Zacks Investment Research cut shares of Bancolombia (NYSE:CIB) from a hold rating to a strong sell rating in a research report sent to investors on Monday morning, Zacks.com reports.

According to Zacks, “BanColombia is Colombia’s largest bank in terms of assets and also has the largest market participation in deposit products and loans. “

CIB has been the subject of several other reports. Goldman Sachs Group initiated coverage on shares of Bancolombia in a research note on Wednesday, June 17th. They set a sell rating and a $27.00 target price for the company. JPMorgan Chase & Co. cut shares of Bancolombia from an overweight rating to a neutral rating and set a $30.00 price objective for the company. in a research note on Wednesday, July 29th. Finally, ValuEngine upgraded shares of Bancolombia from a sell rating to a hold rating in a research note on Monday, June 1st. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. Bancolombia has an average rating of Hold and an average target price of $29.33.

NYSE:CIB opened at $26.25 on Monday. The stock has a market cap of $6.42 billion, a P/E ratio of 8.20, a PEG ratio of 2.38 and a beta of 1.27. Bancolombia has a one year low of $16.27 and a one year high of $56.10. The company has a fifty day moving average price of $27.10 and a 200 day moving average price of $31.96. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.03 and a quick ratio of 1.03.

Bancolombia (NYSE:CIB) last released its earnings results on Thursday, August 6th. The bank reported ($0.08) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.59 by ($0.67). Bancolombia had a net margin of 7.35% and a return on equity of 5.47%. As a group, equities research analysts anticipate that Bancolombia will post 1.18 EPS for the current year.

Several institutional investors and hedge funds have recently bought and sold shares of CIB. Genesis Investment Management LLP grew its holdings in shares of Bancolombia by 31.4% in the 1st quarter. Genesis Investment Management LLP now owns 2,741,382 shares of the bank’s stock worth $64,751,000 after purchasing an additional 654,998 shares during the last quarter. Victory Capital Management Inc. bought a new stake in shares of Bancolombia in the 2nd quarter worth about $14,258,000. Banco BTG Pactual S.A. bought a new stake in shares of Bancolombia in the 1st quarter worth about $13,361,000. Polaris Capital Management LLC grew its holdings in shares of Bancolombia by 16.6% in the 1st quarter. Polaris Capital Management LLC now owns 2,324,890 shares of the bank’s stock worth $58,029,000 after purchasing an additional 331,100 shares during the last quarter. Finally, River & Mercantile Asset Management LLP bought a new stake in shares of Bancolombia in the 1st quarter worth about $1,732,000. 6.96% of the stock is currently owned by institutional investors and hedge funds.

About Bancolombia

Bancolombia SA provides various banking products and services to individual, corporate, and government customers in Colombia, Latin America, and the Caribbean region. The company operates in nine segments: Banking Colombia, Banking Panama, Banking El Salvador, Banking Guatemala, Trust, Investment Banking, Brokerage, Off Shore, and All Other.

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