Associated Banc-Corp (ASB) Given Average Recommendation of “Hold” by Analysts
Shares of Associated Banc-Corp (NYSE:ASB) have been assigned a consensus rating of “Hold” from the fifteen analysts that are presently covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, twelve have given a hold recommendation and two have assigned a buy recommendation to the company. The average 12 month price target among brokerages that have covered the stock in the last year is $24.78.
Several analysts have weighed in on the stock. BidaskClub upgraded shares of Associated Banc-Corp from a “sell” rating to a “hold” rating in a research note on Thursday, July 6th. ValuEngine downgraded shares of Associated Banc-Corp from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Zacks Investment Research lowered shares of Associated Banc-Corp from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. Royal Bank Of Canada restated a “hold” rating and set a $26.00 target price on shares of Associated Banc-Corp in a research report on Friday, July 7th. Finally, DA Davidson raised shares of Associated Banc-Corp from an “underperform” rating to a “neutral” rating and set a $21.00 target price on the stock in a report on Wednesday, September 6th.
In related news, CEO Philip B. Flynn sold 10,000 shares of the firm’s stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $23.61, for a total value of $236,100.00. Following the sale, the chief executive officer now directly owns 127,585 shares of the company’s stock, valued at $3,012,281.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Christopher C. Piotrowski sold 16,218 shares of the firm’s stock in a transaction dated 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 sale, the insider now directly owns 30,479 shares in the company, valued at $717,780.45. The disclosure for this sale can be found here. Insiders have sold a total of 38,772 shares of company stock worth $914,334 in the last quarter. 1.80% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. increased its holdings in shares of Associated Banc-Corp by 6.0% during the first quarter. Vanguard Group Inc. now owns 12,490,743 shares of the bank’s stock worth $304,775,000 after buying an additional 707,633 shares in the last quarter. State Street Corp lifted its stake in shares of Associated Banc-Corp by 10.4% in the 1st quarter. State Street Corp now owns 6,785,200 shares of the bank’s stock valued at $165,559,000 after acquiring an additional 641,800 shares during the last quarter. Koch Industries Inc. bought a new position in shares of Associated Banc-Corp in the 2nd quarter valued at $581,000. Morgan Stanley lifted its stake in shares of Associated Banc-Corp by 64.2% in the 1st quarter. Morgan Stanley now owns 548,775 shares of the bank’s stock valued at $13,389,000 after acquiring an additional 214,593 shares during the last quarter. Finally, Alliancebernstein L.P. lifted its stake in shares of Associated Banc-Corp by 4.0% in the 2nd quarter. Alliancebernstein L.P. now owns 4,193,941 shares of the bank’s stock valued at $105,687,000 after acquiring an additional 163,081 shares during the last quarter. 77.47% of the stock is owned by hedge funds and other institutional investors.
Shares of Associated Banc-Corp (NYSE ASB) traded down 0.61% during mid-day trading on Wednesday, hitting $24.25. 848,689 shares of the stock traded hands. The company’s 50 day moving average is $22.65 and its 200 day moving average is $23.94. Associated Banc-Corp has a one year low of $18.85 and a one year high of $26.70. The firm has a market capitalization of $3.68 billion, a P/E ratio of 17.45 and a beta of 1.20.
Associated Banc-Corp (NYSE:ASB) last announced its earnings results on Thursday, July 20th. The bank reported $0.36 earnings per share (EPS) for the quarter, meeting the Zacks’ 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 analysts’ expectations of $273.29 million. During the same quarter in the previous year, the business posted $0.31 earnings per share. On average, equities analysts expect that Associated Banc-Corp will post $1.43 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Friday, September 1st were given a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.98%. The ex-dividend date of this dividend was Wednesday, August 30th. Associated Banc-Corp’s payout ratio is presently 34.53%.
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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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