Associated Banc-Corp (ASB) Given Consensus Recommendation of “Hold” by Brokerages
Associated Banc-Corp (NYSE:ASB) has received a consensus rating of “Hold” from the fifteen brokerages that are covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and two have assigned a buy rating to the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $24.90.
Several equities research analysts have recently issued reports on ASB shares. Zacks Investment Research raised shares of Associated Banc-Corp from a “hold” rating to a “buy” rating and set a $28.00 price objective for the company in a research report on Wednesday, June 21st. Morgan Stanley reaffirmed an “equal weight” rating and issued a $25.00 target price (up previously from $24.00) on shares of Associated Banc-Corp in a research report on Thursday, July 6th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $27.00 target price on shares of Associated Banc-Corp in a research report on Sunday, June 11th. 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 report on Saturday, July 22nd. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $26.00 target price on shares of Associated Banc-Corp in a research report on Friday, July 21st.
In other news, insider Christopher C. Piotrowski sold 16,218 shares of the business’s 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 completion of the transaction, the insider now directly owns 30,479 shares in the company, valued at approximately $717,780.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Philip B. Flynn sold 10,000 shares of the business’s stock in a transaction that occurred 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 of the company’s stock, valued at $3,012,281.85. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 38,772 shares of company stock valued at $914,334. 1.80% of the stock is currently owned by corporate insiders.
Several large investors have recently modified their holdings of the company. Chicago Partners Investment Group LLC raised its position in shares of Associated Banc-Corp by 0.5% in the 1st quarter. Chicago Partners Investment Group LLC now owns 6,400 shares of the bank’s stock valued at $156,000 after buying an additional 30 shares in the last quarter. Wedge Capital Management L L P NC raised its position in shares of Associated Banc-Corp by 0.5% in the 2nd quarter. Wedge Capital Management L L P NC now owns 27,159 shares of the bank’s stock valued at $684,000 after buying an additional 123 shares in the last quarter. Citigroup Inc. raised its position in shares of Associated Banc-Corp by 1.0% in the 2nd quarter. Citigroup Inc. now owns 16,135 shares of the bank’s stock valued at $407,000 after buying an additional 155 shares in the last quarter. World Asset Management Inc raised its position in shares of Associated Banc-Corp by 2.5% in the 2nd quarter. World Asset Management Inc now owns 9,629 shares of the bank’s stock valued at $243,000 after buying an additional 236 shares in the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in shares of Associated Banc-Corp by 1.2% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 22,175 shares of the bank’s stock valued at $541,000 after buying an additional 253 shares in the last quarter. Institutional investors own 77.49% of the company’s stock.
Associated Banc-Corp (NYSE ASB) traded up 1.41% during trading on Friday, hitting $21.55. 1,045,068 shares of the stock traded hands. The company’s 50 day moving average is $22.60 and its 200 day moving average is $24.22. Associated Banc-Corp has a one year low of $18.85 and a one year high of $26.70. The company has a market capitalization of $3.27 billion, a P/E ratio of 15.50 and a beta of 1.17.
Associated Banc-Corp (NYSE:ASB) last issued its quarterly earnings data 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. 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 during the quarter, compared to the consensus estimate of $273.29 million. During the same quarter in the prior year, the firm earned $0.31 earnings per share. On average, equities analysts forecast that Associated Banc-Corp will post $1.43 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.23%. The ex-dividend date is Wednesday, August 30th. Associated Banc-Corp’s dividend payout ratio is presently 34.53%.
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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