Bancolombia S.A. (NYSE:CIB) Plans $0.85 Quarterly Dividend

Bancolombia S.A. (NYSE:CIB) announced a quarterly dividend on Monday, September 16th, Wall Street Journal reports. Shareholders of record on Friday, September 27th will be given a dividend of 0.8456 per share by the bank on Friday, October 11th. This represents a $3.38 annualized dividend and a yield of 10.71%. The ex-dividend date of this dividend is Friday, September 27th.

Bancolombia has raised its dividend by an average of 41.0% annually over the last three years. Bancolombia has a payout ratio of 58.9% meaning its dividend is sufficiently covered by earnings. Research analysts expect Bancolombia to earn $6.08 per share next year, which means the company should continue to be able to cover its $3.59 annual dividend with an expected future payout ratio of 59.0%.

Bancolombia Price Performance

Shares of NYSE CIB opened at $31.57 on Wednesday. The stock has a market capitalization of $7.59 billion, a price-to-earnings ratio of 4.96, a PEG ratio of 3.16 and a beta of 1.23. Bancolombia has a 12 month low of $24.15 and a 12 month high of $37.85. The firm’s 50 day simple moving average is $32.85 and its 200-day simple moving average is $33.63. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.03 and a quick ratio of 1.03.

Bancolombia (NYSE:CIB) last issued its quarterly earnings data on Thursday, August 8th. The bank reported $1.44 EPS for the quarter, topping analysts’ consensus estimates of $1.43 by $0.01. The business had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.82 billion. Bancolombia had a net margin of 13.73% and a return on equity of 15.68%. Analysts expect that Bancolombia will post 5.99 EPS for the current year.

Analyst Ratings Changes

A number of brokerages have recently commented on CIB. JPMorgan Chase & Co. dropped their price objective on shares of Bancolombia from $36.00 to $35.00 and set an “underweight” rating on the stock in a research note on Monday, August 12th. Bank of America cut shares of Bancolombia from a “neutral” rating to an “underperform” rating and dropped their price objective for the stock from $38.00 to $34.00 in a research note on Thursday, August 29th. Finally, The Goldman Sachs Group cut shares of Bancolombia from a “neutral” rating to a “sell” rating and dropped their price target for the company from $34.00 to $32.00 in a research note on Tuesday, August 20th. Three research analysts have rated the stock with a sell rating and two have issued a hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average price target of $32.40.

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.