Allspring Global Investments Holdings LLC Sells 131,400 Shares of Bancolombia S.A. (NYSE:CIB)

Allspring Global Investments Holdings LLC lowered its position in Bancolombia S.A. (NYSE:CIB) by 11.0% in the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,057,994 shares of the bank’s stock after selling 131,400 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Bancolombia were worth $34,544,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Leith Wheeler Investment Counsel Ltd. bought a new stake in Bancolombia in the first quarter worth $1,519,000. Capital Wealth Planning LLC purchased a new position in shares of Bancolombia in the first quarter worth $2,080,000. Gladstone Institutional Advisory LLC bought a new position in shares of Bancolombia during the fourth quarter valued at $218,000. Ballentine Partners LLC bought a new stake in Bancolombia in the 1st quarter worth about $448,000. Finally, PNC Financial Services Group Inc. raised its position in Bancolombia by 6.6% in the 4th quarter. PNC Financial Services Group Inc. now owns 9,644 shares of the bank’s stock worth $297,000 after buying an additional 599 shares during the last quarter.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Bank of America began coverage on shares of Bancolombia in a research note on Thursday, May 2nd. They issued a “neutral” rating and a $38.00 price target for the company. JPMorgan Chase & Co. dropped their price target on shares of Bancolombia from $36.00 to $35.00 and set an “underweight” rating for the company in a research report on Monday, August 12th. Finally, The Goldman Sachs Group downgraded shares of Bancolombia from a “neutral” rating to a “sell” rating and decreased their price objective for the company from $34.00 to $32.00 in a research report on Tuesday, August 20th. Two investment analysts have rated the stock with a sell rating and four have issued a hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $33.32.

Bancolombia Price Performance

Shares of NYSE:CIB traded down $0.17 during midday trading on Tuesday, reaching $33.24. 11,311 shares of the company were exchanged, compared to its average volume of 265,317. The stock has a market cap of $7.99 billion, a PE ratio of 5.25 and a beta of 1.22. Bancolombia S.A. has a one year low of $24.15 and a one year high of $37.85. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.39. The business’s fifty day moving average is $33.06 and its two-hundred day moving average is $33.60.

Bancolombia Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Thursday, June 27th were given a $0.898 dividend. The ex-dividend date of this dividend was Thursday, June 27th. This represents a $3.59 annualized dividend and a yield of 10.81%. This is a positive change from Bancolombia’s previous quarterly dividend of $0.81. Bancolombia’s dividend payout ratio (DPR) is currently 53.62%.

Bancolombia Company Profile

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.