Associated Banc-Corp (ASB) Receives Average Recommendation of “Hold” from Analysts
Shares of Associated Banc-Corp (NYSE:ASB) have been assigned an average recommendation of “Hold” from the thirteen ratings firms that are currently covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and two have assigned a buy rating to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $24.61.
Several brokerages have weighed in on ASB. Royal Bank Of Canada reissued a “hold” rating and set a $26.00 price objective on shares of Associated Banc-Corp in a research note on Friday, July 7th. BidaskClub raised Associated Banc-Corp from a “sell” rating to a “hold” rating in a research note on Thursday, July 6th. Jefferies Group LLC reaffirmed a “hold” rating and set a $27.00 target price on shares of Associated Banc-Corp in a research note on Sunday, June 11th. Morgan Stanley reaffirmed an “equal weight” rating and set a $25.00 target price (up previously from $24.00) on shares of Associated Banc-Corp in a research note on Thursday, July 6th. Finally, Zacks Investment Research cut Associated Banc-Corp from a “buy” rating to a “hold” rating in a research note on Friday, June 30th.
Shares of Associated Banc-Corp (ASB) traded down 5.66% during midday trading on Friday, reaching $23.35. The company had a trading volume of 3,155,472 shares. The stock has a 50-day moving average of $24.87 and a 200 day moving average of $24.87. The firm has a market capitalization of $3.54 billion, a price-to-earnings ratio of 17.43 and a beta of 1.17. Associated Banc-Corp has a 52 week low of $17.77 and a 52 week high of $26.70.
Associated Banc-Corp (NYSE:ASB) last issued its quarterly earnings data on Thursday, July 20th. The bank reported $0.36 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.36. Associated Banc-Corp had a return on equity of 7.20% and a net margin of 18.36%. The company had revenue of $266.23 million for the quarter, compared to analysts’ expectations of $273.29 million. During the same period in the previous year, the firm posted $0.31 earnings per share. On average, analysts anticipate that Associated Banc-Corp will post $1.45 earnings per share for the current year.
In other Associated Banc-Corp news, CEO Philip B. Flynn sold 10,000 shares of the company’s stock in a transaction on Monday, May 1st. The stock was sold at an average price of $24.81, for a total transaction of $248,100.00. Following the completion of the sale, the chief executive officer now owns 127,585 shares in the company, valued at $3,165,383.85. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider David L. Stein sold 8,000 shares of the company’s stock in a transaction on Friday, April 28th. The stock was sold at an average price of $25.11, for a total value of $200,880.00. Following the sale, the insider now owns 37,518 shares of the company’s stock, valued at approximately $942,076.98. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 20,330 shares of company stock valued at $508,302. 1.80% of the stock is owned by company insiders.
Hedge funds have recently modified their holdings of the stock. Russell Investments Group Ltd. acquired a new stake in shares of Associated Banc-Corp during the fourth quarter valued at approximately $2,175,000. Guggenheim Capital LLC raised its stake in shares of Associated Banc-Corp by 54.6% in the fourth quarter. Guggenheim Capital LLC now owns 122,227 shares of the bank’s stock valued at $3,019,000 after buying an additional 43,185 shares in the last quarter. Teachers Advisors LLC raised its stake in shares of Associated Banc-Corp by 5.1% in the fourth quarter. Teachers Advisors LLC now owns 168,834 shares of the bank’s stock valued at $4,170,000 after buying an additional 8,130 shares in the last quarter. Foundry Partners LLC raised its stake in shares of Associated Banc-Corp by 6.9% in the first quarter. Foundry Partners LLC now owns 691,698 shares of the bank’s stock valued at $16,877,000 after buying an additional 44,353 shares in the last quarter. Finally, Capstone Asset Management Co. raised its stake in shares of Associated Banc-Corp by 2.6% in the first quarter. Capstone Asset Management Co. now owns 16,071 shares of the bank’s stock valued at $392,000 after buying an additional 410 shares in the last quarter. Hedge funds and other institutional investors own 77.90% of the company’s stock.
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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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