Balyasny Asset Management LLC Has $17.88 Million Stake in Associated Banc-Corp (ASB)
Balyasny Asset Management LLC lowered its position in shares of Associated Banc-Corp (NYSE:ASB) by 18.2% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 709,351 shares of the bank’s stock after selling 157,753 shares during the period. Balyasny Asset Management LLC owned approximately 0.47% of Associated Banc-Corp worth $17,876,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Morgan Dempsey Capital Management LLC lifted its stake in shares of Associated Banc-Corp by 40.5% in the second quarter. Morgan Dempsey Capital Management LLC now owns 5,542 shares of the bank’s stock worth $140,000 after acquiring an additional 1,597 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Associated Banc-Corp by 10.2% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,931 shares of the bank’s stock valued at $149,000 after purchasing an additional 549 shares during the last quarter. Nomura Holdings Inc. purchased a new position in Associated Banc-Corp in the first quarter valued at about $210,000. Riverhead Capital Management LLC boosted its holdings in Associated Banc-Corp by 73.6% in the second quarter. Riverhead Capital Management LLC now owns 8,854 shares of the bank’s stock valued at $223,000 after purchasing an additional 3,754 shares during the last quarter. Finally, Envestnet Asset Management Inc. boosted its holdings in Associated Banc-Corp by 14.3% in the first quarter. Envestnet Asset Management Inc. now owns 9,195 shares of the bank’s stock valued at $224,000 after purchasing an additional 1,147 shares during the last quarter. Institutional investors own 77.47% of the company’s stock.
Several equities research analysts have issued reports on ASB shares. Keefe, Bruyette & Woods restated a “neutral” rating on shares of Associated Banc-Corp in a report on Friday, September 22nd. BidaskClub lowered Associated Banc-Corp from a “sell” rating to a “strong sell” rating in a research report on Sunday, July 30th. Royal Bank Of Canada reiterated a “hold” rating and set a $26.00 target price on shares of Associated Banc-Corp in a research note on Friday, July 7th. Piper Jaffray Companies set a $25.00 target price on Associated Banc-Corp and gave the company a “hold” rating in a research note on Saturday, July 22nd. Finally, Zacks Investment Research raised shares of Associated Banc-Corp from a “sell” rating to a “hold” rating in a research report on Wednesday, August 2nd. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and two have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $25.25.
In other news, insider Christopher C. Piotrowski sold 16,218 shares of the business’s stock in a transaction that occurred 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 sale, the insider now directly owns 30,479 shares in the company, valued at $717,780.45. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Eileen A. Kamerick sold 4,500 shares of the company’s stock in a transaction on Thursday, August 3rd. The shares were sold at an average price of $23.57, for a total value of $106,065.00. Following the completion of the transaction, the director now owns 27,004 shares of the company’s stock, valued at $636,484.28. The disclosure for this sale can be found here. Insiders sold a total of 38,772 shares of company stock valued at $914,334 in the last quarter. Corporate insiders own 1.80% of the company’s stock.
Shares of Associated Banc-Corp (NYSE ASB) opened at 24.55 on Tuesday. The company has a market capitalization of $3.72 billion, a P/E ratio of 17.66 and a beta of 1.19. Associated Banc-Corp has a one year low of $18.85 and a one year high of $26.70. The stock has a 50 day moving average price of $22.60 and a 200-day moving average price of $23.95.
Associated Banc-Corp (NYSE:ASB) last issued its quarterly earnings results on Thursday, July 20th. The bank reported $0.36 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.36. The firm had revenue of $266.23 million for the quarter, compared to analyst estimates 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 period in the previous year, the company posted $0.31 earnings per share. Equities research analysts predict that Associated Banc-Corp will post $1.43 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Friday, September 1st were given a $0.12 dividend. The ex-dividend date was Wednesday, August 30th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.96%. Associated Banc-Corp’s dividend payout ratio is currently 34.53%.
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Associated Banc-Corp 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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