Jefferies Group Comments on Associated Banc Corp’s FY2018 Earnings (ASB)
Associated Banc Corp (NYSE:ASB) – Research analysts at Jefferies Group upped their FY2018 earnings per share estimates for shares of Associated Banc in a research note issued to investors on Monday. Jefferies Group analyst C. Haire now forecasts that the bank will post earnings of $1.76 per share for the year, up from their prior estimate of $1.67. Jefferies Group currently has a “Hold” rating and a $28.00 target price on the stock. Jefferies Group also issued estimates for Associated Banc’s FY2019 earnings at $1.94 EPS.
Several other research firms have also commented on ASB. SunTrust Banks set a $26.00 price target on Associated Banc and gave the stock a “hold” rating in a research report on Saturday, October 21st. Piper Jaffray Companies reiterated a “hold” rating and issued a $27.00 price target on shares of Associated Banc in a research report on Tuesday. Barclays lifted their price target on Associated Banc from $26.00 to $27.00 and gave the stock an “equal weight” rating in a research report on Monday, October 23rd. Zacks Investment Research upgraded Associated Banc from a “hold” rating to a “buy” rating and set a $29.00 price target for the company in a research report on Tuesday, January 2nd. Finally, Morgan Stanley lifted their price target on Associated Banc from $25.50 to $28.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 13th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and one has issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $26.60.
Associated Banc (NYSE:ASB) traded up $0.10 on Tuesday, reaching $25.60. The company had a trading volume of 855,200 shares, compared to its average volume of 889,540. The stock has a market capitalization of $3,930.00, a price-to-earnings ratio of 17.66, a P/E/G ratio of 2.26 and a beta of 1.19. Associated Banc has a 12 month low of $20.95 and a 12 month high of $26.70. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 1.03.
Associated Banc (NYSE:ASB) last released its quarterly earnings results on Thursday, October 19th. The bank reported $0.41 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.05. The company had revenue of $276.02 million during the quarter, compared to analyst estimates of $276.88 million. Associated Banc had a return on equity of 7.81% and a net margin of 19.54%. During the same quarter last year, the business posted $0.31 earnings per share.
Several institutional investors have recently bought and sold shares of ASB. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Associated Banc by 10.2% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,931 shares of the bank’s stock valued at $149,000 after acquiring an additional 549 shares in the last quarter. Chicago Partners Investment Group LLC bought a new stake in shares of Associated Banc during the third quarter valued at approximately $157,000. Meeder Asset Management Inc. raised its stake in shares of Associated Banc by 393.4% during the third quarter. Meeder Asset Management Inc. now owns 7,322 shares of the bank’s stock valued at $178,000 after acquiring an additional 5,838 shares in the last quarter. Flinton Capital Management LLC raised its stake in shares of Associated Banc by 73.4% during the second quarter. Flinton Capital Management LLC now owns 7,936 shares of the bank’s stock valued at $200,000 after acquiring an additional 3,360 shares in the last quarter. Finally, Riverhead Capital Management LLC raised its stake in shares of Associated Banc by 73.6% during the second quarter. Riverhead Capital Management LLC now owns 8,854 shares of the bank’s stock valued at $223,000 after acquiring an additional 3,754 shares in the last quarter. 77.43% of the stock is owned by hedge funds and other institutional investors.
In other news, CFO Moral-Niles Christopher Del sold 1,476 shares of Associated Banc stock in a transaction that occurred on Monday, December 4th. The shares were sold at an average price of $26.00, for a total transaction of $38,376.00. Following the completion of the sale, the chief financial officer now owns 81,784 shares of the company’s stock, valued at $2,126,384. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director William R. Hutchinson sold 4,632 shares of Associated Banc stock in a transaction that occurred on Wednesday, October 25th. The shares were sold at an average price of $25.70, for a total transaction of $119,042.40. Following the sale, the director now directly owns 91,209 shares of the company’s stock, valued at approximately $2,344,071.30. The disclosure for this sale can be found here. In the last three months, insiders sold 61,426 shares of company stock valued at $1,558,805. 1.80% of the stock is owned by insiders.
The company also recently disclosed a quarterly dividend, which was paid on Friday, December 15th. Shareholders of record on Friday, December 1st were paid a $0.3828 dividend. This represents a $1.53 annualized dividend and a yield of 5.98%. The ex-dividend date of this dividend was Thursday, November 30th. Associated Banc’s payout ratio is currently 38.62%.
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About Associated Banc
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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