Keybank National Association OH Trims Position in Associated Banc-Corp (ASB)
Keybank National Association OH decreased its holdings in Associated Banc-Corp (NYSE:ASB) by 4.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 74,300 shares of the bank’s stock after selling 3,609 shares during the quarter. Keybank National Association OH’s holdings in Associated Banc-Corp were worth $1,802,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in Associated Banc-Corp by 2.0% in the 2nd quarter. Vanguard Group Inc. now owns 12,739,124 shares of the bank’s stock valued at $321,025,000 after purchasing an additional 248,381 shares during the last quarter. State Street Corp raised its position in Associated Banc-Corp by 2.0% in the 2nd quarter. State Street Corp now owns 6,922,074 shares of the bank’s stock valued at $174,433,000 after purchasing an additional 136,874 shares during the last quarter. Victory Capital Management Inc. raised its position in Associated Banc-Corp by 3.3% in the 3rd quarter. Victory Capital Management Inc. now owns 5,178,754 shares of the bank’s stock valued at $125,585,000 after purchasing an additional 164,148 shares during the last quarter. Alliancebernstein L.P. raised its position in Associated Banc-Corp by 4.0% in the 2nd quarter. Alliancebernstein L.P. now owns 4,193,941 shares of the bank’s stock valued at $105,687,000 after purchasing an additional 163,081 shares during the last quarter. Finally, Cramer Rosenthal Mcglynn LLC raised its position in Associated Banc-Corp by 1.6% in the 2nd quarter. Cramer Rosenthal Mcglynn LLC now owns 2,265,086 shares of the bank’s stock valued at $57,080,000 after purchasing an additional 35,960 shares during the last quarter. Hedge funds and other institutional investors own 77.51% of the company’s stock.
In other news, Director William R. Hutchinson sold 4,632 shares of the company’s stock in a transaction on Wednesday, October 25th. The shares were sold at an average price of $25.70, for a total transaction of $119,042.40. Following the transaction, the director now directly owns 91,209 shares of the company’s stock, valued at approximately $2,344,071.30. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Philip B. Flynn sold 10,000 shares of the company’s stock in a transaction on Monday, October 30th. The stock was sold at an average price of $25.25, for a total transaction of $252,500.00. Following the transaction, the chief executive officer now directly owns 127,585 shares in the company, valued at $3,221,521.25. The disclosure for this sale can be found here. Corporate insiders own 1.80% of the company’s stock.
Several analysts recently commented on ASB shares. Zacks Investment Research upgraded shares of Associated Banc-Corp from a “hold” rating to a “buy” rating and set a $29.00 price target for the company in a research report on Tuesday, October 24th. Barclays PLC upped their price target on shares of Associated Banc-Corp from $26.00 to $27.00 and gave the company an “equal weight” rating in a research report on Monday, October 23rd. ValuEngine downgraded shares of Associated Banc-Corp from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Robert W. Baird reiterated a “hold” rating and issued a $25.00 price target on shares of Associated Banc-Corp in a research report on Friday, August 25th. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $26.00 price target on shares of Associated Banc-Corp in a research report on Tuesday, August 22nd. One analyst has rated the stock with a sell rating and thirteen have assigned a hold rating to the stock. Associated Banc-Corp currently has a consensus rating of “Hold” and an average target price of $25.82.
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Associated Banc-Corp (NYSE:ASB) opened at $24.20 on Friday. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.90 and a quick ratio of 0.89. The stock has a market cap of $3,658.19, a price-to-earnings ratio of 16.58, a price-to-earnings-growth ratio of 2.32 and a beta of 1.20. Associated Banc-Corp has a 12 month low of $20.95 and a 12 month high of $26.70.
Associated Banc-Corp (NYSE:ASB) last announced its quarterly earnings data on Thursday, October 19th. The bank reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.05. The company had revenue of $276.02 million for the quarter, compared to analysts’ expectations of $276.88 million. Associated Banc-Corp had a net margin of 19.54% and a return on equity of 7.81%. During the same period in the previous year, the company posted $0.31 EPS. equities research analysts anticipate that Associated Banc-Corp will post 1.49 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Friday, December 1st will be paid a $0.14 dividend. This is a boost from Associated Banc-Corp’s previous quarterly dividend of $0.12. This represents a $0.56 annualized dividend and a yield of 2.31%. The ex-dividend date of this dividend is Thursday, November 30th. Associated Banc-Corp’s payout ratio is currently 32.88%.
About Associated Banc-Corp
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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