California Public Employees Retirement System Sells 14,800 Shares of Associated Banc-Corp (ASB)
California Public Employees Retirement System cut its stake in Associated Banc-Corp (NYSE:ASB) by 3.5% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 403,685 shares of the bank’s stock after selling 14,800 shares during the quarter. California Public Employees Retirement System owned about 0.27% of Associated Banc-Corp worth $10,173,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently modified their holdings of the business. Vanguard Group Inc. increased its stake in shares of Associated Banc-Corp by 2.0% in the 2nd quarter. Vanguard Group Inc. now owns 12,739,124 shares of the bank’s stock worth $321,025,000 after acquiring an additional 248,381 shares during the last quarter. State Street Corp increased its stake in shares of Associated Banc-Corp by 10.4% in the 1st quarter. State Street Corp now owns 6,785,200 shares of the bank’s stock worth $165,559,000 after acquiring an additional 641,800 shares during the last quarter. Alliancebernstein L.P. increased its stake in shares of Associated Banc-Corp by 4.0% in the 2nd quarter. Alliancebernstein L.P. now owns 4,193,941 shares of the bank’s stock worth $105,687,000 after acquiring an additional 163,081 shares during the last quarter. Wells Fargo & Company MN increased its stake in shares of Associated Banc-Corp by 2.2% in the 2nd quarter. Wells Fargo & Company MN now owns 1,840,826 shares of the bank’s stock worth $46,389,000 after acquiring an additional 38,996 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of Associated Banc-Corp by 7.6% in the 1st quarter. Geode Capital Management LLC now owns 1,165,582 shares of the bank’s stock worth $28,440,000 after acquiring an additional 81,831 shares during the last quarter. 77.47% of the stock is owned by institutional investors and hedge funds.
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In other Associated Banc-Corp news, Director Eileen A. Kamerick sold 4,500 shares of the company’s stock in a transaction dated Thursday, August 3rd. The stock was sold at an average price of $23.57, for a total transaction of $106,065.00. Following the completion of the sale, the director now directly owns 27,004 shares in the company, valued at $636,484.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Christopher C. Piotrowski sold 16,218 shares of the company’s stock in a transaction dated Tuesday, August 8th. The stock was sold at an average price of $23.55, for a total value of $381,933.90. Following the sale, the insider now owns 30,479 shares of the company’s stock, valued at $717,780.45. The disclosure for this sale can be found here. Insiders have sold 38,772 shares of company stock valued at $914,334 over the last 90 days. 1.80% of the stock is currently owned by insiders.
Associated Banc-Corp (NYSE:ASB) opened at 24.40 on Friday. Associated Banc-Corp has a 12-month low of $18.85 and a 12-month high of $26.70. The stock has a market capitalization of $3.70 billion, a PE ratio of 17.55 and a beta of 1.20. The stock’s 50 day moving average price is $22.82 and its 200-day moving average price is $23.94.
Associated Banc-Corp (NYSE:ASB) last announced its quarterly earnings results on Thursday, July 20th. The bank reported $0.36 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.36. The company had revenue of $266.23 million during the quarter, compared to analyst estimates of $273.29 million. Associated Banc-Corp had a return on equity of 7.43% and a net margin of 18.78%. During the same period in the prior year, the firm posted $0.31 earnings per share. Analysts expect that Associated Banc-Corp will post $1.43 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Friday, September 1st were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Wednesday, August 30th. This represents a $0.48 annualized dividend and a yield of 1.97%. Associated Banc-Corp’s dividend payout ratio is presently 34.53%.
ASB has been the subject of a number of research analyst reports. Robert W. Baird reiterated a “hold” rating and set a $25.00 price target on shares of Associated Banc-Corp in a report on Sunday, October 1st. Keefe, Bruyette & Woods reiterated a “neutral” rating on shares of Associated Banc-Corp in a report on Friday, September 22nd. DA Davidson upgraded Associated Banc-Corp from an “underperform” rating to a “neutral” rating and set a $21.00 price target for the company in a report on Wednesday, September 6th. ValuEngine cut Associated Banc-Corp from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Finally, BidaskClub cut Associated Banc-Corp from a “sell” rating to a “strong sell” rating in a report on Saturday, August 12th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and two have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $25.00.
About Associated Banc-Corp
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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