Associated Banc-Corp (ASB) Position Decreased by Pinebridge Investments L.P.
Pinebridge Investments L.P. decreased its stake in Associated Banc-Corp (NYSE:ASB) by 14.1% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 240,634 shares of the bank’s stock after selling 39,353 shares during the quarter. Pinebridge Investments L.P. owned 0.16% of Associated Banc-Corp worth $6,064,000 as of its most recent filing with the Securities & Exchange Commission.
Several other large investors also recently added to or reduced their stakes in ASB. Morgan Dempsey Capital Management LLC boosted its position in shares of Associated Banc-Corp by 40.5% in the 2nd quarter. Morgan Dempsey Capital Management LLC now owns 5,542 shares of the bank’s stock valued at $140,000 after purchasing an additional 1,597 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Associated Banc-Corp by 10.2% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,931 shares of the bank’s stock valued at $149,000 after purchasing an additional 549 shares during the period. Chicago Partners Investment Group LLC boosted its position in shares of Associated Banc-Corp by 0.5% in the 1st quarter. Chicago Partners Investment Group LLC now owns 6,400 shares of the bank’s stock valued at $156,000 after purchasing an additional 30 shares during the period. Nomura Holdings Inc. acquired a new position in shares of Associated Banc-Corp in the 1st quarter valued at $210,000. Finally, Riverhead Capital Management LLC boosted its position in shares of Associated Banc-Corp by 73.6% in the 2nd quarter. Riverhead Capital Management LLC now owns 8,854 shares of the bank’s stock valued at $223,000 after purchasing an additional 3,754 shares during the period. Institutional investors and hedge funds own 77.47% of the company’s stock.
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Shares of Associated Banc-Corp (ASB) traded up 0.43% during midday trading on Wednesday, reaching $23.25. The company had a trading volume of 269,521 shares. The firm has a market cap of $3.53 billion, a P/E ratio of 16.73 and a beta of 1.17. The company’s 50-day moving average is $22.44 and its 200-day moving average is $24.03. Associated Banc-Corp has a 52-week low of $18.85 and a 52-week high of $26.70.
Associated Banc-Corp (NYSE:ASB) last posted its earnings results on Thursday, July 20th. The bank reported $0.36 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.36. Associated Banc-Corp had a return on equity of 7.43% and a net margin of 18.78%. The firm had revenue of $266.23 million during the quarter, compared to analysts’ expectations of $273.29 million. During the same period in the previous year, the firm earned $0.31 earnings per share. Equities research analysts expect that Associated Banc-Corp will post $1.43 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Friday, September 1st were paid a $0.12 dividend. The ex-dividend date of this dividend was Wednesday, August 30th. This represents a $0.48 dividend on an annualized basis and a yield of 2.07%. Associated Banc-Corp’s payout ratio is 34.53%.
A number of equities analysts recently weighed in on ASB shares. BidaskClub upgraded Associated Banc-Corp from a “sell” rating to a “hold” rating in a research report on Thursday, July 6th. Zacks Investment Research lowered Associated Banc-Corp from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. ValuEngine lowered Associated Banc-Corp from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Royal Bank Of Canada reiterated a “hold” rating and issued a $26.00 price target on shares of Associated Banc-Corp in a research report on Friday, July 7th. Finally, Morgan Stanley reiterated an “equal weight” rating and issued a $25.00 price target (up previously from $24.00) on shares of Associated Banc-Corp in a research report on Thursday, July 6th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and two have issued a buy rating to the stock. Associated Banc-Corp presently has a consensus rating of “Hold” and a consensus target price of $25.25.
In other news, insider John A. Utz sold 8,054 shares of the business’s stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $23.62, for a total value of $190,235.48. Following the sale, the insider now directly owns 44,405 shares in the company, valued at $1,048,846.10. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Christopher C. Piotrowski sold 16,218 shares of the business’s stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $23.55, for a total value of $381,933.90. Following the completion of the sale, the insider now owns 30,479 shares in the company, valued at $717,780.45. The disclosure for this sale can be found here. Over the last three months, insiders sold 38,772 shares of company stock valued at $914,334. Insiders own 1.80% of the company’s stock.
Associated Banc-Corp 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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