Morgan Stanley Reaffirms “Equal Weight” Rating for Associated Banc-Corp (ASB)
Associated Banc-Corp (NYSE:ASB)‘s stock had its “equal weight” rating reissued by analysts at Morgan Stanley in a report released on Thursday, July 6th. They presently have a $25.00 price objective on the bank’s stock, up from their prior price objective of $24.00.
Several other research firms have also weighed in on ASB. Jefferies Group LLC reissued a “hold” rating and issued a $27.00 price objective on shares of Associated Banc-Corp in a research report on Sunday, June 11th. Zacks Investment Research downgraded Associated Banc-Corp from a “buy” rating to a “hold” rating in a research note on Friday, April 7th. SunTrust Banks, Inc. upgraded Associated Banc-Corp from a “hold” rating to a “buy” rating in a research note on Wednesday, March 29th. BidaskClub upgraded Associated Banc-Corp from a “sell” rating to a “hold” rating in a research note on Thursday, July 6th. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $24.00 price target on shares of Associated Banc-Corp in a report on Thursday, March 23rd. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and two have assigned a buy rating to the company. Associated Banc-Corp presently has a consensus rating of “Hold” and a consensus price target of $24.86.
Associated Banc-Corp (ASB) traded down 0.79% during midday trading on Thursday, reaching $25.00. The company’s stock had a trading volume of 645,266 shares. The firm has a market capitalization of $3.79 billion, a PE ratio of 18.66 and a beta of 1.17. Associated Banc-Corp has a 1-year low of $17.52 and a 1-year high of $26.70. The firm has a 50 day moving average price of $24.56 and a 200 day moving average price of $24.85.
Associated Banc-Corp (NYSE:ASB) last released its quarterly earnings data on Thursday, April 20th. The bank reported $0.35 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.32 by $0.03. The company had revenue of $260.11 million for the quarter, compared to the consensus estimate of $266.24 million. Associated Banc-Corp had a return on equity of 7.20% and a net margin of 18.36%. During the same quarter last year, the business posted $0.27 EPS. On average, analysts predict that Associated Banc-Corp will post $1.45 EPS for the current year.
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In related news, CEO Philip B. Flynn sold 10,000 shares of the company’s stock in a transaction dated Monday, May 1st. The shares were sold at an average price of $24.81, for a total transaction of $248,100.00. Following the transaction, the chief executive officer now directly owns 127,585 shares in the company, valued at approximately $3,165,383.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider David L. Stein sold 8,000 shares of the business’s stock in a transaction dated Friday, April 28th. The shares were sold at an average price of $25.11, for a total transaction of $200,880.00. Following the completion of the sale, the insider now directly owns 37,518 shares of the company’s stock, valued at $942,076.98. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 20,330 shares of company stock worth $508,302. Insiders own 1.80% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Associated Banc-Corp during the fourth quarter worth about $50,013,000. Victory Capital Management Inc. increased its stake in shares of Associated Banc-Corp by 4.6% in the first quarter. Victory Capital Management Inc. now owns 5,176,832 shares of the bank’s stock worth $126,315,000 after buying an additional 228,539 shares during the period. Guggenheim Capital LLC increased its stake in shares of Associated Banc-Corp by 54.6% in the fourth quarter. Guggenheim Capital LLC now owns 122,227 shares of the bank’s stock worth $3,019,000 after buying an additional 43,185 shares during the period. Retirement Systems of Alabama increased its stake in shares of Associated Banc-Corp by 2.5% in the first quarter. Retirement Systems of Alabama now owns 195,982 shares of the bank’s stock worth $4,782,000 after buying an additional 4,768 shares during the period. Finally, Thrivent Financial for Lutherans increased its stake in shares of Associated Banc-Corp by 2.4% in the fourth quarter. Thrivent Financial for Lutherans now owns 89,633 shares of the bank’s stock worth $2,214,000 after buying an additional 2,110 shares during the period. Hedge funds and other institutional investors own 77.90% of the company’s stock.
Associated Banc-Corp Company Profile
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 non-banking 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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