Keefe, Bruyette & Woods Reiterates Hold Rating for Associated Banc-Corp (ASB)
Associated Banc-Corp (NYSE:ASB)‘s stock had its “hold” rating reaffirmed by equities researchers at Keefe, Bruyette & Woods in a note issued to investors on Tuesday. They presently have a $26.00 target price on the bank’s stock. Keefe, Bruyette & Woods’ price objective suggests a potential upside of 19.82% from the company’s previous close.
Several other analysts have also recently commented on ASB. Jefferies Group LLC restated a “hold” rating and set a $27.00 price target on shares of Associated Banc-Corp in a report on Friday, August 11th. BidaskClub cut shares of Associated Banc-Corp from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 12th. Zacks Investment Research upgraded shares of Associated Banc-Corp from a “sell” rating to a “hold” rating in a research note on Wednesday, August 2nd. Piper Jaffray Companies set a $25.00 target price on shares of Associated Banc-Corp and gave the company a “hold” rating in a research note on Saturday, July 22nd. Finally, Morgan Stanley reiterated an “equal weight” rating and issued a $25.00 target price (up from $24.00) on shares of Associated Banc-Corp in a research note on Thursday, July 6th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $25.00.
Shares of Associated Banc-Corp (NYSE ASB) opened at 21.70 on Tuesday. Associated Banc-Corp has a 52-week low of $18.85 and a 52-week high of $26.70. The firm has a market cap of $3.29 billion, a price-to-earnings ratio of 15.61 and a beta of 1.16. The stock has a 50 day moving average of $23.82 and a 200 day moving average of $24.56.
Associated Banc-Corp (NYSE:ASB) last posted its quarterly earnings results on Thursday, July 20th. The bank reported $0.36 EPS for the quarter, hitting the consensus estimate of $0.36. The business had revenue of $266.23 million during the quarter, compared to analysts’ expectations 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 period last year, the company posted $0.31 earnings per share. Equities analysts predict that Associated Banc-Corp will post $1.42 EPS for the current fiscal year.
In other news, insider Christopher C. Piotrowski sold 16,218 shares of Associated Banc-Corp stock in a transaction that occurred 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 owns 30,479 shares of the company’s stock, valued at $717,780.45. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Eileen A. Kamerick sold 4,500 shares of Associated Banc-Corp stock in a transaction that occurred on Thursday, August 3rd. The shares were sold at an average price of $23.57, for a total transaction of $106,065.00. Following the completion of the transaction, the director now directly owns 27,004 shares in the company, valued at approximately $636,484.28. The disclosure for this sale can be found here. Insiders sold 38,772 shares of company stock valued at $914,334 over the last quarter. Corporate insiders own 1.80% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. Teachers Advisors LLC raised its position in Associated Banc-Corp by 5.1% in the fourth quarter. Teachers Advisors LLC now owns 168,834 shares of the bank’s stock worth $4,170,000 after buying an additional 8,130 shares in the last quarter. Capstone Asset Management Co. raised its position in Associated Banc-Corp by 2.6% in the first quarter. Capstone Asset Management Co. now owns 16,071 shares of the bank’s stock worth $392,000 after buying an additional 410 shares in the last quarter. Fox Run Management L.L.C. purchased a new position in Associated Banc-Corp during the first quarter worth approximately $237,000. Louisiana State Employees Retirement System raised its position in Associated Banc-Corp by 4.6% in the first quarter. Louisiana State Employees Retirement System now owns 38,300 shares of the bank’s stock worth $935,000 after buying an additional 1,700 shares in the last quarter. Finally, Retirement Systems of Alabama raised its position in Associated Banc-Corp by 2.5% in the first quarter. Retirement Systems of Alabama now owns 195,982 shares of the bank’s stock worth $4,782,000 after buying an additional 4,768 shares in the last quarter. 78.54% of the stock is currently owned by institutional investors.
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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