Stone Ridge Asset Management LLC purchased a new position in Associated Banc Corp (NYSE:ASB) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 68,928 shares of the bank’s stock, valued at approximately $1,751,000.
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Cornercap Investment Counsel Inc. purchased a new stake in shares of Associated Banc in the fourth quarter worth approximately $789,000. Guggenheim Capital LLC increased its holdings in Associated Banc by 23.7% in the fourth quarter. Guggenheim Capital LLC now owns 73,847 shares of the bank’s stock worth $1,876,000 after buying an additional 14,151 shares during the last quarter. QS Investors LLC increased its holdings in Associated Banc by 1,369.9% in the fourth quarter. QS Investors LLC now owns 5,027 shares of the bank’s stock worth $128,000 after buying an additional 4,685 shares during the last quarter. JOYN Advisors Inc. acquired a new position in Associated Banc in the fourth quarter worth approximately $209,000. Finally, Basswood Capital Management L.L.C. acquired a new position in Associated Banc in the fourth quarter worth approximately $5,620,000. 77.92% of the stock is owned by institutional investors and hedge funds.
In other news, CFO Moral-Niles Christopher Del sold 4,000 shares of the stock in a transaction that occurred on Monday, March 12th. The stock was sold at an average price of $26.59, for a total value of $106,360.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Timothy J. Lau sold 19,558 shares of the stock in a transaction that occurred 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. Insiders sold 130,153 shares of company stock valued at $3,289,459 over the last three months. 1.80% of the stock is owned by company insiders.
Associated Banc (NYSE:ASB) last posted its quarterly earnings data on Thursday, January 25th. The bank reported $0.31 earnings per share for the quarter, missing the consensus estimate of $0.38 by ($0.07). Associated Banc had a net margin of 18.80% and a return on equity of 8.05%. The business had revenue of $272.00 million during the quarter, compared to the consensus estimate of $281.38 million. During the same period in the prior year, the company posted $0.34 earnings per share. The firm’s revenue was up 5.8% compared to the same quarter last year. sell-side analysts anticipate that Associated Banc Corp will post 1.77 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 15th. Stockholders of record on Thursday, March 1st will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 2.25%. This is a boost from Associated Banc’s previous quarterly dividend of $0.14. The ex-dividend date of this dividend is Wednesday, February 28th. Associated Banc’s dividend payout ratio is currently 41.96%.
A number of equities analysts recently commented on ASB shares. SunTrust Banks restated a “hold” rating and issued a $27.00 price objective on shares of Associated Banc in a report on Wednesday, November 29th. Morgan Stanley increased their price objective on Associated Banc from $25.50 to $28.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 13th. Zacks Investment Research upgraded Associated Banc from a “hold” rating to a “buy” rating and set a $29.00 price objective on the stock in a report on Tuesday, January 2nd. Barclays increased their price objective on Associated Banc from $27.00 to $29.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 2nd. Finally, Piper Jaffray Companies restated a “hold” rating and issued a $27.00 price objective on shares of Associated Banc in a report on Tuesday, January 9th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and one has given a buy rating to the company. Associated Banc has a consensus rating of “Hold” and a consensus target price of $26.30.
Associated Banc 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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