Bancolombia S.A. (NYSE:CIB) Raises Dividend to $3.81 Per Share

Bancolombia S.A. (NYSE:CIB) announced a quarterly dividend on Monday, March 17th, Wall Street Journal reports. Investors of record on Monday, March 31st will be given a dividend of 3.8119 per share by the bank on Friday, April 11th. This represents a $15.25 annualized dividend and a dividend yield of 34.84%. 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% annually over the last three years. Bancolombia has a payout ratio of 237.5% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Bancolombia to earn $6.28 per share next year, which means the company may not be able to cover its $15.25 annual dividend with an expected future payout ratio of 242.8%.

Bancolombia Trading Up 0.0 %

NYSE CIB opened at $43.77 on Friday. Bancolombia has a one year low of $30.25 and a one year high of $44.93. 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 capitalization of $10.52 billion, a price-to-earnings ratio of 6.95, a price-to-earnings-growth ratio of 2.47 and a beta of 1.22. The company’s 50-day simple moving average is $40.66 and its two-hundred day simple moving average is $35.14.

Bancolombia (NYSE:CIB) last issued its quarterly earnings data on Thursday, February 20th. The bank reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.35 by $0.22. The company had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.41 billion. Bancolombia had a net margin of 14.14% and a return on equity of 14.61%. Equities analysts forecast that Bancolombia will post 6 EPS for the current fiscal year.

Analysts Set New Price Targets

CIB has been the topic of several analyst reports. The Goldman Sachs Group lifted 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. Morgan Stanley raised shares of 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.

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.