New Mexico Educational Retirement Board purchased a new position in Associated Banc Corp (NYSE:ASB) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 37,500 shares of the bank’s stock, valued at approximately $953,000.
Other hedge funds have also recently modified their holdings of the company. California Public Employees Retirement System grew its stake in Associated Banc by 1.5% in the third 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 period. Campbell & CO Investment Adviser LLC purchased a new stake in Associated Banc in the third quarter worth $677,000. Pzena Investment Management LLC grew its stake in Associated Banc by 2.9% in the third quarter. Pzena Investment Management LLC now owns 2,433,590 shares of the bank’s stock worth $59,015,000 after purchasing an additional 68,380 shares during the period. Foundry Partners LLC grew its stake in Associated Banc by 3.3% in the third quarter. Foundry Partners LLC now owns 728,559 shares of the bank’s stock worth $17,668,000 after purchasing an additional 23,204 shares during the period. Finally, Crossmark Global Holdings Inc. purchased a new stake in Associated Banc in the third quarter worth $402,000. 66.57% of the stock is currently owned by institutional investors.
Several brokerages recently weighed in on ASB. Morgan Stanley reduced their price target on Associated Banc from $28.00 to $27.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 31st. Piper Jaffray Companies reaffirmed a “hold” rating and issued a $27.00 price target on shares of Associated Banc in a research note on Tuesday, January 9th. Barclays upped their price target on Associated Banc from $27.00 to $29.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 2nd. SunTrust Banks reaffirmed a “hold” rating and issued a $27.00 price target on shares of Associated Banc in a research note on Wednesday, November 29th. Finally, Zacks Investment Research cut Associated Banc from a “buy” rating to a “hold” rating in a research note on Tuesday, February 13th. One analyst has rated the stock with a sell rating and eleven have given a hold rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $26.30.
Shares of Associated Banc Corp (NYSE ASB) opened at $25.20 on Friday. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 1.10. Associated Banc Corp has a 1-year low of $20.95 and a 1-year high of $26.70. The company has a market capitalization of $3,723.94, a price-to-earnings ratio of 16.05, a price-to-earnings-growth ratio of 1.98 and a beta of 1.08.
Associated Banc (NYSE:ASB) last released its earnings results on Thursday, January 25th. The bank reported $0.31 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.38 by ($0.07). Associated Banc had a return on equity of 8.05% and a net margin of 18.80%. The company had revenue of $272.00 million during the quarter, compared to the consensus estimate of $281.38 million. During the same period last year, the firm posted $0.34 earnings per share. The company’s revenue was up 5.8% compared to the same quarter last year. sell-side analysts anticipate that Associated Banc Corp will post 1.77 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, March 15th. Shareholders of record on Thursday, March 1st will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.38%. This is an increase from Associated Banc’s previous quarterly dividend of $0.14. The ex-dividend date is Wednesday, February 28th. Associated Banc’s payout ratio is 39.16%.
In other news, EVP John P. Hankerd sold 8,012 shares of the company’s stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $23.95, for a total transaction of $191,887.40. Following the transaction, the executive vice president now directly owns 27,648 shares of the company’s stock, valued at $662,169.60. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Christopher C. Piotrowski sold 10,726 shares of the company’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $24.75, for a total value of $265,468.50. Following the transaction, the insider now directly owns 24,209 shares in the company, valued at $599,172.75. The disclosure for this sale can be found here. Insiders sold 78,010 shares of company stock worth $1,958,348 over the last three months. Corporate insiders own 1.80% of the company’s stock.
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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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