Cramer Rosenthal Mcglynn LLC lowered its holdings in Associated Banc Corp (NYSE:ASB) by 24.2% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 4,044,863 shares of the bank’s stock after selling 1,291,166 shares during the period. Associated Banc comprises 2.3% of Cramer Rosenthal Mcglynn LLC’s portfolio, making the stock its 5th largest position. Cramer Rosenthal Mcglynn LLC’s holdings in Associated Banc were worth $85,508,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also modified their holdings of ASB. Mason Street Advisors LLC raised its stake in Associated Banc by 0.6% during the first quarter. Mason Street Advisors LLC now owns 87,391 shares of the bank’s stock valued at $1,866,000 after buying an additional 554 shares in the last quarter. State of Alaska Department of Revenue raised its position in shares of Associated Banc by 2.1% during the 2nd quarter. State of Alaska Department of Revenue now owns 32,507 shares of the bank’s stock worth $686,000 after purchasing an additional 668 shares during the period. Nicolet Advisory Services LLC raised its position in shares of Associated Banc by 0.7% during the 2nd quarter. Nicolet Advisory Services LLC now owns 112,043 shares of the bank’s stock worth $2,369,000 after purchasing an additional 830 shares during the period. Oregon Public Employees Retirement Fund raised its position in shares of Associated Banc by 1.4% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 69,390 shares of the bank’s stock worth $1,467,000 after purchasing an additional 939 shares during the period. Finally, Arizona State Retirement System raised its position in shares of Associated Banc by 0.8% during the 2nd quarter. Arizona State Retirement System now owns 118,958 shares of the bank’s stock worth $2,515,000 after purchasing an additional 953 shares during the period. 73.33% of the stock is owned by hedge funds and other institutional investors.
In related news, CFO Moral-Niles Christopher Del sold 2,000 shares of the stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $26.50, for a total value of $53,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP John A. Utz sold 3,000 shares of the stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $20.04, for a total value of $60,120.00. Following the completion of the transaction, the executive vice president now directly owns 59,348 shares of the company’s stock, valued at $1,189,333.92. The disclosure for this sale can be found here. Insiders sold a total of 19,698 shares of company stock valued at $422,887 over the last three months. Corporate insiders own 2.69% of the company’s stock.
A number of analysts have recently weighed in on the company. Royal Bank of Canada set a $23.00 price target on Associated Banc and gave the stock a “hold” rating in a research report on Friday, July 26th. SunTrust Banks set a $22.00 price target on Associated Banc and gave the stock a “hold” rating in a research report on Monday. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the stock. Associated Banc currently has a consensus rating of “Hold” and an average price target of $24.50.
Shares of Associated Banc stock traded up $0.15 on Friday, reaching $20.46. 2,979 shares of the company were exchanged, compared to its average volume of 808,588. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.91 and a current ratio of 0.92. The company’s 50-day moving average is $19.86 and its two-hundred day moving average is $21.29. The firm has a market cap of $3.25 billion, a price-to-earnings ratio of 10.07, a P/E/G ratio of 1.30 and a beta of 1.20. Associated Banc Corp has a 1-year low of $18.52 and a 1-year high of $27.30.
Associated Banc (NYSE:ASB) last announced its quarterly earnings results on Thursday, July 25th. The bank reported $0.51 earnings per share for the quarter, topping analysts’ consensus estimates of $0.49 by $0.02. The business had revenue of $309.46 million for the quarter, compared to analysts’ expectations of $315.84 million. Associated Banc had a return on equity of 9.86% and a net margin of 22.01%. During the same period in the prior year, the firm earned $0.53 EPS. As a group, sell-side analysts forecast that Associated Banc Corp will post 1.93 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Tuesday, September 3rd will be issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 3.32%. The ex-dividend date is Friday, August 30th. Associated Banc’s dividend payout ratio (DPR) is 33.50%.
Associated Banc Profile
Associated Banc-Corp, a bank holding company, provides various banking and nonbanking products to individuals and businesses in Wisconsin, Illinois, and Minnesota. Its Corporate and Commercial Specialty segment offers deposit and cash management solutions, such as commercial checking and interest-bearing deposit products, cash vault and night depository services, liquidity solutions, payables and receivables solutions, and information services; and lending solutions, including commercial loans and lines of credit, commercial real estate financing, construction loans, letters of credit, leasing, asset based lending, and loan syndications.
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