Associated Banc-Corp (NYSE:ASB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday. The brokerage presently has a $28.00 price objective on the bank’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 13.13% from the company’s previous close.
According to Zacks, “Associated Banc-Corp shares have outperformed the Zacks categorized Banks-Midwest industry in the last three months. With the passage of the Financial Choice Act, the company is likely to increase lending activities, which along with improving loan and deposit balances as well as improving rate scenario will lead to further improvement in top-line. While elevated expenses, increased dependence on commercial loans and lack of geographic exposure are the near-term concerns, impressive asset quality and strong balance sheet should support the company's financial performance.”
ASB has been the subject of a number of other research reports. SunTrust Banks, Inc. upgraded Associated Banc-Corp from a “hold” rating to a “buy” rating in a research note on Wednesday, March 29th. Keefe, Bruyette & Woods restated a “hold” rating and set a $24.00 price objective on shares of Associated Banc-Corp in a research note on Thursday, March 23rd. Finally, Jefferies Group LLC restated a “hold” rating and set a $27.00 price objective on shares of Associated Banc-Corp in a research note on Sunday, June 11th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the company. Associated Banc-Corp presently has a consensus rating of “Hold” and a consensus target price of $24.72.
Associated Banc-Corp (ASB) remained flat at $24.75 during midday trading on Wednesday. The company had a trading volume of 274,535 shares. The stock has a 50 day moving average of $24.72 and a 200-day moving average of $24.85. Associated Banc-Corp has a 12-month low of $15.72 and a 12-month high of $26.70. The stock has a market capitalization of $3.75 billion, a price-to-earnings ratio of 18.47 and a beta of 1.18.
Associated Banc-Corp (NYSE:ASB) last issued its quarterly earnings data on Thursday, April 20th. The bank reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.32 by $0.03. Associated Banc-Corp had a return on equity of 7.20% and a net margin of 18.36%. The firm had revenue of $260.11 million during the quarter, compared to analyst estimates of $266.24 million. During the same quarter last year, the firm earned $0.27 EPS. On average, equities research analysts anticipate that Associated Banc-Corp will post $1.45 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 15th. Shareholders of record on Thursday, June 1st were paid a dividend of $0.12 per share. The ex-dividend date was Tuesday, May 30th. This represents a $0.48 dividend on an annualized basis and a yield of 1.94%. Associated Banc-Corp’s dividend payout ratio (DPR) is presently 35.82%.
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In other Associated Banc-Corp news, insider James Yee sold 2,330 shares of the stock in a transaction that occurred on Tuesday, April 25th. The stock was sold at an average price of $25.46, for a total transaction of $59,321.80. Following the transaction, the insider now owns 69,852 shares of the company’s stock, valued at approximately $1,778,431.92. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider David L. Stein sold 8,000 shares of the stock in a transaction that occurred on Friday, April 28th. The stock was sold at an average price of $25.11, for a total value of $200,880.00. Following the transaction, the insider now directly owns 37,518 shares in the company, valued at approximately $942,076.98. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 20,330 shares of company stock valued at $508,302. 1.80% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Norges Bank purchased a new position in Associated Banc-Corp during the fourth quarter worth approximately $50,013,000. Victory Capital Management Inc. increased its position in Associated Banc-Corp by 4.6% in the first quarter. Victory Capital Management Inc. now owns 5,176,832 shares of the bank’s stock worth $126,315,000 after buying an additional 228,539 shares in the last quarter. Guggenheim Capital LLC increased its position in Associated Banc-Corp by 54.6% in the fourth quarter. Guggenheim Capital LLC now owns 122,227 shares of the bank’s stock worth $3,019,000 after buying an additional 43,185 shares in the last quarter. State Street Corp increased its position in Associated Banc-Corp by 12.4% in the fourth quarter. State Street Corp now owns 6,143,400 shares of the bank’s stock worth $151,739,000 after buying an additional 679,733 shares in the last quarter. Finally, Retirement Systems of Alabama increased its position in Associated Banc-Corp by 2.5% in the first quarter. Retirement Systems of Alabama now owns 195,982 shares of the bank’s stock worth $4,782,000 after buying an additional 4,768 shares in the last quarter. 77.90% of the stock is currently owned by institutional investors.
About Associated Banc-Corp
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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