Associated Banc Corp (ASB) to Post FY2017 Earnings of $1.50 Per Share, SunTrust Banks Forecasts
Associated Banc Corp (NYSE:ASB) – SunTrust Banks boosted their FY2017 earnings estimates for shares of Associated Banc Corp in a report issued on Friday. SunTrust Banks analyst M. Young now expects that the bank will post earnings per share of $1.50 for the year, up from their previous estimate of $1.43. SunTrust Banks has a “Hold” rating and a $26.00 price objective on the stock. SunTrust Banks also issued estimates for Associated Banc Corp’s Q4 2017 earnings at $0.38 EPS, Q1 2018 earnings at $0.37 EPS and FY2019 earnings at $1.73 EPS.
Other analysts have also issued reports about the company. Morgan Stanley reiterated an “equal weight” rating and set a $25.00 price objective (up from $24.00) on shares of Associated Banc Corp in a research note on Thursday, July 6th. Jefferies Group LLC reiterated a “hold” rating and set a $27.00 price objective on shares of Associated Banc Corp in a research note on Friday, August 11th. Zacks Investment Research upgraded Associated Banc Corp from a “sell” rating to a “hold” rating in a research report on Wednesday, August 2nd. Piper Jaffray Companies set a $25.00 target price on Associated Banc Corp and gave the stock a “hold” rating in a research report on Saturday, July 22nd. Finally, Keefe, Bruyette & Woods restated a “hold” rating and set a $26.00 target price on shares of Associated Banc Corp in a research report on Friday, July 21st. One research analyst has rated the stock with a sell rating and thirteen have assigned a hold rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $25.40.
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Associated Banc Corp (ASB) opened at 25.90 on Monday. Associated Banc Corp has a 52-week low of $19.30 and a 52-week high of $26.70. The firm’s 50-day moving average price is $23.59 and its 200 day moving average price is $24.00. The company has a market cap of $3.93 billion, a PE ratio of 18.63 and a beta of 1.20.
Associated Banc Corp (NYSE:ASB) last posted its quarterly earnings data on Thursday, October 19th. The bank reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.05. The firm had revenue of $276.02 million for the quarter, compared to analysts’ expectations of $276.88 million. Associated Banc Corp had a return on equity of 8.27% and a net margin of 23.55%. During the same quarter last year, the business earned $0.31 EPS.
Institutional investors have recently bought and sold shares of the stock. Morgan Dempsey Capital Management LLC boosted its holdings in shares of Associated Banc Corp by 40.5% in the 2nd quarter. Morgan Dempsey Capital Management LLC now owns 5,542 shares of the bank’s stock worth $140,000 after purchasing an additional 1,597 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Associated Banc Corp by 10.2% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,931 shares of the bank’s stock worth $149,000 after purchasing an additional 549 shares in the last quarter. Meeder Asset Management Inc. boosted its holdings in shares of Associated Banc Corp by 393.4% in the 3rd quarter. Meeder Asset Management Inc. now owns 7,322 shares of the bank’s stock worth $178,000 after purchasing an additional 5,838 shares in the last quarter. Flinton Capital Management LLC boosted its holdings in shares of Associated Banc Corp by 73.4% in the 2nd quarter. Flinton Capital Management LLC now owns 7,936 shares of the bank’s stock worth $200,000 after purchasing an additional 3,360 shares in the last quarter. Finally, Nomura Holdings Inc. purchased a new position in shares of Associated Banc Corp in the 1st quarter worth about $210,000. Institutional investors and hedge funds own 77.47% of the company’s stock.
In related news, insider John A. Utz sold 8,054 shares of the business’s stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $23.62, for a total transaction of $190,235.48. Following the completion of the transaction, the insider now directly owns 44,405 shares in the company, valued at $1,048,846.10. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Christopher C. Piotrowski sold 16,218 shares of the business’s stock in a transaction dated Tuesday, August 8th. The stock was sold at an average price of $23.55, for a total value of $381,933.90. Following the transaction, the insider now 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 90 days, insiders have sold 38,772 shares of company stock valued at $914,334. 1.80% of the stock is owned by company insiders.
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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