Associated Banc-Corp (ASB) Downgraded by BidaskClub
BidaskClub downgraded shares of Associated Banc-Corp (NYSE:ASB) from a sell rating to a strong sell rating in a research note published on Saturday morning.
Other equities research analysts also recently issued reports about the company. Keefe, Bruyette & Woods reissued a hold rating and issued a $26.00 target price on shares of Associated Banc-Corp in a report on Friday, July 21st. Morgan Stanley reissued an equal weight rating and issued a $25.00 target price (up from $24.00) on shares of Associated Banc-Corp in a report on Thursday, July 6th. Zacks Investment Research raised Associated Banc-Corp from a hold rating to a buy rating and set a $28.00 target price on the stock in a report on Wednesday, June 21st. Jefferies Group LLC reissued a hold rating and issued a $27.00 target price on shares of Associated Banc-Corp in a report on Friday, August 11th. Finally, Piper Jaffray Companies set a $25.00 target price on Associated Banc-Corp and gave the stock a hold rating in a report on Saturday, July 22nd. Two analysts have rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the stock. The stock currently has an average rating of Hold and an average target price of $25.00.
Associated Banc-Corp (ASB) opened at 22.60 on Friday. The firm’s 50-day moving average price is $24.16 and its 200 day moving average price is $24.65. The company has a market capitalization of $3.43 billion, a PE ratio of 16.26 and a beta of 1.16. Associated Banc-Corp has a 52 week low of $18.74 and a 52 week high of $26.70.
Associated Banc-Corp (NYSE:ASB) last released its earnings results on Thursday, July 20th. The bank reported $0.36 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.36. Associated Banc-Corp had a return on equity of 7.43% and a net margin of 18.78%. The business had revenue of $266.23 million for the quarter, compared to the consensus estimate of $273.29 million. During the same period in the previous year, the company posted $0.31 earnings per share. Equities research analysts expect that Associated Banc-Corp will post $1.43 earnings per share for the current fiscal year.
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The firm also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.12%. The ex-dividend date of this dividend is Wednesday, August 30th. Associated Banc-Corp’s payout ratio is currently 34.53%.
In other news, insider John A. Utz sold 8,054 shares of the company’s stock in a transaction on Monday, July 31st. The stock was sold at an average price of $23.62, for a total transaction of $190,235.48. Following the transaction, the insider now directly owns 44,405 shares of the company’s stock, valued at $1,048,846.10. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Philip B. Flynn sold 10,000 shares of the company’s stock in a transaction on Monday, July 31st. The shares were sold at an average price of $23.61, for a total value of $236,100.00. Following the transaction, 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. Over the last ninety days, insiders have sold 38,772 shares of company stock worth $914,334. Corporate insiders own 1.80% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Chicago Partners Investment Group LLC increased its position in shares of Associated Banc-Corp by 0.5% in the first quarter. Chicago Partners Investment Group LLC now owns 6,400 shares of the bank’s stock worth $156,000 after buying an additional 30 shares during the last quarter. Wedge Capital Management L L P NC increased its position in shares of Associated Banc-Corp by 0.5% in the second quarter. Wedge Capital Management L L P NC now owns 27,159 shares of the bank’s stock worth $684,000 after buying an additional 123 shares during the last quarter. Citigroup Inc. increased its position in shares of Associated Banc-Corp by 1.0% in the second quarter. Citigroup Inc. now owns 16,135 shares of the bank’s stock worth $407,000 after buying an additional 155 shares during the last quarter. World Asset Management Inc increased its position in shares of Associated Banc-Corp by 2.5% in the second quarter. World Asset Management Inc now owns 9,629 shares of the bank’s stock worth $243,000 after buying an additional 236 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in shares of Associated Banc-Corp by 1.2% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 22,175 shares of the bank’s stock worth $541,000 after buying an additional 253 shares during the last quarter. 78.54% of the stock is currently owned by hedge funds and other institutional investors.
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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