Bancolombia S.A. (NYSE:CIB) Declares Dividend Increase – $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 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 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 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 Price Performance

CIB opened at $39.54 on Friday. The stock has a fifty day moving average price of $41.16 and a 200 day moving average price of $35.89. The company has a current ratio of 1.05, a quick ratio of 1.00 and a debt-to-equity ratio of 0.60. Bancolombia has a 1 year low of $30.25 and a 1 year high of $44.93. The stock has a market cap of $9.51 billion, a price-to-earnings ratio of 6.28, a PEG ratio of 2.47 and a beta of 0.85.

Bancolombia (NYSE:CIB) last announced its quarterly earnings results on Thursday, February 20th. The bank reported $1.57 EPS for the quarter, beating the consensus estimate of $1.35 by $0.22. The business had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.41 billion. Bancolombia had a return on equity of 14.61% and a net margin of 14.14%. Analysts forecast that Bancolombia will post 6 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms recently issued reports on CIB. Morgan Stanley raised shares of Bancolombia from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $40.00 to $53.00 in a research note on Tuesday, January 28th. The Goldman Sachs Group upped their price target on Bancolombia from $31.00 to $35.00 and gave the stock 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.