Insider Buying: Associated Banc Corp (ASB) Director Buys 4,000 Shares of Stock
Associated Banc Corp (NYSE:ASB) Director William R. Hutchinson acquired 4,000 shares of the company’s stock in a transaction on Wednesday, September 19th. The stock was acquired at an average price of $25.00 per share, with a total value of $100,000.00. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website.
ASB opened at $26.90 on Friday. The company has a market capitalization of $4.63 billion, a PE ratio of 17.70, a PEG ratio of 1.90 and a beta of 0.91. The company has a debt-to-equity ratio of 1.47, a current ratio of 0.95 and a quick ratio of 0.95. Associated Banc Corp has a 52 week low of $23.00 and a 52 week high of $29.02.
Associated Banc (NYSE:ASB) last released its earnings results on Thursday, July 19th. The bank reported $0.53 EPS for the quarter, beating the Zacks’ consensus estimate of $0.48 by $0.05. The company had revenue of $319.20 million during the quarter, compared to analysts’ expectations of $316.63 million. Associated Banc had a return on equity of 9.10% and a net margin of 20.00%. During the same quarter last year, the business posted $0.36 EPS. research analysts expect that Associated Banc Corp will post 2.03 earnings per share for the current fiscal year.
A number of hedge funds have recently bought and sold shares of ASB. Wells Fargo & Company MN increased its position in Associated Banc by 6.7% during the 1st quarter. Wells Fargo & Company MN now owns 2,009,444 shares of the bank’s stock valued at $49,935,000 after buying an additional 126,020 shares in the last quarter. SG Americas Securities LLC increased its position in Associated Banc by 16.0% during the 1st quarter. SG Americas Securities LLC now owns 33,549 shares of the bank’s stock valued at $834,000 after buying an additional 4,623 shares in the last quarter. American Century Companies Inc. bought a new position in Associated Banc during the 1st quarter valued at approximately $899,000. Swiss National Bank increased its position in Associated Banc by 14.7% during the 1st quarter. Swiss National Bank now owns 295,640 shares of the bank’s stock valued at $7,347,000 after buying an additional 37,840 shares in the last quarter. Finally, State of Wisconsin Investment Board increased its position in Associated Banc by 9.2% during the 1st quarter. State of Wisconsin Investment Board now owns 33,946 shares of the bank’s stock valued at $844,000 after buying an additional 2,870 shares in the last quarter. 76.39% of the stock is owned by institutional investors.
A number of research analysts have recently commented on the company. Morgan Stanley restated a “hold” rating and issued a $29.50 target price (down previously from $30.00) on shares of Associated Banc in a research note on Tuesday, September 18th. Robert W. Baird restated a “buy” rating and issued a $30.00 target price on shares of Associated Banc in a research note on Tuesday, July 10th. Jefferies Financial Group restated a “hold” rating and issued a $30.00 target price on shares of Associated Banc in a research note on Friday, July 20th. Finally, Zacks Investment Research cut Associated Banc from a “buy” rating to a “hold” rating in a research note on Wednesday, August 22nd. Nine investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $28.61.
Associated Banc Company Profile
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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