Arizona State Retirement System increased its stake in Associated Banc Corp (NYSE:ASB) by 4.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 122,195 shares of the bank’s stock after purchasing an additional 4,802 shares during the quarter. Arizona State Retirement System owned about 0.07% of Associated Banc worth $3,177,000 at the end of the most recent quarter.
A number of other hedge funds also recently bought and sold shares of ASB. LPL Financial LLC boosted its position in shares of Associated Banc by 19.7% in the 1st quarter. LPL Financial LLC now owns 18,225 shares of the bank’s stock worth $453,000 after purchasing an additional 2,997 shares in the last quarter. Royal Bank of Canada boosted its position in shares of Associated Banc by 38.0% in the 1st quarter. Royal Bank of Canada now owns 58,497 shares of the bank’s stock worth $1,454,000 after purchasing an additional 16,104 shares in the last quarter. Principal Financial Group Inc. boosted its position in shares of Associated Banc by 16.2% in the 1st quarter. Principal Financial Group Inc. now owns 748,846 shares of the bank’s stock worth $18,609,000 after purchasing an additional 104,482 shares in the last quarter. Brown Advisory Inc. bought a new stake in shares of Associated Banc in the 1st quarter worth approximately $303,000. Finally, State of Alaska Department of Revenue boosted its position in shares of Associated Banc by 40.0% in the 2nd quarter. State of Alaska Department of Revenue now owns 18,600 shares of the bank’s stock worth $507,000 after purchasing an additional 5,310 shares in the last quarter. 78.72% of the stock is owned by institutional investors and hedge funds.
A number of analysts have recently commented on the company. Jefferies Financial Group reissued a “hold” rating and issued a $30.00 price target on shares of Associated Banc in a research report on Friday, July 20th. Morgan Stanley reissued a “hold” rating and issued a $29.50 price target (down from $30.00) on shares of Associated Banc in a research report on Tuesday, September 18th. ValuEngine cut Associated Banc from a “hold” rating to a “sell” rating in a research report on Friday, October 19th. Robert W. Baird dropped their price target on Associated Banc from $30.00 to $27.00 and set an “outperform” rating on the stock in a research report on Friday, October 19th. Finally, Sandler O’Neill cut Associated Banc from a “buy” rating to a “hold” rating and set a $27.00 price target on the stock. in a research report on Friday, October 19th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the company. Associated Banc presently has a consensus rating of “Hold” and a consensus target price of $28.05.
ASB stock opened at $23.51 on Friday. The company has a market capitalization of $3.89 billion, a P/E ratio of 15.47, a price-to-earnings-growth ratio of 1.67 and a beta of 1.01. Associated Banc Corp has a 12-month low of $22.00 and a 12-month high of $29.02. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 1.17.
Associated Banc (NYSE:ASB) last released its quarterly earnings data on Thursday, October 18th. The bank reported $0.49 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.49. The business had revenue of $307.69 million for the quarter, compared to analysts’ expectations of $321.04 million. Associated Banc had a return on equity of 9.44% and a net margin of 20.53%. During the same period in the prior year, the firm posted $0.34 EPS. As a group, analysts forecast that Associated Banc Corp will post 2 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 17th. Investors of record on Monday, December 3rd will be given a $0.17 dividend. The ex-dividend date is Friday, November 30th. This is a boost from Associated Banc’s previous quarterly dividend of $0.15. This represents a $0.68 annualized dividend and a yield of 2.89%. Associated Banc’s dividend payout ratio is 39.47%.
In related news, insider John A. Utz sold 2,341 shares of the company’s stock in a transaction that occurred on Tuesday, September 11th. The stock was sold at an average price of $27.81, for a total value of $65,103.21. Following the transaction, the insider now directly owns 44,725 shares of the company’s stock, valued at approximately $1,243,802.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider David L. Stein sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 21st. The shares were sold at an average price of $27.72, for a total value of $138,600.00. Following the completion of the transaction, the insider now directly owns 38,574 shares in the company, valued at $1,069,271.28. The disclosure for this sale can be found here. Over the last ninety days, insiders purchased 121,000 shares of company stock worth $3,025,000 and sold 17,341 shares worth $431,803. Corporate insiders own 2.13% of the company’s stock.
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Associated Banc Company Profile
Associated Banc-Corp, a bank holding company, provides various banking and nonbanking products to individuals and businesses primarily in Wisconsin, Illinois, and Minnesota. Its Corporate and Commercial Specialty segment offers deposit and cash management solutions, such as commercial checking and interest-bearing deposit products, cash vault and night depository services, liquidity solutions, payables and receivables solutions, and information services; and lending solutions, including commercial loans and lines of credit, commercial real estate financing, construction loans, letters of credit, leasing, asset based lending, and loan syndications.
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