Grupo Cibest (NYSE:CIB) Announces Quarterly Earnings Results, Beats Expectations By $1.18 EPS

Grupo Cibest (NYSE:CIB) issued its earnings results on Monday. The bank reported $3.32 EPS for the quarter, topping analysts’ consensus estimates of $2.14 by $1.18, Zacks reports. Grupo Cibest had a net margin of 8.41% and a return on equity of 21.07%.

Grupo Cibest Trading Up 3.1%

Grupo Cibest stock traded up $2.78 during trading on Monday, hitting $91.63. The company had a trading volume of 265,671 shares, compared to its average volume of 408,904. The stock has a market cap of $21.74 billion, a price-to-earnings ratio of 25.45, a price-to-earnings-growth ratio of 1.01 and a beta of 0.67. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.20. Grupo Cibest has a 1-year low of $46.93 and a 1-year high of $94.21. The company’s 50 day simple moving average is $81.57 and its 200-day simple moving average is $75.58.

Grupo Cibest Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, July 13th. Investors of record on Tuesday, June 30th were issued a $1.304 dividend. This is a boost from Grupo Cibest’s previous quarterly dividend of $1.22. The ex-dividend date was Tuesday, June 30th. This represents a $5.22 annualized dividend and a yield of 5.7%. Grupo Cibest’s payout ratio is 147.50%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Itau Unibanco Holding S.A. grew its stake in shares of Grupo Cibest by 164.5% in the fourth quarter. Itau Unibanco Holding S.A. now owns 651,368 shares of the bank’s stock worth $41,523,000 after acquiring an additional 405,098 shares in the last quarter. Millennium Management LLC grew its stake in Grupo Cibest by 527.0% during the 1st quarter. Millennium Management LLC now owns 316,877 shares of the bank’s stock worth $12,738,000 after purchasing an additional 266,341 shares in the last quarter. Earnest Partners LLC increased its holdings in Grupo Cibest by 8.8% during the 4th quarter. Earnest Partners LLC now owns 2,697,747 shares of the bank’s stock worth $171,604,000 after purchasing an additional 218,359 shares during the period. New York State Common Retirement Fund acquired a new stake in Grupo Cibest in the 4th quarter valued at about $12,761,000. Finally, Sei Investments Co. boosted its stake in shares of Grupo Cibest by 29.8% in the 2nd quarter. Sei Investments Co. now owns 863,718 shares of the bank’s stock valued at $39,895,000 after buying an additional 198,228 shares during the period.

Analysts Set New Price Targets

CIB has been the subject of a number of recent analyst reports. Weiss Ratings restated a “hold (c)” rating on shares of Grupo Cibest in a report on Tuesday, July 21st. Itau BBA Securities upgraded Grupo Cibest from a “strong sell” rating to a “market perform” rating in a research report on Tuesday, May 26th. The Goldman Sachs Group raised Grupo Cibest from a “neutral” rating to a “buy” rating and raised their target price for the stock from $81.00 to $98.00 in a research note on Tuesday, July 28th. Bank of America raised Grupo Cibest from an “underperform” rating to a “neutral” rating and upped their price target for the company from $68.00 to $75.00 in a research note on Monday, June 1st. Finally, Zacks Research upgraded Grupo Cibest from a “hold” rating to a “strong-buy” rating in a report on Friday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Grupo Cibest currently has a consensus rating of “Hold” and a consensus price target of $76.60.

About Grupo Cibest

Bancolombia SA (NYSE: CIB) is a leading financial institution in Colombia, offering a comprehensive suite of banking and financial services. As one of the largest universal banks in the country, the company provides retail and commercial banking, corporate and investment banking, treasury services, and wealth management solutions. Through its extensive branch network and digital platforms, Bancolombia serves individual clients, small and medium enterprises, and large corporations, focusing on convenience, innovation and customer experience.

In addition to traditional banking, Bancolombia’s product portfolio includes insurance, pension fund management, leasing, factoring, brokerage and asset management.