Associated Banc (ASB) Shares Gap Down to $27.10
Shares of Associated Banc Corp (NYSE:ASB) gapped down prior to trading on Friday . The stock had previously closed at $27.75, but opened at $27.10. Associated Banc shares last traded at $26.90, with a volume of 3384903 shares changing hands.
Several research firms recently weighed in on ASB. Morgan Stanley reiterated a “hold” rating and issued a $29.50 target price (down previously from $30.00) on shares of Associated Banc in a report on Tuesday, September 18th. Zacks Investment Research downgraded shares of Associated Banc from a “buy” rating to a “hold” rating in a report on Wednesday, August 22nd. Jefferies Financial Group reiterated a “hold” rating and issued a $30.00 target price on shares of Associated Banc in a report on Friday, July 20th. Finally, Robert W. Baird reiterated a “buy” rating and issued a $30.00 target price on shares of Associated Banc in a report on Tuesday, July 10th. Nine analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Associated Banc currently has a consensus rating of “Hold” and an average price target of $28.61.
The company has a market capitalization of $4.63 billion, a P/E ratio of 17.70, a price-to-earnings-growth ratio of 1.90 and a beta of 0.91. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 1.47.
The firm also recently declared a quarterly dividend, which was paid on Monday, September 17th. Shareholders of record on Tuesday, September 4th were paid a $0.15 dividend. The ex-dividend date of this dividend was Friday, August 31st. This represents a $0.60 annualized dividend and a dividend yield of 2.23%. Associated Banc’s dividend payout ratio (DPR) is 39.47%.
In other news, insider Timothy J. Lau sold 19,834 shares of Associated Banc stock in a transaction on Tuesday, July 24th. The shares were sold at an average price of $28.08, for a total transaction of $556,938.72. Following the completion of the sale, the insider now directly owns 69,098 shares of the company’s stock, valued at approximately $1,940,271.84. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director William R. Hutchinson acquired 4,000 shares of the firm’s stock in a transaction dated Wednesday, September 19th. The shares were purchased at an average cost of $25.00 per share, with a total value of $100,000.00. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 121,000 shares of company stock valued at $3,025,000 and sold 40,675 shares valued at $1,135,267. Insiders own 2.13% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in ASB. BlackRock Inc. lifted its position in shares of Associated Banc by 17.0% during the 1st quarter. BlackRock Inc. now owns 14,958,614 shares of the bank’s stock worth $371,721,000 after purchasing an additional 2,172,022 shares during the last quarter. Millennium Management LLC lifted its position in shares of Associated Banc by 174.0% during the 1st quarter. Millennium Management LLC now owns 2,615,197 shares of the bank’s stock worth $64,988,000 after purchasing an additional 1,660,733 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Associated Banc by 10.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 11,850,419 shares of the bank’s stock worth $294,483,000 after purchasing an additional 1,088,186 shares during the last quarter. BNP Paribas Arbitrage SA lifted its position in shares of Associated Banc by 1,196.0% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 496,848 shares of the bank’s stock worth $13,564,000 after purchasing an additional 458,510 shares during the last quarter. Finally, Natixis lifted its position in shares of Associated Banc by 151.7% during the 2nd quarter. Natixis now owns 700,525 shares of the bank’s stock worth $19,124,000 after purchasing an additional 422,224 shares during the last quarter. 76.39% of the stock is owned by institutional investors and hedge funds.
Associated Banc Company Profile (NYSE:ASB)
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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