Associated Banc-Corp (ASB) Lowered to “Hold” at ValuEngine
ValuEngine downgraded shares of Associated Banc-Corp (NYSE:ASB) from a buy rating to a hold rating in a report issued on Friday.
ASB has been the subject of a number of other research reports. Zacks Investment Research cut Associated Banc-Corp from a buy rating to a hold rating in a research note on Friday, June 30th. Jefferies Group LLC reiterated a hold rating and set a $27.00 price objective on shares of Associated Banc-Corp in a research note on Friday, July 14th. Robert W. Baird reiterated a hold rating and set a $25.00 price objective on shares of Associated Banc-Corp in a research note on Friday, August 25th. BidaskClub cut Associated Banc-Corp from a sell rating to a strong sell rating in a research note on Saturday, August 12th. Finally, Royal Bank Of Canada reiterated a hold rating and set a $26.00 price objective on shares of Associated Banc-Corp in a research note on Friday, July 7th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and two have given a buy rating to the company. Associated Banc-Corp currently has a consensus rating of Hold and an average price target of $25.00.
Shares of Associated Banc-Corp (NYSE ASB) opened at 22.15 on Friday. The company’s 50-day moving average price is $23.02 and its 200 day moving average price is $24.36. Associated Banc-Corp has a one year low of $18.85 and a one year high of $26.70. The company has a market cap of $3.36 billion, a P/E ratio of 15.94 and a beta of 1.17.
Associated Banc-Corp (NYSE:ASB) last announced its quarterly earnings data on Thursday, July 20th. The bank reported $0.36 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.36. The business had revenue of $266.23 million during the quarter, compared to analysts’ expectations of $273.29 million. Associated Banc-Corp had a return on equity of 7.43% and a net margin of 18.78%. During the same quarter in the previous year, the business earned $0.31 earnings per share. On average, equities research analysts anticipate that Associated Banc-Corp will post $1.43 earnings per share for the current year.
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The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, September 1st will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.17%. The ex-dividend date is Wednesday, August 30th. Associated Banc-Corp’s payout ratio is 34.53%.
In related news, Director Eileen A. Kamerick sold 4,500 shares of Associated Banc-Corp stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $23.57, for a total value of $106,065.00. Following the completion of the sale, the director now owns 27,004 shares of the company’s stock, valued at $636,484.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 value of $381,933.90. Following the completion of the sale, 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 three months, insiders sold 38,772 shares of company stock valued at $914,334. Corporate insiders own 1.80% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of ASB. Bank of New York Mellon Corp grew its holdings 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 acquiring an additional 1,118,865 shares during the period. Vanguard Group Inc. grew its holdings 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 acquiring an additional 707,633 shares during the period. State Street Corp grew its holdings 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 acquiring an additional 641,800 shares during the period. Koch Industries Inc. bought a new stake in shares of Associated Banc-Corp in the second quarter worth $581,000. Finally, Victory Capital Management Inc. grew its holdings 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 acquiring an additional 228,539 shares during the period. 77.49% of the stock is owned by 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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