Associated Banc-Corp (ASB) Stock Rating Upgraded by DA Davidson
Associated Banc-Corp (NYSE:ASB) was upgraded by equities research analysts at DA Davidson from an “underperform” rating to a “neutral” rating in a report issued on Wednesday, MarketBeat reports. The brokerage presently has a $21.00 price target on the bank’s stock. DA Davidson’s price objective would suggest a potential downside of 2.55% from the company’s previous close.
Several other brokerages also recently issued reports on ASB. Royal Bank Of Canada restated a “hold” rating and issued a $26.00 price objective on shares of Associated Banc-Corp in a research report on Friday, July 7th. BidaskClub upgraded Associated Banc-Corp from a “sell” rating to a “hold” rating in a research report on Thursday, July 6th. Jefferies Group LLC reiterated a “hold” rating and set a $27.00 target price on shares of Associated Banc-Corp in a research report on Sunday, June 11th. Morgan Stanley reiterated an “equal weight” rating and set a $25.00 target price (up from $24.00) on shares of Associated Banc-Corp in a research report on Thursday, July 6th. Finally, Zacks Investment Research downgraded Associated Banc-Corp from a “buy” rating to a “hold” rating in a research report on Friday, June 30th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and two have assigned a buy rating to the company. Associated Banc-Corp has an average rating of “Hold” and an average price target of $25.25.
Shares of Associated Banc-Corp (ASB) traded up 1.41% during midday trading on Wednesday, reaching $21.55. 1,045,068 shares of the company’s stock traded hands. The company has a 50-day moving average of $22.60 and a 200-day moving average of $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 price-to-earnings ratio of 15.50 and a beta of 1.17.
Associated Banc-Corp (NYSE:ASB) last posted its earnings results on Thursday, July 20th. The bank reported $0.36 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.36. The company had revenue of $266.23 million for the quarter, compared to the consensus estimate of $273.29 million. Associated Banc-Corp had a return on equity of 7.43% and a net margin of 18.78%. During the same period in the previous year, the business earned $0.31 earnings per share. Equities research analysts anticipate that Associated Banc-Corp will post $1.43 EPS for the current year.
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In other Associated Banc-Corp news, CEO Philip B. Flynn sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $23.61, for a total transaction of $236,100.00. Following the completion of the sale, the chief executive officer now owns 127,585 shares in the company, valued at approximately $3,012,281.85. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Christopher C. Piotrowski sold 16,218 shares of the firm’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 sale, the insider now owns 30,479 shares of the company’s stock, valued at approximately $717,780.45. The disclosure for this sale can be found here. In the last quarter, insiders sold 38,772 shares of company stock valued at $914,334. Insiders own 1.80% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the business. Chicago Partners Investment Group LLC lifted its holdings in Associated Banc-Corp by 0.5% during the 1st quarter. Chicago Partners Investment Group LLC now owns 6,400 shares of the bank’s stock worth $156,000 after buying an additional 30 shares during the last quarter. Wedge Capital Management L L P NC lifted its holdings in Associated Banc-Corp by 0.5% during the 2nd quarter. Wedge Capital Management L L P NC now owns 27,159 shares of the bank’s stock worth $684,000 after buying an additional 123 shares during the last quarter. Citigroup Inc. lifted its holdings in Associated Banc-Corp by 1.0% during the 2nd quarter. Citigroup Inc. now owns 16,135 shares of the bank’s stock worth $407,000 after buying an additional 155 shares during the last quarter. World Asset Management Inc lifted its holdings in Associated Banc-Corp by 2.5% during the 2nd quarter. World Asset Management Inc now owns 9,629 shares of the bank’s stock worth $243,000 after buying an additional 236 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its holdings in Associated Banc-Corp by 1.2% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 22,175 shares of the bank’s stock worth $541,000 after buying an additional 253 shares during the last quarter. 77.49% 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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