Associated Banc-Corp (NYSE:ASB – Get Free Report) gapped down before the market opened on Friday after Robert W. Baird lowered their price target on the stock from $27.00 to $25.00. The stock had previously closed at $23.93, but opened at $23.18. Robert W. Baird currently has a neutral rating on the stock. Associated Banc shares last traded at $23.59, with a volume of 209,872 shares.
Other equities research analysts have also issued research reports about the stock. Jefferies Financial Group cut their price target on shares of Associated Banc from $24.00 to $22.00 and set a “hold” rating on the stock in a report on Wednesday, July 3rd. Baird R W lowered Associated Banc from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 17th. Barclays decreased their target price on Associated Banc from $24.00 to $22.00 and set an “equal weight” rating for the company in a research report on Monday, June 24th. Stephens reissued an “equal weight” rating and set a $23.00 price target on shares of Associated Banc in a research report on Friday, April 26th. Finally, Keefe, Bruyette & Woods raised their price objective on Associated Banc from $23.00 to $24.00 and gave the stock a “market perform” rating in a research report on Friday. Ten equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $23.56.
Insiders Place Their Bets
In other news, EVP Nicole M. Kitowski sold 5,019 shares of Associated Banc stock in a transaction dated Tuesday, April 30th. The stock was sold at an average price of $21.23, for a total transaction of $106,553.37. Following the completion of the sale, the executive vice president now directly owns 37,993 shares in the company, valued at approximately $806,591.39. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, EVP Nicole M. Kitowski sold 5,019 shares of the stock in a transaction on Tuesday, April 30th. The shares were sold at an average price of $21.23, for a total transaction of $106,553.37. Following the transaction, the executive vice president now owns 37,993 shares in the company, valued at approximately $806,591.39. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP John A. Utz sold 2,500 shares of the firm’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $22.18, for a total transaction of $55,450.00. Following the transaction, the executive vice president now owns 100,922 shares in the company, valued at approximately $2,238,449.96. The disclosure for this sale can be found here. Insiders own 1.45% of the company’s stock.
Institutional Trading of Associated Banc
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Norges Bank bought a new position in shares of Associated Banc in the 4th quarter valued at approximately $36,722,000. Vanguard Group Inc. lifted its stake in shares of Associated Banc by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 15,639,171 shares of the bank’s stock worth $334,522,000 after buying an additional 184,813 shares during the last quarter. Verition Fund Management LLC boosted its holdings in shares of Associated Banc by 50.2% during the 4th quarter. Verition Fund Management LLC now owns 2,181,042 shares of the bank’s stock worth $46,652,000 after buying an additional 728,555 shares during the period. Mairs & Power Inc. grew its stake in Associated Banc by 13.8% in the 4th quarter. Mairs & Power Inc. now owns 399,310 shares of the bank’s stock valued at $8,541,000 after buying an additional 48,432 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System grew its stake in Associated Banc by 71.1% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 73,961 shares of the bank’s stock valued at $1,591,000 after buying an additional 30,732 shares during the last quarter. Institutional investors and hedge funds own 82.98% of the company’s stock.
Associated Banc Stock Up 0.1 %
The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.47. The firm’s fifty day moving average is $21.21 and its 200 day moving average is $21.10. The stock has a market cap of $3.61 billion, a P/E ratio of 24.19, a P/E/G ratio of 2.21 and a beta of 0.95.
Associated Banc (NYSE:ASB – Get Free Report) last posted its quarterly earnings data on Thursday, July 25th. The bank reported $0.52 earnings per share for the quarter, hitting the consensus estimate of $0.52. Associated Banc had a return on equity of 8.31% and a net margin of 6.86%. The business had revenue of $321.75 million during the quarter, compared to analysts’ expectations of $330.69 million. During the same quarter in the previous year, the firm earned $0.56 EPS. The firm’s revenue was down .5% compared to the same quarter last year. As a group, equities research analysts forecast that Associated Banc-Corp will post 2.12 EPS for the current year.
Associated Banc Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Monday, June 17th. Stockholders of record on Monday, June 3rd were issued a dividend of $0.22 per share. The ex-dividend date was Monday, June 3rd. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.67%. Associated Banc’s dividend payout ratio (DPR) is presently 88.89%.
Associated Banc Company Profile
Associated Banc-Corp, a bank holding company, provides various banking and nonbanking products to individuals and businesses in Wisconsin, Illinois, and Minnesota. The company offers lending solutions, including commercial loans and lines of credit, commercial real estate financing, construction loans, letters of credit, leasing, asset based lending and equipment finance, loan syndications products, residential mortgages, home equity loans and lines of credit, personal and installment loans, auto finance and business loans, and business lines of credit.