Associated Banc-Corp (NYSE:ASB) to Post Q3 2017 Earnings of $0.34 Per Share, DA Davidson Forecasts
Associated Banc-Corp (NYSE:ASB) – Research analysts at DA Davidson cut their Q3 2017 earnings per share estimates for Associated Banc-Corp in a research note issued on Friday. DA Davidson analyst K. Reevey now anticipates that the bank will earn $0.34 per share for the quarter, down from their prior estimate of $0.37. DA Davidson also issued estimates for Associated Banc-Corp’s Q4 2017 earnings at $0.38 EPS and FY2018 earnings at $1.55 EPS.
A number of other analysts have also recently commented on ASB. Piper Jaffray Companies set a $25.00 price target on shares of Associated Banc-Corp and gave the company a “hold” rating in a research note on Saturday. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $26.00 price target on shares of Associated Banc-Corp in a research note on Friday. Jefferies Group LLC reiterated a “hold” rating and issued a $27.00 price target on shares of Associated Banc-Corp in a research note on Friday, July 14th. Zacks Investment Research cut shares of Associated Banc-Corp from a “buy” rating to a “hold” rating in a research note on Friday, June 30th. Finally, BidaskClub cut shares of Associated Banc-Corp from a “hold” rating to a “sell” rating in a research note on Tuesday, June 27th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and two have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $25.00.
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Associated Banc-Corp (NYSE ASB) opened at 23.35 on Monday. Associated Banc-Corp has a 52-week low of $17.77 and a 52-week high of $26.70. The firm has a market cap of $3.54 billion, a price-to-earnings ratio of 16.80 and a beta of 1.17. The firm has a 50-day moving average of $24.87 and a 200 day moving average of $24.87.
Associated Banc-Corp (NYSE:ASB) last posted its quarterly earnings results on Thursday, July 20th. The bank reported $0.36 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ 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 net margin of 18.78% and a return on equity of 7.43%. During the same quarter in the previous year, the business posted $0.31 earnings per share.
Hedge funds have recently bought and sold shares of the company. ProShare Advisors LLC boosted its stake in Associated Banc-Corp by 2.6% in the first quarter. ProShare Advisors LLC now owns 38,431 shares of the bank’s stock worth $938,000 after buying an additional 976 shares in the last quarter. Nationwide Fund Advisors boosted its stake in shares of Associated Banc-Corp by 4.3% in the first quarter. Nationwide Fund Advisors now owns 280,095 shares of the bank’s stock valued at $6,834,000 after buying an additional 11,564 shares during the period. Dalton Greiner Hartman Maher & Co. boosted its stake in shares of Associated Banc-Corp by 3.1% in the first quarter. Dalton Greiner Hartman Maher & Co. now owns 815,649 shares of the bank’s stock valued at $19,902,000 after buying an additional 24,596 shares during the period. Retirement Systems of Alabama boosted its stake in shares of Associated Banc-Corp by 2.5% in the first quarter. Retirement Systems of Alabama now owns 195,982 shares of the bank’s stock valued at $4,782,000 after buying an additional 4,768 shares during the period. Finally, Quantitative Systematic Strategies LLC acquired a new stake in shares of Associated Banc-Corp during the first quarter valued at $548,000. Institutional investors own 77.94% of the company’s stock.
In other news, insider James Yee sold 2,330 shares of the firm’s stock in a transaction dated Tuesday, April 25th. The shares were sold at an average price of $25.46, for a total transaction of $59,321.80. Following the completion of the sale, the insider now owns 69,852 shares in the company, valued at approximately $1,778,431.92. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Philip B. Flynn sold 10,000 shares of the firm’s stock in a transaction dated Monday, May 1st. The stock was sold at an average price of $24.81, for a total transaction of $248,100.00. Following the sale, the chief executive officer now owns 127,585 shares of the company’s stock, valued at approximately $3,165,383.85. 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 currently owned by corporate insiders.
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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