Jefferies Group LLC Reaffirms “Hold” Rating for Associated Banc-Corp (ASB)
Associated Banc-Corp (NYSE:ASB)‘s stock had its “hold” rating reissued by stock analysts at Jefferies Group LLC in a research report issued to clients and investors on Friday. They currently have a $27.00 target price on the bank’s stock. Jefferies Group LLC’s price objective suggests a potential upside of 21.35% from the stock’s current price.
Other equities research analysts have also issued reports about the stock. Zacks Investment Research upgraded shares of Associated Banc-Corp from a “hold” rating to a “buy” rating and set a $28.00 target price on the stock in a report on Wednesday, June 21st. Morgan Stanley reiterated an “equal weight” rating and set a $25.00 target price (up from $24.00) on shares of Associated Banc-Corp in a report on Thursday, July 6th. BidaskClub upgraded shares of Associated Banc-Corp from a “sell” rating to a “hold” rating in a report on Thursday, July 6th. Piper Jaffray Companies set a $25.00 target price on shares of Associated Banc-Corp and gave the stock a “hold” rating in a report on Saturday, July 22nd. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and set a $26.00 target price on shares of Associated Banc-Corp in a report on Friday, July 21st. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the company. Associated Banc-Corp currently has an average rating of “Hold” and an average price target of $25.00.
Shares of Associated Banc-Corp (ASB) opened at 22.25 on Friday. The company has a market cap of $3.37 billion, a P/E ratio of 16.01 and a beta of 1.16. Associated Banc-Corp has a 1-year low of $18.85 and a 1-year high of $26.70. The stock’s 50 day moving average is $24.25 and its 200 day moving average is $24.71.
Associated Banc-Corp (NYSE:ASB) last released its earnings results on Thursday, July 20th. The bank reported $0.36 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.36. The company had revenue of $266.23 million for the quarter, compared to analyst estimates of $273.29 million. Associated Banc-Corp had a net margin of 18.78% and a return on equity of 7.43%. During the same period in the prior year, the business earned $0.31 EPS. On average, analysts predict that Associated Banc-Corp will post $1.43 earnings per share for the current year.
In other Associated Banc-Corp news, insider Christopher C. Piotrowski sold 16,218 shares of the stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $23.55, for a total value of $381,933.90. Following the sale, the insider now directly owns 30,479 shares of the company’s stock, valued at approximately $717,780.45. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Eileen A. Kamerick sold 4,500 shares of the stock in a transaction that occurred on Thursday, August 3rd. The shares were 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 disclosure for this sale can be found here. Over the last three months, insiders sold 38,772 shares of company stock worth $914,334. Insiders own 1.80% of the company’s stock.
Large investors have recently made changes to their positions in the stock. Acrospire Investment Management LLC increased its stake in shares of Associated Banc-Corp by 61.0% in the first quarter. Acrospire Investment Management LLC now owns 4,830 shares of the bank’s stock worth $118,000 after buying an additional 1,830 shares in the last quarter. Morgan Dempsey Capital Management LLC increased its stake in shares of Associated Banc-Corp by 40.5% in the second quarter. Morgan Dempsey Capital Management LLC now owns 5,542 shares of the bank’s stock worth $140,000 after buying an additional 1,597 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Associated Banc-Corp by 10.2% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,931 shares of the bank’s stock worth $149,000 after buying an additional 549 shares in the last quarter. Chicago Partners Investment Group LLC increased its stake in shares of Associated Banc-Corp by 0.5% in the first quarter. Chicago Partners Investment Group LLC now owns 6,400 shares of the bank’s stock worth $156,000 after buying an additional 30 shares in the last quarter. Finally, Nomura Holdings Inc. purchased a new stake in shares of Associated Banc-Corp during the first quarter worth approximately $210,000. 78.54% of the stock is currently owned by institutional investors.
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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