Associated Banc-Corp (ASB) Given Average Rating of “Hold” by Brokerages
Shares of Associated Banc-Corp (NYSE:ASB) have earned a consensus recommendation of “Hold” from the thirteen analysts that are covering the stock, Marketbeat reports. Two equities research analysts have rated the stock with a sell recommendation, nine have given a hold recommendation and two have assigned a buy recommendation to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $24.56.
ASB has been the topic of a number of research analyst reports. BidaskClub raised shares of Associated Banc-Corp from a “sell” rating to a “hold” rating in a report on Thursday, July 6th. Zacks Investment Research raised shares of Associated Banc-Corp from a “hold” rating to a “buy” rating and set a $28.00 price objective on the stock in a report on Wednesday, June 21st. Royal Bank Of Canada reissued a “hold” rating and set a $26.00 price objective on shares of Associated Banc-Corp in a report on Friday, July 7th. Morgan Stanley reissued an “equal weight” rating and set a $25.00 price objective (up previously from $24.00) on shares of Associated Banc-Corp in a report on Thursday, July 6th. Finally, Jefferies Group LLC reissued a “hold” rating and set a $27.00 price objective on shares of Associated Banc-Corp in a report on Friday, July 14th.
Associated Banc-Corp (NYSE:ASB) traded down 0.88% during mid-day trading on Tuesday, reaching $22.60. 620,918 shares of the company’s stock traded hands. The stock has a market capitalization of $3.43 billion, a PE ratio of 16.26 and a beta of 1.16. Associated Banc-Corp has a 52 week low of $18.74 and a 52 week high of $26.70. The stock’s 50 day moving average is $24.21 and its 200-day moving average is $24.67.
Associated Banc-Corp (NYSE:ASB) last released its quarterly earnings data on Thursday, July 20th. The bank reported $0.36 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.36. Associated Banc-Corp had a net margin of 18.78% and a return on equity of 7.43%. The company had revenue of $266.23 million for the quarter, compared to analysts’ expectations of $273.29 million. During the same quarter last year, the company earned $0.31 earnings per share. On average, equities analysts anticipate that Associated Banc-Corp will post $1.43 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.12%. Associated Banc-Corp’s dividend payout ratio (DPR) is presently 34.53%.
In related news, insider Christopher C. Piotrowski sold 16,218 shares of Associated Banc-Corp stock in a transaction on Tuesday, August 8th. The shares were sold at an average price of $23.55, for a total value of $381,933.90. Following the transaction, the insider now directly owns 30,479 shares in the company, valued at approximately $717,780.45. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Philip B. Flynn sold 10,000 shares of Associated Banc-Corp stock in a transaction on Monday, July 31st. The shares were sold at an average price of $23.61, for a total transaction of $236,100.00. Following the completion of the transaction, the chief executive officer now owns 127,585 shares in the company, valued at $3,012,281.85. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 38,772 shares of company stock worth $914,334. Insiders own 1.80% of the company’s stock.
A number of institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its position in Associated Banc-Corp by 2.0% in the second quarter. Vanguard Group Inc. now owns 12,739,124 shares of the bank’s stock worth $321,025,000 after buying an additional 248,381 shares during the period. State Street Corp raised its position in Associated Banc-Corp by 2.0% in the second quarter. State Street Corp now owns 6,922,074 shares of the bank’s stock worth $174,433,000 after buying an additional 136,874 shares during the period. Victory Capital Management Inc. raised its position in Associated Banc-Corp by 4.6% in the first quarter. Victory Capital Management Inc. now owns 5,176,832 shares of the bank’s stock worth $126,315,000 after buying an additional 228,539 shares during the period. Alliancebernstein L.P. raised its position in Associated Banc-Corp by 4.0% in the second quarter. Alliancebernstein L.P. now owns 4,193,941 shares of the bank’s stock worth $105,687,000 after buying an additional 163,081 shares during the period. Finally, Bank of New York Mellon Corp raised its position in Associated Banc-Corp by 43.0% in the first quarter. Bank of New York Mellon Corp now owns 3,723,047 shares of the bank’s stock worth $90,843,000 after buying an additional 1,118,865 shares during the period. Hedge funds and other institutional investors own 78.54% of the company’s stock.
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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