Associated Banc Corp to Post FY2017 Earnings of $1.50 Per Share, DA Davidson Forecasts (ASB)
Associated Banc Corp (NYSE:ASB) – Equities researchers at DA Davidson lifted their FY2017 EPS estimates for Associated Banc Corp in a note issued to investors on Friday. DA Davidson analyst K. Reevey now forecasts that the bank will post earnings per share of $1.50 for the year, up from their previous estimate of $1.43. DA Davidson has a “Neutral” rating and a $21.00 price target on the stock. DA Davidson also issued estimates for Associated Banc Corp’s FY2018 earnings at $1.64 EPS.
Associated Banc Corp (NYSE:ASB) last released its quarterly earnings data on Thursday, October 19th. The bank reported $0.41 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.36 by $0.05. Associated Banc Corp had a net margin of 23.55% and a return on equity of 8.27%. The business had revenue of $276.02 million for the quarter, compared to analysts’ expectations of $276.88 million. During the same quarter last year, the company earned $0.31 EPS. COPYRIGHT VIOLATION NOTICE: This report was posted by American Banking News and is the property of of American Banking News. If you are reading this report on another publication, it was illegally stolen and republished in violation of US and international trademark & copyright law. The original version of this report can be accessed at https://www.americanbankingnews.com/2017/10/23/associated-banc-corp-to-post-fy2017-earnings-of-1-50-per-share-da-davidson-forecasts-asb.html.
ASB has been the topic of several other research reports. Keefe, Bruyette & Woods restated a “neutral” rating on shares of Associated Banc Corp in a research note on Friday, September 22nd. BidaskClub downgraded shares of Associated Banc Corp from a “sell” rating to a “strong sell” rating in a research note on Sunday, July 30th. Royal Bank Of Canada restated a “hold” rating and issued a $26.00 target price on shares of Associated Banc Corp in a research note on Friday, July 7th. Piper Jaffray Companies set a $25.00 target price on shares of Associated Banc Corp and gave the company a “hold” rating in a research note on Saturday, July 22nd. Finally, Zacks Investment Research upgraded shares of Associated Banc Corp from a “sell” rating to a “hold” rating in a research note on Wednesday, August 2nd. 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 has a consensus rating of “Hold” and a consensus price target of $25.40.
Shares of Associated Banc Corp (NYSE:ASB) opened at 25.90 on Monday. The company has a 50 day moving average of $23.59 and a 200-day moving average of $24.00. The firm has a market cap of $3.93 billion, a PE ratio of 18.63 and a beta of 1.20. Associated Banc Corp has a 12-month low of $19.30 and a 12-month high of $26.70.
In related news, insider Christopher C. Piotrowski sold 16,218 shares of Associated Banc Corp 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 completion of the transaction, the insider now directly owns 30,479 shares of the company’s stock, valued at $717,780.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Philip B. Flynn sold 10,000 shares of Associated Banc Corp stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $23.61, for a total value of $236,100.00. Following the completion of the transaction, the chief executive officer now directly owns 127,585 shares of the company’s stock, valued at $3,012,281.85. The disclosure for this sale can be found here. Insiders sold 38,772 shares of company stock valued at $914,334 over the last ninety days. 1.80% of the stock is currently owned by company insiders.
Several institutional investors have recently added to or reduced their stakes in the stock. Oakbrook Investments LLC bought a new position in shares of Associated Banc Corp in the third quarter valued at about $270,000. Meeder Asset Management Inc. raised its holdings in Associated Banc Corp by 393.4% during 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 during the last quarter. North Star Asset Management Inc. raised its holdings in Associated Banc Corp by 6.2% during the 2nd quarter. North Star Asset Management Inc. now owns 71,936 shares of the bank’s stock worth $1,813,000 after purchasing an additional 4,209 shares during the last quarter. Public Employees Retirement System of Ohio raised its holdings in Associated Banc Corp by 2.9% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 79,828 shares of the bank’s stock worth $2,012,000 after purchasing an additional 2,256 shares during the last quarter. Finally, Koch Industries Inc. bought a new stake in Associated Banc Corp during the 2nd quarter worth about $581,000. 77.47% of the stock is owned by institutional investors and hedge funds.
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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