Associated Banc Corp (NYSE:ASB) – Jefferies Group boosted their Q2 2018 EPS estimates for shares of Associated Banc in a report issued on Friday. Jefferies Group analyst C. Haire now anticipates that the bank will post earnings per share of $0.44 for the quarter, up from their previous forecast of $0.42. Jefferies Group currently has a “Hold” rating and a $28.00 price objective on the stock. Jefferies Group also issued estimates for Associated Banc’s Q3 2018 earnings at $0.50 EPS, FY2018 earnings at $1.78 EPS and FY2019 earnings at $2.00 EPS.
Several other equities analysts have also recently issued reports on the company. SunTrust Banks set a $26.00 price target on Associated Banc and gave the company a “hold” rating in a report on Saturday, October 21st. Zacks Investment Research cut Associated Banc from a “buy” rating to a “hold” rating in a report on Wednesday, November 1st. Morgan Stanley raised their price target on Associated Banc from $25.50 to $28.00 and gave the company an “equal weight” rating in a report on Wednesday, December 13th. Barclays raised their price target on Associated Banc from $26.00 to $27.00 and gave the company an “equal weight” rating in a report on Monday, October 23rd. Finally, Piper Jaffray Companies reiterated a “hold” rating and issued a $27.00 price target on shares of Associated Banc in a report on Tuesday, January 9th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and one has given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $26.60.
Associated Banc (NYSE:ASB) last posted its quarterly earnings results on Thursday, January 25th. The bank reported $0.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by ($0.07). The firm had revenue of $272.00 million during the quarter, compared to the consensus estimate of $281.38 million. Associated Banc had a net margin of 18.80% and a return on equity of 8.09%. Associated Banc’s revenue was up 5.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.34 EPS.
A number of institutional investors and hedge funds have recently modified their holdings of ASB. Cramer Rosenthal Mcglynn LLC boosted its holdings in Associated Banc by 62.2% during the third quarter. Cramer Rosenthal Mcglynn LLC now owns 3,674,521 shares of the bank’s stock worth $89,107,000 after buying an additional 1,409,435 shares during the last quarter. Koch Industries Inc. acquired a new stake in shares of Associated Banc during the second quarter worth about $581,000. Maltese Capital Management LLC raised its position in shares of Associated Banc by 600.0% during the third quarter. Maltese Capital Management LLC now owns 455,000 shares of the bank’s stock worth $11,034,000 after purchasing an additional 390,000 shares during the period. Vanguard Group Inc. raised its position in shares of Associated Banc by 2.0% during the second quarter. Vanguard Group Inc. now owns 12,739,124 shares of the bank’s stock worth $321,025,000 after purchasing an additional 248,381 shares during the period. Finally, Ameriprise Financial Inc. raised its position in shares of Associated Banc by 14.5% during the third quarter. Ameriprise Financial Inc. now owns 1,938,950 shares of the bank’s stock worth $47,019,000 after purchasing an additional 245,390 shares during the period. Hedge funds and other institutional investors own 77.41% of the company’s stock.
In other Associated Banc news, CFO Moral-Niles Christopher Del sold 11,999 shares of the firm’s stock in a transaction dated Tuesday, November 21st. The stock was sold at an average price of $24.72, for a total transaction of $296,615.28. Following the transaction, the chief financial officer now owns 81,092 shares in the company, valued at $2,004,594.24. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Breck F. Hanson sold 6,000 shares of the firm’s stock in a transaction dated Thursday, November 30th. The stock was sold at an average price of $25.71, for a total value of $154,260.00. Following the transaction, the executive vice president now owns 15,536 shares in the company, valued at approximately $399,430.56. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 47,244 shares of company stock worth $1,198,962. Company insiders own 1.80% of the company’s stock.
About Associated Banc
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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