Associated Banc-Corp’s (ASB) “Hold” Rating Reiterated at SunTrust Banks, Inc.
Associated Banc-Corp (NYSE:ASB)‘s stock had its “hold” rating restated by equities researchers at SunTrust Banks, Inc. in a research note issued on Thursday. They presently have a $24.00 price target on the bank’s stock. SunTrust Banks, Inc.’s price target would suggest a potential downside of 2.24% from the stock’s previous close.
Other equities research analysts have also recently issued research reports about the company. BidaskClub upgraded Associated Banc-Corp from a “sell” rating to a “hold” rating in a research note on Thursday, July 6th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $26.00 price objective on shares of Associated Banc-Corp in a research note on Friday, July 21st. DA Davidson upgraded Associated Banc-Corp from an “underperform” rating to a “neutral” rating and set a $21.00 price objective for the company in a research note on Wednesday, September 6th. Jefferies Group LLC reiterated a “hold” rating and issued a $28.00 price objective on shares of Associated Banc-Corp in a research note on Thursday. Finally, Morgan Stanley reiterated an “equal weight” rating and issued a $25.00 price objective (up previously from $24.00) on shares of Associated Banc-Corp in a research note on Thursday, July 6th. One analyst has rated the stock with a sell rating and thirteen have assigned a hold rating to the company’s stock. Associated Banc-Corp currently has a consensus rating of “Hold” and a consensus price target of $25.20.
Associated Banc-Corp (NYSE ASB) traded down 0.41% during trading on Thursday, hitting $24.55. 619,325 shares of the stock traded hands. The company has a market cap of $3.72 billion, a P/E ratio of 17.66 and a beta of 1.20. Associated Banc-Corp has a 12 month low of $18.85 and a 12 month high of $26.70. The company’s 50 day moving average price is $23.06 and its 200 day moving average price is $23.97.
Associated Banc-Corp (NYSE:ASB) last posted its earnings results on Thursday, July 20th. The bank reported $0.36 earnings per share for the quarter, hitting the consensus estimate of $0.36. The firm had revenue of $266.23 million during the quarter, compared to analysts’ expectations 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 quarter in the previous year, the business earned $0.31 earnings per share. On average, equities research analysts anticipate that Associated Banc-Corp will post $1.43 EPS for the current fiscal year.
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In related news, CEO Philip B. Flynn sold 10,000 shares of the company’s stock in a transaction 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 transaction, the chief executive officer now owns 127,585 shares of the company’s stock, valued at $3,012,281.85. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider John A. Utz sold 8,054 shares of the company’s stock in a transaction on Monday, July 31st. The stock was sold at an average price of $23.62, for a total value of $190,235.48. Following the transaction, the insider now directly owns 44,405 shares in the company, valued at approximately $1,048,846.10. The disclosure for this sale can be found here. In the last three months, insiders sold 38,772 shares of company stock worth $914,334. Corporate insiders own 1.80% of the company’s stock.
A number of hedge funds have recently made changes to their positions in ASB. UBS Asset Management Americas Inc. grew its holdings in Associated Banc-Corp by 13.1% during the first quarter. UBS Asset Management Americas Inc. now owns 113,463 shares of the bank’s stock worth $2,768,000 after acquiring an additional 13,132 shares during the period. Oxford Asset Management acquired a new position in Associated Banc-Corp during the first quarter worth $244,000. Envestnet Asset Management Inc. grew its holdings in Associated Banc-Corp by 14.3% during the first quarter. Envestnet Asset Management Inc. now owns 9,195 shares of the bank’s stock worth $224,000 after acquiring an additional 1,147 shares during the period. Stifel Financial Corp grew its holdings in Associated Banc-Corp by 6.9% during the first quarter. Stifel Financial Corp now owns 19,454 shares of the bank’s stock worth $473,000 after acquiring an additional 1,264 shares during the period. Finally, Principal Financial Group Inc. grew its holdings in Associated Banc-Corp by 5.1% during the first quarter. Principal Financial Group Inc. now owns 620,021 shares of the bank’s stock worth $15,128,000 after acquiring an additional 29,815 shares during the period. 77.47% of the stock is currently owned by hedge funds and other institutional investors.
Associated Banc-Corp Company Profile
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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