UBS Asset Management Americas Inc. reduced its holdings in shares of Associated Banc Corp (NYSE:ASB) by 5.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 145,566 shares of the bank’s stock after selling 8,712 shares during the quarter. UBS Asset Management Americas Inc. owned approximately 0.08% of Associated Banc worth $3,697,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of ASB. Crossmark Global Holdings Inc. bought a new stake in Associated Banc during the third quarter worth $402,000. Stevens Capital Management LP lifted its holdings in Associated Banc by 50.9% during the third quarter. Stevens Capital Management LP now owns 24,197 shares of the bank’s stock worth $587,000 after acquiring an additional 8,157 shares during the period. BNP Paribas Arbitrage SA lifted its holdings in Associated Banc by 12.7% during the third quarter. BNP Paribas Arbitrage SA now owns 64,841 shares of the bank’s stock worth $1,572,000 after acquiring an additional 7,324 shares during the period. Sei Investments Co. lifted its holdings in Associated Banc by 762.9% during the third quarter. Sei Investments Co. now owns 23,817 shares of the bank’s stock worth $1,905,000 after acquiring an additional 21,057 shares during the period. Finally, New York State Common Retirement Fund raised its stake in shares of Associated Banc by 1.5% in the third quarter. New York State Common Retirement Fund now owns 356,594 shares of the bank’s stock valued at $8,647,000 after buying an additional 5,100 shares during the period. Institutional investors and hedge funds own 77.92% of the company’s stock.
Shares of Associated Banc Corp (NYSE ASB) opened at $26.70 on Wednesday. The company has a debt-to-equity ratio of 1.10, a current ratio of 0.90 and a quick ratio of 0.89. Associated Banc Corp has a one year low of $20.95 and a one year high of $27.20. The stock has a market capitalization of $4,080.41, a price-to-earnings ratio of 17.58, a price-to-earnings-growth ratio of 2.17 and a beta of 1.03.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 15th. Investors of record on Thursday, March 1st will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.25%. This is a positive change from Associated Banc’s previous quarterly dividend of $0.14. The ex-dividend date of this dividend is Wednesday, February 28th. Associated Banc’s payout ratio is presently 41.96%.
In related news, Director William R. Hutchinson sold 15,032 shares of the business’s stock in a transaction on Friday, March 2nd. The stock was sold at an average price of $24.42, for a total transaction of $367,081.44. Following the sale, the director now directly owns 81,013 shares in the company, valued at approximately $1,978,337.46. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Timothy J. Lau sold 19,558 shares of the business’s stock in a transaction on Monday, March 12th. The shares were sold at an average price of $26.75, for a total value of $523,176.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 130,153 shares of company stock worth $3,289,459. 1.80% of the stock is currently owned by corporate insiders.
Several brokerages have issued reports on ASB. ValuEngine upgraded Associated Banc from a “hold” rating to a “buy” rating in a research note on Wednesday, March 7th. Zacks Investment Research lowered Associated Banc from a “buy” rating to a “hold” rating in a research note on Tuesday, February 13th. Morgan Stanley lowered their target price on Associated Banc from $28.00 to $27.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 31st. Barclays restated a “hold” rating and issued a $28.00 target price on shares of Associated Banc in a research note on Tuesday, January 30th. Finally, Piper Jaffray Companies restated a “hold” rating and issued a $26.00 target price on shares of Associated Banc in a research note on Sunday, January 28th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and one has issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $26.30.
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Associated Banc 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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