Associated Banc-Corp (ASB) Cut to “Hold” at Jefferies Group
Associated Banc-Corp (NYSE:ASB) was downgraded by Jefferies Group from a “buy” rating to a “hold” rating in a research note issued to investors on Monday. They presently have a $24.00 target price on the stock. Jefferies Group’s price objective points to a potential upside of 7.14% from the company’s current price.
A number of other analysts also recently issued reports on the company. Barclays PLC lifted their price target on Associated Banc-Corp from $19.00 to $20.00 and gave the stock an “equal weight” rating in a report on Tuesday, August 16th. Deutsche Bank AG boosted their target price on Associated Banc-Corp from $20.00 to $22.00 and gave the company a “buy” rating in a report on Tuesday, October 11th. Zacks Investment Research raised Associated Banc-Corp from a “hold” rating to a “buy” rating and set a $22.00 target price for the company in a report on Tuesday, September 13th. Finally, DA Davidson initiated coverage on Associated Banc-Corp in a report on Monday, October 3rd. They issued an “underperform” rating and a $18.00 target price for the company. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $20.71.
Shares of Associated Banc-Corp (NYSE:ASB) traded up 1.13% during trading on Monday, reaching $22.40. The company’s stock had a trading volume of 702,810 shares. The company has a 50 day moving average price of $20.77 and a 200 day moving average price of $19.14. Associated Banc-Corp has a 52 week low of $15.45 and a 52 week high of $23.60. The firm has a market capitalization of $3.33 billion, a P/E ratio of 18.82 and a beta of 1.18.
Associated Banc-Corp (NYSE:ASB) last announced its quarterly earnings results on Thursday, October 20th. The company reported $0.34 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.32 by $0.02. Associated Banc-Corp had a return on equity of 6.46% and a net margin of 16.55%. During the same quarter in the prior year, the business posted $0.31 earnings per share. On average, equities research analysts expect that Associated Banc-Corp will post $1.24 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, December 15th. Investors of record on Thursday, December 1st will be given a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 2.14%. The ex-dividend date of this dividend is Tuesday, November 29th. This is a boost from Associated Banc-Corp’s previous quarterly dividend of $0.11. Associated Banc-Corp’s payout ratio is 36.98%.
In other Associated Banc-Corp news, CFO Moral-Niles Christopher Del sold 4,814 shares of the business’s stock in a transaction that occurred on Wednesday, September 7th. The stock was sold at an average price of $19.57, for a total transaction of $94,209.98. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider John A. Utz sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 7th. The stock was sold at an average price of $19.54, for a total value of $39,080.00. Following the transaction, the insider now owns 44,290 shares in the company, valued at approximately $865,426.60. The disclosure for this sale can be found here. 2.09% of the stock is owned by corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Associated Banc-Corp by 11.8% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,382 shares of the company’s stock valued at $105,000 after buying an additional 566 shares during the last quarter. Chicago Partners Investment Group LLC boosted its position in Associated Banc-Corp by 0.7% in the second quarter. Chicago Partners Investment Group LLC now owns 6,304 shares of the company’s stock valued at $108,000 after buying an additional 41 shares during the last quarter. Quantbot Technologies LP acquired a new position in Associated Banc-Corp during the third quarter valued at about $110,000. Tower Research Capital LLC TRC boosted its position in Associated Banc-Corp by 3,408.6% in the third quarter. Tower Research Capital LLC TRC now owns 5,684 shares of the company’s stock valued at $111,000 after buying an additional 5,522 shares during the last quarter. Finally, LS Investment Advisors LLC boosted its position in Associated Banc-Corp by 49.0% in the second quarter. LS Investment Advisors LLC now owns 11,828 shares of the company’s stock valued at $203,000 after buying an additional 3,889 shares during the last quarter. Institutional investors own 77.54% of the company’s stock.
About Associated Banc-Corp
Associated Banc-Corp is a bank holding company. The Company, through its banking subsidiary Associated Bank, National Association (the Bank) and various nonbanking subsidiaries, provides a range of banking and nonbanking products and services to individuals. The Company operates through three segments: Corporate and Commercial Specialty; Community, Consumer, and Business, and Risk Management and Shared Services.
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