Associated Banc (ASB) Trading Down 5.3%
Associated Banc Corp (NYSE:ASB)’s share price dropped 5.3% on Wednesday . The company traded as low as $21.48 and last traded at $21.61. Approximately 1,318,271 shares were traded during trading, an increase of 26% from the average daily volume of 1,044,873 shares. The stock had previously closed at $22.82.
ASB has been the topic of a number of research reports. Zacks Investment Research lowered Associated Banc from a “buy” rating to a “hold” rating in a research report on Wednesday, August 22nd. Morgan Stanley reaffirmed a “hold” rating and set a $29.50 target price (down from $30.00) on shares of Associated Banc in a research report on Tuesday, September 18th. ValuEngine lowered Associated Banc from a “hold” rating to a “sell” rating in a research report on Tuesday, October 2nd. Wells Fargo & Co set a $27.00 target price on Associated Banc and gave the stock a “hold” rating in a research report on Tuesday, October 2nd. Finally, Sandler O’Neill lowered Associated Banc from a “buy” rating to a “hold” rating and set a $27.00 target price on the stock. in a research report on Friday, October 19th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $28.15.
The stock has a market cap of $3.84 billion, a P/E ratio of 14.22, a price-to-earnings-growth ratio of 1.64 and a beta of 0.99. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.92 and a quick ratio of 0.91.
The business also recently declared 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. This is a positive change from Associated Banc’s previous quarterly dividend of $0.15. This represents a $0.68 dividend on an annualized basis and a yield of 3.15%. The ex-dividend date is Friday, November 30th. Associated Banc’s dividend payout ratio is presently 44.74%.
In related news, Director William R. Hutchinson purchased 4,000 shares of the stock in a transaction that occurred on Wednesday, September 19th. The stock was acquired at an average cost of $25.00 per share, with a total value of $100,000.00. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider John A. Utz sold 2,341 shares of the stock in a transaction on Tuesday, September 11th. The shares were sold at an average price of $27.81, for a total value of $65,103.21. Following the completion of the sale, the insider now directly owns 44,725 shares of the company’s stock, valued at $1,243,802.25. The disclosure for this sale can be found here. Insiders purchased a total of 121,000 shares of company stock valued at $3,025,000 over the last three months. 2.13% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in Associated Banc by 2.0% in the 3rd quarter. Vanguard Group Inc. now owns 15,465,462 shares of the bank’s stock valued at $402,102,000 after buying an additional 304,733 shares during the last quarter. BlackRock Inc. increased its position in shares of Associated Banc by 2.5% during the 3rd quarter. BlackRock Inc. now owns 14,955,679 shares of the bank’s stock valued at $388,848,000 after purchasing an additional 370,274 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Associated Banc by 9.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 4,462,515 shares of the bank’s stock valued at $116,026,000 after purchasing an additional 377,177 shares during the last quarter. Millennium Management LLC increased its position in shares of Associated Banc by 33.7% during the 2nd quarter. Millennium Management LLC now owns 3,496,214 shares of the bank’s stock valued at $95,447,000 after purchasing an additional 881,017 shares during the last quarter. Finally, Associated Banc Corp increased its position in shares of Associated Banc by 15.4% during the 2nd quarter. Associated Banc Corp now owns 3,001,079 shares of the bank’s stock valued at $81,930,000 after purchasing an additional 401,111 shares during the last quarter. 76.56% 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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