Associated Banc-Corp (NYSE:ASB) was downgraded by equities researchers at Jefferies Group from a “buy” rating to a “hold” rating in a research report issued on Monday.
A number of other equities research analysts have also recently commented on the company. Barclays PLC lifted their target price on Associated Banc-Corp from $19.00 to $20.00 and gave the stock an “equal weight” rating in a research note on Tuesday, August 16th. Deutsche Bank AG lifted their target price on Associated Banc-Corp from $20.00 to $22.00 and gave the stock a “buy” rating in a research note on Tuesday, October 11th. Zacks Investment Research upgraded Associated Banc-Corp from a “hold” rating to a “buy” rating and set a $22.00 target price on the stock in a research note on Tuesday, September 13th. Finally, DA Davidson initiated coverage on Associated Banc-Corp in a research note on Monday, October 3rd. They issued an “underperform” rating and a $18.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $20.29.
Shares of Associated Banc-Corp (NYSE:ASB) traded down 3.04% during midday trading on Monday, reaching $22.30. 773,555 shares of the company’s stock were exchanged. The company has a market cap of $3.32 billion, a P/E ratio of 18.74 and a beta of 1.18. Associated Banc-Corp has a 12 month low of $15.45 and a 12 month high of $23.60. The firm has a 50 day moving average price of $20.69 and a 200 day moving average price of $19.09.
Associated Banc-Corp (NYSE:ASB) last released its earnings results on Thursday, October 20th. The company reported $0.34 EPS for the quarter, topping the Zacks’ consensus estimate of $0.32 by $0.02. Associated Banc-Corp had a return on equity of 6.46% and a net margin of 16.55%. During the same quarter in the previous year, the business posted $0.31 EPS. Equities research analysts forecast that Associated Banc-Corp will post $1.24 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Shareholders of record on Thursday, December 1st will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 2.09%. The ex-dividend date of this dividend is Tuesday, November 29th. This is a positive change from Associated Banc-Corp’s previous quarterly dividend of $0.11. Associated Banc-Corp’s payout ratio is presently 36.98%.
In other Associated Banc-Corp news, insider John A. Utz sold 2,000 shares of Associated Banc-Corp stock in a transaction dated Wednesday, September 7th. The stock was sold at an average price of $19.54, for a total transaction of $39,080.00. Following the completion of the transaction, the insider now owns 44,290 shares of the company’s stock, valued at approximately $865,426.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Breck F. Hanson sold 4,989 shares of Associated Banc-Corp stock in a transaction dated Monday, November 7th. The shares were sold at an average price of $20.19, for a total value of $100,727.91. Following the transaction, the insider now directly owns 16,997 shares of the company’s stock, valued at approximately $343,169.43. The disclosure for this sale can be found here. Company insiders own 2.09% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of ASB. Price T Rowe Associates Inc. MD raised its position in Associated Banc-Corp by 29.9% in the third quarter. Price T Rowe Associates Inc. MD now owns 53,060 shares of the company’s stock worth $1,039,000 after buying an additional 12,200 shares during the last quarter. Credit Suisse AG raised its position in Associated Banc-Corp by 11.6% in the third quarter. Credit Suisse AG now owns 187,462 shares of the company’s stock worth $3,672,000 after buying an additional 19,444 shares during the last quarter. Ameritas Investment Partners Inc. raised its position in Associated Banc-Corp by 88.6% in the third quarter. Ameritas Investment Partners Inc. now owns 44,776 shares of the company’s stock worth $877,000 after buying an additional 21,037 shares during the last quarter. The Manufacturers Life Insurance Company bought a new position in Associated Banc-Corp during the third quarter worth $3,983,000. Finally, Chicago Partners Investment Group LLC raised its position in Associated Banc-Corp by 0.6% in the third quarter. Chicago Partners Investment Group LLC now owns 6,340 shares of the company’s stock worth $124,000 after buying an additional 36 shares during the last quarter. 77.54% of the stock is owned by institutional investors and hedge funds.
About Associated Banc-Corp