Jefferies Group LLC Reiterates “Hold” Rating for Associated Banc-Corp (ASB)
Associated Banc-Corp (NYSE:ASB)‘s stock had its “hold” rating reaffirmed by Jefferies Group LLC in a research report issued on Thursday. They currently have a $28.00 price objective on the bank’s stock. Jefferies Group LLC’s price objective would suggest a potential upside of 14.75% from the company’s current price. Jefferies Group also issued estimates for Associated Banc-Corp’s Q3 2017 earnings at $0.37 EPS, FY2017 earnings at $1.48 EPS, Q1 2018 earnings at $0.28 EPS, Q2 2018 earnings at $0.39 EPS, Q3 2018 earnings at $0.40 EPS, Q4 2018 earnings at $0.42 EPS, FY2018 earnings at $1.60 EPS, FY2018 earnings at $1.50 EPS, FY2019 earnings at $1.76 EPS and FY2019 earnings at $1.75 EPS.
ASB has been the subject of a number of other reports. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $26.00 target price on shares of Associated Banc-Corp in a report on Friday, July 21st. BidaskClub upgraded shares of Associated Banc-Corp from a “sell” rating to a “hold” rating in a report on Thursday, July 6th. DA Davidson upgraded shares of Associated Banc-Corp from an “underperform” rating to a “neutral” rating and set a $21.00 target price for the company in a report on Wednesday, September 6th. 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 report on Thursday, July 6th. Finally, Zacks Investment Research upgraded shares of Associated Banc-Corp from a “sell” rating to a “hold” rating in a report on Wednesday, August 2nd. One investment analyst has rated the stock with a sell rating and thirteen have issued a hold rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $25.20.
Associated Banc-Corp (NYSE ASB) traded down 0.61% on Thursday, hitting $24.40. The stock had a trading volume of 767,032 shares. The stock’s 50-day moving average is $23.24 and its 200-day moving average is $23.98. The company has a market cap of $3.70 billion, a P/E ratio of 17.55 and a beta of 1.20. Associated Banc-Corp has a 52-week low of $19.00 and a 52-week high of $26.70.
Associated Banc-Corp (NYSE:ASB) last posted its quarterly earnings results on Thursday, July 20th. The bank reported $0.36 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.36. Associated Banc-Corp had a net margin of 18.78% and a return on equity of 7.43%. The business had revenue of $266.23 million during the quarter, compared to analyst estimates of $273.29 million. During the same period in the prior year, the business posted $0.31 earnings per share. Analysts expect that Associated Banc-Corp will post $1.43 earnings per share for the current year.
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In related news, Director Eileen A. Kamerick sold 4,500 shares of the stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $23.57, for a total value of $106,065.00. Following the completion of the transaction, the director now directly owns 27,004 shares of the company’s stock, valued at $636,484.28. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Christopher C. Piotrowski sold 16,218 shares of the stock in a transaction dated Tuesday, August 8th. The stock was sold at an average price of $23.55, for a total transaction of $381,933.90. Following the completion of the transaction, the insider now directly owns 30,479 shares of the company’s stock, valued at $717,780.45. The disclosure for this sale can be found here. Over the last three months, insiders sold 38,772 shares of company stock valued at $914,334. 1.80% of the stock is owned by insiders.
Hedge funds have recently added to or reduced their stakes in the stock. BNP Paribas Arbitrage SA raised its stake in Associated Banc-Corp by 47.2% in the second quarter. BNP Paribas Arbitrage SA now owns 57,517 shares of the bank’s stock worth $1,449,000 after buying an additional 18,435 shares in the last quarter. Alpha Windward LLC raised its stake in Associated Banc-Corp by 1.6% in the second quarter. Alpha Windward LLC now owns 18,540 shares of the bank’s stock worth $467,000 after buying an additional 300 shares in the last quarter. Wells Fargo & Company MN raised its stake in Associated Banc-Corp by 2.2% in the second quarter. Wells Fargo & Company MN now owns 1,840,826 shares of the bank’s stock worth $46,389,000 after buying an additional 38,996 shares in the last quarter. Russell Investments Group Ltd. raised its stake in Associated Banc-Corp by 85.7% in the second quarter. Russell Investments Group Ltd. now owns 42,157 shares of the bank’s stock worth $1,062,000 after buying an additional 19,461 shares in the last quarter. Finally, Prudential Financial Inc. raised its stake in Associated Banc-Corp by 14.7% in the second quarter. Prudential Financial Inc. now owns 1,149,349 shares of the bank’s stock worth $28,963,000 after buying an additional 147,700 shares in the last quarter. 77.47% of the stock is owned by 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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