Q1 2018 EPS Estimates for Associated Banc Corp Lifted by Analyst (ASB)
Associated Banc Corp (NYSE:ASB) – SunTrust Banks upped their Q1 2018 earnings per share (EPS) estimates for shares of Associated Banc in a report released on Monday. SunTrust Banks analyst M. Young now anticipates that the bank will post earnings per share of $0.40 for the quarter, up from their previous forecast of $0.37. SunTrust Banks has a “Hold” rating and a $27.00 price objective on the stock. SunTrust Banks also issued estimates for Associated Banc’s Q2 2018 earnings at $0.42 EPS, FY2018 earnings at $1.71 EPS and FY2019 earnings at $1.88 EPS.
Associated Banc (NYSE:ASB) last announced its earnings results on Thursday, October 19th. The bank reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.05. Associated Banc had a net margin of 19.54% and a return on equity of 7.81%. The business had revenue of $276.02 million during the quarter, compared to the consensus estimate of $276.88 million. During the same quarter in the prior year, the firm earned $0.31 earnings per share.
Several other brokerages also recently weighed in on ASB. Zacks Investment Research downgraded shares of Associated Banc from a “buy” rating to a “hold” rating in a research note on Wednesday, November 1st. Barclays increased their target price on shares of Associated Banc from $26.00 to $27.00 and gave the stock an “equal weight” rating in a research note on Monday, October 23rd. Jefferies Group reiterated a “hold” rating and set a $28.00 target price on shares of Associated Banc in a research note on Thursday, October 12th. Robert W. Baird reiterated a “hold” rating and set a $25.00 target price on shares of Associated Banc in a research note on Sunday, October 1st. Finally, Morgan Stanley increased their target price on shares of Associated Banc from $25.50 to $28.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 13th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and one has given a buy rating to the stock. Associated Banc currently has a consensus rating of “Hold” and a consensus price target of $26.60.
Shares of Associated Banc (ASB) traded up $0.10 on Tuesday, hitting $25.60. 855,200 shares of the stock traded hands, compared to its average volume of 889,540. Associated Banc has a twelve month low of $20.95 and a twelve month high of $26.70. The firm has a market capitalization of $3,854.70, a P/E ratio of 17.53, a price-to-earnings-growth ratio of 2.26 and a beta of 1.19. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 1.03.
The company also recently declared a quarterly dividend, which was paid on Friday, December 15th. Investors of record on Friday, December 1st were issued a dividend of $0.3828 per share. The ex-dividend date was Thursday, November 30th. This represents a $1.53 annualized dividend and a yield of 5.98%. Associated Banc’s dividend payout ratio is currently 38.36%.
In related news, CFO Moral-Niles Christopher Del sold 1,476 shares of the stock in a transaction dated 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 transaction, the chief financial officer now directly owns 81,784 shares of the company’s stock, valued at $2,126,384. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William R. Hutchinson sold 4,632 shares of the stock in a transaction dated Wednesday, October 25th. The shares were sold at an average price of $25.70, for a total transaction of $119,042.40. Following the completion of the transaction, the director now directly owns 91,209 shares of the company’s stock, valued at $2,344,071.30. The disclosure for this sale can be found here. Insiders have sold 61,426 shares of company stock valued at $1,558,805 over the last three months. 1.80% of the stock is currently owned by corporate insiders.
Institutional investors have recently modified their holdings of the business. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Associated Banc by 10.2% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,931 shares of the bank’s stock valued at $149,000 after buying an additional 549 shares in the last quarter. Chicago Partners Investment Group LLC purchased a new position in Associated Banc in the third quarter valued at about $157,000. Meeder Asset Management Inc. increased its holdings in Associated Banc by 393.4% in the third quarter. Meeder Asset Management Inc. now owns 7,322 shares of the bank’s stock valued at $178,000 after buying an additional 5,838 shares in the last quarter. Flinton Capital Management LLC increased its holdings in Associated Banc by 73.4% in the second quarter. Flinton Capital Management LLC now owns 7,936 shares of the bank’s stock valued at $200,000 after buying an additional 3,360 shares in the last quarter. Finally, Riverhead Capital Management LLC increased its holdings in Associated Banc by 73.6% in the second quarter. Riverhead Capital Management LLC now owns 8,854 shares of the bank’s stock valued at $223,000 after buying an additional 3,754 shares in the last quarter. 77.43% of the stock is owned by institutional investors.
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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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