morgan Stanley

Bancolombia (NYSE:CIB) was upgraded by analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a research note issued to investors on Tuesday,Finviz reports. The firm presently has a $53.00 price objective on the bank’s stock, up from their prior price objective of $40.00. Morgan Stanley’s price objective suggests a potential upside of 43.46% from the stock’s previous close.

Bancolombia Stock Performance

Shares of CIB stock opened at $36.95 on Tuesday. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.00 and a quick ratio of 1.00. Bancolombia has a 12 month low of $30.25 and a 12 month high of $37.85. The company’s fifty day moving average price is $32.69 and its two-hundred day moving average price is $32.51. The firm has a market capitalization of $8.88 billion, a P/E ratio of 5.86, a P/E/G ratio of 1.87 and a beta of 1.20.

Institutional Investors Weigh In On Bancolombia

Institutional investors and hedge funds have recently made changes to their positions in the company. Thrivent Financial for Lutherans increased its stake in Bancolombia by 671.2% during the second quarter. Thrivent Financial for Lutherans now owns 62,201 shares of the bank’s stock valued at $2,031,000 after purchasing an additional 54,136 shares during the last quarter. AXA S.A. acquired a new stake in Bancolombia during the second quarter worth about $192,000. APG Asset Management N.V. boosted its stake in Bancolombia by 23.7% in the second quarter. APG Asset Management N.V. now owns 23,200 shares of the bank’s stock valued at $707,000 after acquiring an additional 4,440 shares during the period. Creative Planning grew its holdings in shares of Bancolombia by 84.2% during the second quarter. Creative Planning now owns 17,807 shares of the bank’s stock valued at $581,000 after purchasing an additional 8,141 shares during the last quarter. Finally, Gordian Capital Singapore Pte Ltd acquired a new stake in shares of Bancolombia during the 2nd quarter worth approximately $359,000.

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.