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

Bancolombia S.A. (NYSE:CIB) announced a quarterly dividend on Thursday, November 21st,Wall Street Journal reports. Investors of record on Monday, December 30th will be paid a dividend of 0.8044 per share by the bank on Monday, January 13th. This represents a $3.22 dividend on an annualized basis and a yield of 9.75%. The ex-dividend date of this dividend is Monday, December 30th.

Bancolombia has raised its dividend by an average of 41.0% per year over the last three years. Bancolombia has a dividend payout ratio of 57.2% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Bancolombia to earn $5.91 per share next year, which means the company should continue to be able to cover its $3.32 annual dividend with an expected future payout ratio of 56.2%.

Bancolombia Stock Down 1.4 %

NYSE:CIB traded down $0.46 during mid-day trading on Thursday, reaching $33.01. The stock had a trading volume of 117,228 shares, compared to its average volume of 267,169. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.00 and a quick ratio of 1.00. Bancolombia has a twelve month low of $26.72 and a twelve month high of $37.85. The business has a 50 day simple moving average of $32.01 and a 200 day simple moving average of $33.06.

Analyst Upgrades and Downgrades

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

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.