Bancolombia S.A. (NYSE:CIB) Announces Quarterly Dividend of $0.80

Bancolombia S.A. (NYSE:CIB) announced a quarterly dividend on Thursday, November 21st,Wall Street Journal reports. Shareholders of record on Monday, December 30th will be given a dividend of 0.8044 per share by the bank on Monday, January 13th. This represents a $3.22 annualized dividend and a yield of 9.81%. The ex-dividend date is Monday, December 30th.

Bancolombia has raised its dividend payment by an average of 41.0% annually over the last three years. Bancolombia has a payout ratio of 55.4% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Bancolombia to earn $5.93 per share next year, which means the company should continue to be able to cover its $3.22 annual dividend with an expected future payout ratio of 54.3%.

Bancolombia Price Performance

Shares of Bancolombia stock opened at $32.81 on Friday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.00 and a current ratio of 1.00. The firm has a fifty day simple moving average of $32.03 and a 200-day simple moving average of $33.06. Bancolombia has a 1-year low of $27.43 and a 1-year high of $37.85.

Analyst Upgrades and Downgrades

Several brokerages have commented on CIB. JPMorgan Chase & Co. dropped their price target on Bancolombia from $36.00 to $35.00 and set an “underweight” rating on the stock in a research report on Monday, August 12th. Bank of America lowered Bancolombia from a “neutral” rating to an “underperform” rating and decreased their price objective for the stock from $38.00 to $34.00 in a report on Thursday, August 29th. Finally, The Goldman Sachs Group lowered Bancolombia from a “neutral” rating to a “sell” rating and decreased their price objective for the stock from $34.00 to $32.00 in a report on Tuesday, August 20th.

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.