Bancolombia S.A. (NYSE:CIB) to Issue Dividend Increase – $3.81 Per Share

Bancolombia S.A. (NYSE:CIB) declared a quarterly dividend on Wednesday, March 19th, Wall Street Journal reports. Investors of record on Monday, March 31st will be paid a dividend of 3.8119 per share by the bank on Friday, April 11th. This represents a $15.25 annualized dividend and a yield of 35.50%. The ex-dividend date is Monday, March 31st. This is a 373.9% increase from Bancolombia’s previous quarterly dividend of $0.80.

Bancolombia has raised its dividend by an average of 141.9% per year over the last three years. Bancolombia has a payout ratio of 50.1% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Bancolombia to earn $6.28 per share next year, which means the company should continue to be able to cover its $3.20 annual dividend with an expected future payout ratio of 51.0%.

Bancolombia Trading Down 0.3 %

Shares of CIB stock traded down $0.13 during mid-day trading on Wednesday, hitting $42.96. The company’s stock had a trading volume of 307,322 shares, compared to its average volume of 284,100. The company’s fifty day simple moving average is $38.90 and its 200-day simple moving average is $34.56. Bancolombia has a 52 week low of $30.25 and a 52 week high of $44.25. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.00 and a current ratio of 1.05. The company has a market cap of $10.33 billion, a PE ratio of 6.82, a P/E/G ratio of 2.47 and a beta of 1.22.

Bancolombia (NYSE:CIB) last posted its quarterly earnings data on Thursday, February 20th. The bank reported $1.57 earnings per share for the quarter, topping 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 firm had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.41 billion. As a group, equities research analysts expect that Bancolombia will post 6 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on CIB shares. Morgan Stanley raised Bancolombia from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $40.00 to $53.00 in a research report on Tuesday, January 28th. The Goldman Sachs Group raised their target price 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.