Associated Banc-Corp (NYSE:ASB) Downgraded by BidaskClub
BidaskClub lowered shares of Associated Banc-Corp (NYSE:ASB) from a hold rating to a sell rating in a report published on Monday, July 24th.
Several other analysts have also issued reports on ASB. SunTrust Banks, Inc. upgraded shares of Associated Banc-Corp from a hold rating to a buy rating in a research report on Wednesday, March 29th. Jefferies Group LLC reiterated a hold rating and set a $27.00 price target on shares of Associated Banc-Corp in a research report on Tuesday, April 4th. Zacks Investment Research lowered shares of Associated Banc-Corp from a buy rating to a hold rating in a research report on Friday, April 7th. Morgan Stanley reiterated an equal weight rating and set a $25.00 price target (up previously from $24.00) on shares of Associated Banc-Corp in a research report on Thursday, July 6th. Finally, Royal Bank Of Canada reiterated a hold rating and set a $26.00 price target on shares of Associated Banc-Corp in a research report on Friday, July 7th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the company. The company presently has an average rating of Hold and an average target price of $25.00.
Associated Banc-Corp (NYSE ASB) traded down 0.46% during mid-day trading on Monday, reaching $21.80. The company’s stock had a trading volume of 855,276 shares. The firm’s 50 day moving average price is $23.92 and its 200 day moving average price is $24.59. The firm has a market capitalization of $3.31 billion, a P/E ratio of 15.68 and a beta of 1.16. Associated Banc-Corp has a 52 week low of $18.85 and a 52 week high of $26.70.
Associated Banc-Corp (NYSE:ASB) last posted its quarterly earnings results on Thursday, July 20th. The bank reported $0.36 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.36. The business had revenue of $266.23 million for the quarter, compared to analyst estimates of $273.29 million. Associated Banc-Corp had a net margin of 18.78% and a return on equity of 7.43%. During the same quarter last year, the business posted $0.31 EPS. On average, analysts anticipate that Associated Banc-Corp will post $1.43 EPS 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. The ex-dividend date is Wednesday, August 30th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.20%. Associated Banc-Corp’s dividend payout ratio (DPR) is presently 34.53%.
In related news, CEO Philip B. Flynn sold 10,000 shares of Associated Banc-Corp stock in a transaction 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 completion of the transaction, the chief executive officer now owns 127,585 shares of the company’s stock, valued at $3,012,281.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Christopher C. Piotrowski sold 16,218 shares of Associated Banc-Corp stock in a transaction on Tuesday, August 8th. The stock was sold at an average price of $23.55, for a total transaction of $381,933.90. Following the transaction, the insider now directly owns 30,479 shares of the company’s stock, valued at approximately $717,780.45. The disclosure for this sale can be found here. In the last quarter, insiders have sold 38,772 shares of company stock worth $914,334. 1.80% of the stock is owned by company insiders.
A number of institutional investors have recently made changes to their positions in the company. 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 in the last quarter. Vanguard Group Inc. increased its position in shares of Associated Banc-Corp by 6.0% in the first quarter. Vanguard Group Inc. now owns 12,490,743 shares of the bank’s stock worth $304,775,000 after buying an additional 707,633 shares in the last quarter. State Street Corp increased its position in shares of Associated Banc-Corp by 10.4% in the first quarter. State Street Corp now owns 6,785,200 shares of the bank’s stock worth $165,559,000 after buying an additional 641,800 shares in the last quarter. Koch Industries Inc. purchased a new position in shares of Associated Banc-Corp during the second quarter worth $581,000. Finally, First Quadrant L P CA increased its position in shares of Associated Banc-Corp by 145.1% in the first quarter. First Quadrant L P CA now owns 423,571 shares of the bank’s stock worth $10,335,000 after buying an additional 250,790 shares in the last quarter. 78.54% of the stock is owned by institutional investors and hedge funds.
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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