Associated Banc (ASB) Receives Hold Rating from SunTrust Banks
Several other brokerages also recently weighed in on ASB. Jefferies Group restated a hold rating and issued a $27.00 target price on shares of Associated Banc in a research note on Friday, August 11th. BidaskClub downgraded shares of Associated Banc from a sell rating to a strong sell rating in a research note on Saturday, August 12th. Robert W. Baird restated a hold rating and issued a $25.00 target price on shares of Associated Banc in a research note on Sunday, October 1st. Zacks Investment Research upgraded shares of Associated Banc from a sell rating to a hold rating in a research note on Wednesday, August 2nd. Finally, Keefe, Bruyette & Woods restated a hold rating and issued a $26.00 target price on shares of Associated Banc in a research note on Tuesday, August 22nd. One equities research analyst has rated the stock with a sell rating and thirteen have given a hold rating to the stock. The stock has an average rating of Hold and an average price target of $25.91.
Associated Banc (ASB) opened at $25.55 on Wednesday. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.89 and a current ratio of 0.90. Associated Banc has a one year low of $20.95 and a one year high of $26.70. The stock has a market cap of $3,854.70, a P/E ratio of 17.47, a PEG ratio of 2.43 and a beta of 1.19.
Associated Banc (NYSE:ASB) last released its quarterly earnings data on Thursday, October 19th. The bank reported $0.41 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.36 by $0.05. Associated Banc had a net margin of 19.54% and a return on equity of 7.81%. The firm had revenue of $276.02 million for the quarter, compared to the consensus estimate of $276.88 million. During the same period last year, the firm earned $0.31 earnings per share. analysts predict that Associated Banc will post 1.5 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Friday, December 1st will be paid a $0.3828 dividend. The ex-dividend date is Thursday, November 30th. This represents a $1.53 annualized dividend and a yield of 5.99%. Associated Banc’s dividend payout ratio (DPR) is 38.36%.
In other news, CEO Philip B. Flynn sold 10,000 shares of Associated Banc stock in a transaction on Monday, October 30th. The shares were sold at an average price of $25.25, for a total transaction of $252,500.00. Following the completion of the sale, the chief executive officer now directly owns 127,585 shares in the company, valued at $3,221,521.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director William R. Hutchinson sold 4,632 shares of Associated Banc stock in a transaction on Wednesday, October 25th. The stock was sold at an average price of $25.70, for a total transaction of $119,042.40. Following the sale, the director now owns 91,209 shares of the company’s stock, valued at $2,344,071.30. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 59,950 shares of company stock valued at $1,520,429. 1.80% of the stock is owned by insiders.
Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake 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 buying an additional 248,381 shares during the period. State Street Corp lifted its stake in shares of Associated Banc by 2.0% during the second quarter. State Street Corp now owns 6,922,074 shares of the bank’s stock worth $174,433,000 after buying an additional 136,874 shares during the period. Victory Capital Management Inc. lifted its stake in shares of Associated Banc by 3.3% during the third quarter. Victory Capital Management Inc. now owns 5,178,754 shares of the bank’s stock worth $125,585,000 after buying an additional 164,148 shares during the period. Alliancebernstein L.P. lifted its stake in shares of Associated Banc by 4.0% during the second quarter. Alliancebernstein L.P. now owns 4,193,941 shares of the bank’s stock worth $105,687,000 after buying an additional 163,081 shares during the period. Finally, Bank of New York Mellon Corp lifted its stake in shares of Associated Banc by 1.7% during the third quarter. Bank of New York Mellon Corp now owns 3,790,033 shares of the bank’s stock worth $91,909,000 after buying an additional 64,574 shares during the period. Institutional investors and hedge funds own 76.51% of the company’s stock.
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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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