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

Bancolombia S.A. (NYSE:CIB) declared a quarterly dividend on Wednesday, March 19th, Wall Street Journal reports. Shareholders 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 dividend on an annualized basis 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 increased its dividend payment 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 Stock Down 0.3 %

CIB stock traded down $0.13 during mid-day trading on Wednesday, reaching $42.96. 307,322 shares of the company traded hands, compared to its average volume of 284,100. The stock has a market cap of $10.33 billion, a price-to-earnings ratio of 6.82, a P/E/G ratio of 2.47 and a beta of 1.22. The company has a quick ratio of 1.00, a current ratio of 1.05 and a debt-to-equity ratio of 0.60. Bancolombia has a fifty-two week low of $30.25 and a fifty-two week high of $44.25. The firm’s 50 day moving average price is $38.90 and its 200 day moving average price is $34.56.

Bancolombia (NYSE:CIB) last released its quarterly earnings results on Thursday, February 20th. The bank reported $1.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.35 by $0.22. The business had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.41 billion. Bancolombia had a return on equity of 14.61% and a net margin of 14.14%. As a group, equities research analysts predict that Bancolombia will post 6 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on CIB shares. The Goldman Sachs Group boosted their target price on Bancolombia from $31.00 to $35.00 and gave the stock a “sell” rating in a research note on Monday, February 24th. Morgan Stanley upgraded Bancolombia from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $40.00 to $53.00 in a research note on Tuesday, January 28th.

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.