TIAA CREF Investment Management LLC Sells 12,166 Shares of Associated Banc-Corp (ASB)
TIAA CREF Investment Management LLC cut its stake in shares of Associated Banc-Corp (NYSE:ASB) by 3.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 327,951 shares of the bank’s stock after selling 12,166 shares during the period. TIAA CREF Investment Management LLC’s holdings in Associated Banc-Corp were worth $8,002,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in the stock. Victory Capital Management Inc. increased its position 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 last quarter. Alliancebernstein L.P. increased its position in shares of Associated Banc-Corp by 3.5% in the first quarter. Alliancebernstein L.P. now owns 4,030,860 shares of the bank’s stock worth $98,353,000 after buying an additional 134,916 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Associated Banc-Corp by 43.0% in the first quarter. Bank of New York Mellon Corp now owns 3,723,047 shares of the bank’s stock worth $90,843,000 after buying an additional 1,118,865 shares during the last quarter. Ameriprise Financial Inc. increased its position in shares of Associated Banc-Corp by 3.4% in the first quarter. Ameriprise Financial Inc. now owns 2,053,596 shares of the bank’s stock worth $50,108,000 after buying an additional 67,048 shares during the last quarter. Finally, Norges Bank bought a new position in shares of Associated Banc-Corp during the fourth quarter worth approximately $50,013,000. 77.27% of the stock is owned by hedge funds and other institutional investors.
Shares of Associated Banc-Corp (NYSE:ASB) traded up 0.43% during trading on Friday, hitting $23.45. The stock had a trading volume of 899,629 shares. Associated Banc-Corp has a one year low of $18.33 and a one year high of $26.70. The stock’s 50-day moving average price is $24.67 and its 200 day moving average price is $24.79. The stock has a market cap of $3.56 billion, a price-to-earnings ratio of 16.87 and a beta of 1.16.
Associated Banc-Corp (NYSE:ASB) last issued its quarterly earnings data on Thursday, July 20th. The bank reported $0.36 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.36. Associated Banc-Corp had a net margin of 18.78% and a return on equity of 7.43%. The firm had revenue of $266.23 million for the quarter, compared to analysts’ expectations of $273.29 million. During the same period in the prior year, the firm earned $0.31 earnings per share. On average, equities analysts forecast that Associated Banc-Corp will post $1.43 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $0.48 annualized dividend and a dividend yield of 2.05%. Associated Banc-Corp’s dividend payout ratio (DPR) is currently 34.53%.
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ASB has been the subject of a number of research reports. BidaskClub upgraded Associated Banc-Corp from a “sell” rating to a “hold” rating in a research note on Thursday, July 6th. Zacks Investment Research downgraded Associated Banc-Corp from a “buy” rating to a “hold” rating in a research note on Friday, April 7th. Royal Bank Of Canada restated a “hold” rating and issued a $26.00 target price on shares of Associated Banc-Corp in a research note on Friday, July 7th. Morgan Stanley restated an “equal weight” rating and issued a $25.00 target price (up from $24.00) on shares of Associated Banc-Corp in a research note on Thursday, July 6th. Finally, Jefferies Group LLC reiterated a “hold” rating and set a $27.00 price objective on shares of Associated Banc-Corp in a research report on Sunday, June 11th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $25.00.
In other news, insider John A. Utz sold 8,054 shares of the stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $23.62, for a total transaction of $190,235.48. Following the sale, the insider now directly owns 44,405 shares of the company’s stock, valued at $1,048,846.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Philip B. Flynn sold 10,000 shares of the stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $23.61, for a total transaction of $236,100.00. Following the sale, the chief executive officer now directly owns 127,585 shares in the company, valued at $3,012,281.85. The disclosure for this sale can be found here. Insiders have sold 22,554 shares of company stock worth $532,400 over the last three months. 1.80% of the stock is owned by insiders.
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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