North Star Asset Management Inc. raised its stake in shares of Associated Banc-Corp (NYSE:ASB) by 6.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 71,936 shares of the bank’s stock after purchasing an additional 4,209 shares during the period. North Star Asset Management Inc.’s holdings in Associated Banc-Corp were worth $1,813,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently bought and sold shares of ASB. Vanguard Group Inc. lifted its holdings in Associated Banc-Corp by 6.0% during the first quarter. Vanguard Group Inc. now owns 12,490,743 shares of the bank’s stock valued at $304,775,000 after purchasing an additional 707,633 shares in the last quarter. State Street Corp lifted its holdings in Associated Banc-Corp by 10.4% during the first quarter. State Street Corp now owns 6,785,200 shares of the bank’s stock valued at $165,559,000 after purchasing an additional 641,800 shares in the last quarter. Koch Industries Inc. purchased a new position in Associated Banc-Corp during the second quarter valued at $581,000. Morgan Stanley lifted its holdings in Associated Banc-Corp by 64.2% during the first quarter. Morgan Stanley now owns 548,775 shares of the bank’s stock valued at $13,389,000 after purchasing an additional 214,593 shares in the last quarter. Finally, Alliancebernstein L.P. lifted its holdings in Associated Banc-Corp by 4.0% during the second quarter. Alliancebernstein L.P. now owns 4,193,941 shares of the bank’s stock valued at $105,687,000 after purchasing an additional 163,081 shares in the last quarter. 77.47% of the stock is currently owned by institutional investors and hedge funds.
Several research firms have issued reports on ASB. Royal Bank Of Canada reaffirmed a “hold” rating and set a $26.00 price objective on shares of Associated Banc-Corp in a report on Friday, July 7th. BidaskClub raised shares of Associated Banc-Corp from a “sell” rating to a “hold” rating in a report on Thursday, July 6th. Morgan Stanley reaffirmed an “equal weight” rating and set a $25.00 price objective (up from $24.00) on shares of Associated Banc-Corp in a report on Thursday, July 6th. Jefferies Group LLC reaffirmed a “hold” rating and set a $27.00 price objective on shares of Associated Banc-Corp in a report on Friday, July 14th. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $26.00 price objective on shares of Associated Banc-Corp in a report on Friday, July 21st. One analyst has rated the stock with a sell rating and thirteen have given a hold rating to the company. Associated Banc-Corp currently has an average rating of “Hold” and a consensus target price of $25.20.
In related news, insider John A. Utz sold 8,054 shares of the business’s stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $23.62, for a total value of $190,235.48. Following the sale, the insider now directly owns 44,405 shares in the company, valued at approximately $1,048,846.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Christopher C. Piotrowski sold 16,218 shares of the business’s stock in a transaction dated Tuesday, August 8th. The stock was sold at an average price of $23.55, for a total transaction of $381,933.90. Following the completion of the sale, the insider now owns 30,479 shares in the company, valued at $717,780.45. The disclosure for this sale can be found here. Insiders sold a total of 38,772 shares of company stock worth $914,334 over the last quarter. Insiders own 1.80% of the company’s stock.
Shares of Associated Banc-Corp (NYSE:ASB) traded down 0.61% during midday trading on Friday, hitting $24.40. 767,032 shares of the stock were exchanged. Associated Banc-Corp has a 12-month low of $19.00 and a 12-month high of $26.70. The firm has a 50-day moving average price of $23.24 and a 200 day moving average price of $23.98. The firm has a market cap of $3.70 billion, a PE ratio of 17.55 and a beta of 1.20.
Associated Banc-Corp (NYSE:ASB) last released its quarterly earnings data on Thursday, July 20th. The bank reported $0.36 EPS for the quarter, hitting the consensus estimate of $0.36. Associated Banc-Corp had a net margin of 18.78% and a return on equity of 7.43%. The business had revenue of $266.23 million for the quarter, compared to analyst estimates of $273.29 million. During the same period in the previous year, the firm earned $0.31 EPS. Analysts predict that Associated Banc-Corp will post $1.43 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Friday, September 1st were given a $0.12 dividend. The ex-dividend date of this dividend was Wednesday, August 30th. This represents a $0.48 annualized dividend and a dividend yield of 1.97%. Associated Banc-Corp’s dividend payout ratio is presently 34.53%.
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Associated Banc-Corp 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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