Associated Banc Corp (ASB) Given Consensus Rating of “Hold” by Brokerages
Shares of Associated Banc Corp (NYSE:ASB) have been assigned a consensus rating of “Hold” from the thirteen research firms that are currently covering the company, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and one has issued a buy rating on the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $26.67.
ASB has been the subject of a number of research reports. SunTrust Banks set a $26.00 price objective on Associated Banc and gave the stock a “hold” rating in a research report on Saturday, October 21st. Zacks Investment Research downgraded Associated Banc from a “buy” rating to a “hold” rating in a research report on Wednesday, November 1st. Barclays raised their price objective on Associated Banc from $26.00 to $27.00 and gave the stock an “equal weight” rating in a research report on Monday, October 23rd. Morgan Stanley raised their price objective on Associated Banc from $25.50 to $28.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 13th. Finally, Keefe, Bruyette & Woods reiterated a “neutral” rating on shares of Associated Banc in a research report on Friday, September 22nd.
Shares of Associated Banc (NYSE ASB) traded up $0.25 during mid-day trading on Friday, hitting $26.55. The company’s stock had a trading volume of 524,700 shares, compared to its average volume of 884,513. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.90 and a quick ratio of 0.89. Associated Banc has a 52 week low of $20.95 and a 52 week high of $26.70. The company has a market cap of $4,010.00, a P/E ratio of 18.31, a P/E/G ratio of 2.26 and a beta of 1.19.
The business also recently announced a quarterly dividend, which was paid on Friday, December 15th. Stockholders of record on Friday, December 1st were issued a $0.3828 dividend. The ex-dividend date of this dividend was Thursday, November 30th. This represents a $1.53 dividend on an annualized basis and a dividend yield of 5.77%. Associated Banc’s payout ratio is presently 38.62%.
In related news, Director William R. Hutchinson sold 4,632 shares of the firm’s stock in a transaction on Wednesday, October 25th. The stock was sold at an average price of $25.70, for a total transaction of $119,042.40. Following the completion of the sale, 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Moral-Niles Christopher Del sold 11,999 shares of the firm’s stock in a transaction on Tuesday, November 21st. The shares were sold at an average price of $24.72, for a total value of $296,615.28. Following the sale, the chief financial officer now directly owns 81,092 shares of the company’s stock, valued at $2,004,594.24. The disclosure for this sale can be found here. Over the last three months, insiders sold 61,426 shares of company stock valued at $1,558,805. 1.80% of the stock is currently owned by insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Wells Fargo & Company MN increased its holdings in Associated Banc by 2.2% during the 2nd quarter. Wells Fargo & Company MN now owns 1,840,826 shares of the bank’s stock valued at $46,389,000 after purchasing an additional 38,996 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Associated Banc by 2.0% in the second quarter. Vanguard Group Inc. now owns 12,739,124 shares of the bank’s stock valued at $321,025,000 after acquiring an additional 248,381 shares during the last quarter. Campbell & CO Investment Adviser LLC acquired a new position in Associated Banc during the third quarter worth approximately $677,000. Schwab Charles Investment Management Inc. increased its position in Associated Banc by 5.3% during the second quarter. Schwab Charles Investment Management Inc. now owns 808,521 shares of the bank’s stock worth $20,375,000 after buying an additional 41,053 shares during the last quarter. Finally, Swiss National Bank increased its position in Associated Banc by 2.0% during the second quarter. Swiss National Bank now owns 252,900 shares of the bank’s stock worth $6,373,000 after buying an additional 5,000 shares during the last quarter. 77.43% of the stock is owned by hedge funds and other institutional investors.
About Associated Banc
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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