California State Teachers Retirement System lessened its holdings in shares of Associated Banc-Corp (NYSE:ASB) by 8.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 279,043 shares of the bank’s stock after selling 26,247 shares during the quarter. California State Teachers Retirement System owned about 0.18% of Associated Banc-Corp worth $7,032,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also modified their holdings of ASB. Morgan Dempsey Capital Management LLC lifted its position in Associated Banc-Corp by 40.5% in the 2nd quarter. Morgan Dempsey Capital Management LLC now owns 5,542 shares of the bank’s stock worth $140,000 after buying an additional 1,597 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Associated Banc-Corp by 10.2% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,931 shares of the bank’s stock worth $149,000 after buying an additional 549 shares during the last quarter. Flinton Capital Management LLC lifted its position in Associated Banc-Corp by 73.4% in the 2nd quarter. Flinton Capital Management LLC now owns 7,936 shares of the bank’s stock worth $200,000 after buying an additional 3,360 shares during the last quarter. Nomura Holdings Inc. bought a new stake in Associated Banc-Corp in the 1st quarter worth approximately $210,000. Finally, Riverhead Capital Management LLC lifted its position in Associated Banc-Corp by 73.6% in the 2nd quarter. Riverhead Capital Management LLC now owns 8,854 shares of the bank’s stock worth $223,000 after buying an additional 3,754 shares during the last quarter. Hedge funds and other institutional investors own 77.51% of the company’s stock.
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In other news, Director William R. Hutchinson sold 4,632 shares of the company’s stock in a transaction on Wednesday, October 25th. The stock was sold at an average price of $25.70, for a total transaction of $119,042.40. Following the transaction, the director now directly owns 91,209 shares of the company’s stock, valued at $2,344,071.30. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Philip B. Flynn sold 10,000 shares of the company’s stock in a transaction on Monday, October 30th. The shares were sold at an average price of $25.25, for a total value of $252,500.00. Following the transaction, the chief executive officer now directly owns 127,585 shares in the company, valued at $3,221,521.25. The disclosure for this sale can be found here. Insiders own 1.80% of the company’s stock.
ASB has been the subject of a number of recent research reports. Zacks Investment Research downgraded Associated Banc-Corp from a “buy” rating to a “hold” rating in a research report on Wednesday, November 1st. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $26.00 price target on shares of Associated Banc-Corp in a research note on Friday, July 21st. Jefferies Group LLC reaffirmed a “hold” rating and issued a $27.00 price target on shares of Associated Banc-Corp in a research note on Friday, August 11th. Barclays PLC lifted their price target on Associated Banc-Corp from $26.00 to $27.00 and gave the stock an “equal weight” rating in a research note on Monday, October 23rd. Finally, DA Davidson raised Associated Banc-Corp from an “underperform” rating to a “neutral” rating and set a $21.00 price target on the stock in a research note on Wednesday, September 6th. One investment analyst has rated the stock with a sell rating and thirteen have issued a hold rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $25.82.
Associated Banc-Corp (ASB) traded up $0.20 during midday trading on Friday, hitting $24.20. The company had a trading volume of 791,600 shares, compared to its average volume of 909,154. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 1.03. Associated Banc-Corp has a one year low of $20.95 and a one year high of $26.70. The company has a market capitalization of $3,627.96, a price-to-earnings ratio of 16.44, a PEG ratio of 2.30 and a beta of 1.20.
Associated Banc-Corp (NYSE:ASB) last released its earnings results on Thursday, October 19th. The bank reported $0.41 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.05. Associated Banc-Corp had a return on equity of 7.81% and a net margin of 19.54%. The business had revenue of $276.02 million for the quarter, compared to the consensus estimate of $276.88 million. During the same period in the previous year, the company posted $0.31 earnings per share. research analysts predict that Associated Banc-Corp will post 1.49 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Friday, December 1st will be issued a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 2.31%. This is an increase from Associated Banc-Corp’s previous quarterly dividend of $0.12. The ex-dividend date is Thursday, November 30th. Associated Banc-Corp’s payout ratio is 32.88%.
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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