SunTrust Banks Analysts Boost Earnings Estimates for Associated Banc Corp (ASB)
Associated Banc Corp (NYSE:ASB) – Equities researchers at SunTrust Banks upped their Q3 2018 earnings per share estimates for shares of Associated Banc in a research report issued to clients and investors on Monday. SunTrust Banks analyst M. Young now anticipates that the bank will post earnings per share of $0.45 for the quarter, up from their previous estimate of $0.41. SunTrust Banks currently has a “Hold” rating and a $27.00 target price on the stock. SunTrust Banks also issued estimates for Associated Banc’s Q4 2018 earnings at $0.44 EPS.
Several other equities analysts also recently commented on ASB. Keefe, Bruyette & Woods reaffirmed a “neutral” rating on shares of Associated Banc in a research report on Friday, September 22nd. Robert W. Baird reaffirmed a “hold” rating and issued a $25.00 target price on shares of Associated Banc in a research report on Sunday, October 1st. Jefferies Group reaffirmed a “hold” rating and issued a $28.00 target price on shares of Associated Banc in a research report on Thursday, October 12th. Barclays upped their target price on Associated Banc from $26.00 to $27.00 and gave the company an “equal weight” rating in a research report on Monday, October 23rd. Finally, Zacks Investment Research raised Associated Banc from a “hold” rating to a “buy” rating and set a $29.00 target price on the stock in a research report on Tuesday, October 24th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and one has assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $26.60.
Associated Banc (NYSE:ASB) traded up $0.30 during trading on Wednesday, hitting $25.90. The stock had a trading volume of 1,081,400 shares, compared to its average volume of 921,517. Associated Banc has a 52 week low of $20.95 and a 52 week high of $26.70. 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 firm has a market capitalization of $3,980.00, a P/E ratio of 17.86, a price-to-earnings-growth ratio of 2.26 and a beta of 1.19.
Associated Banc (NYSE:ASB) last posted its earnings results on Thursday, October 19th. The bank reported $0.41 EPS for the quarter, beating the consensus estimate of $0.36 by $0.05. Associated Banc had a return on equity of 7.81% and a net margin of 19.54%. The company had revenue of $276.02 million for the quarter, compared to the consensus estimate of $276.88 million. During the same quarter in the prior year, the business earned $0.31 earnings per share.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Chicago Partners Investment Group LLC bought a new position in Associated Banc during the 3rd quarter worth $157,000. Public Employees Retirement System of Ohio raised its position in Associated Banc by 88.2% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 150,213 shares of the bank’s stock worth $3,643,000 after purchasing an additional 70,385 shares during the last quarter. GSA Capital Partners LLP bought a new position in Associated Banc during the 3rd quarter worth $1,545,000. California Public Employees Retirement System raised its position in Associated Banc by 1.5% during the 3rd quarter. California Public Employees Retirement System now owns 409,934 shares of the bank’s stock worth $9,941,000 after purchasing an additional 6,249 shares during the last quarter. Finally, Cubist Systematic Strategies LLC bought a new position in Associated Banc during the 3rd quarter worth $385,000. Hedge funds and other institutional investors own 77.43% of the company’s stock.
In related news, insider Breck F. Hanson sold 11,373 shares of the stock in a transaction that occurred on Wednesday, November 22nd. The stock was sold at an average price of $24.92, for a total transaction of $283,415.16. Following the sale, the insider now owns 37,722 shares of the company’s stock, valued at $940,032.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Moral-Niles Christopher Del sold 1,476 shares of the company’s stock in a transaction on Monday, December 4th. The stock was sold at an average price of $26.00, for a total value of $38,376.00. Following the sale, the chief financial officer now owns 81,784 shares of the company’s stock, valued at $2,126,384. The disclosure for this sale can be found here. Insiders have sold 61,426 shares of company stock worth $1,558,805 in the last three months. 1.80% of the stock is currently owned by company insiders.
The business also recently declared a quarterly dividend, which was paid on Friday, December 15th. Investors of record on Friday, December 1st were given a dividend of $0.3828 per share. This represents a $1.53 dividend on an annualized basis and a yield of 5.91%. The ex-dividend date was Thursday, November 30th. Associated Banc’s dividend payout ratio is currently 38.62%.
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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