Associated Banc-Corp (ASB) Downgraded by Jefferies Group
Jefferies Group downgraded shares of Associated Banc-Corp (NYSE:ASB) from a buy rating to a hold rating in a report issued on Monday morning. Jefferies Group currently has $24.00 price objective on the stock.
ASB has been the subject of several other research reports. Zacks Investment Research upgraded shares of Associated Banc-Corp from a hold rating to a buy rating and set a $22.00 target price for the company in a research note on Tuesday, September 13th. Deutsche Bank AG boosted their target price on shares of Associated Banc-Corp from $20.00 to $22.00 and gave the company a buy rating in a research note on Tuesday, October 11th. DA Davidson started coverage on shares of Associated Banc-Corp in a research note on Monday, October 3rd. They set an underperform rating and a $18.00 target price for the company. Finally, Barclays PLC boosted their target price on shares of Associated Banc-Corp from $19.00 to $20.00 and gave the company an equal weight rating in a research note on Tuesday, August 16th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company’s stock. Associated Banc-Corp has a consensus rating of Hold and an average target price of $20.57.
Associated Banc-Corp (NYSE:ASB) opened at 22.85 on Monday. The stock has a 50 day moving average of $20.84 and a 200-day moving average of $19.18. The stock has a market cap of $3.40 billion, a P/E ratio of 19.20 and a beta of 1.18. Associated Banc-Corp has a one year low of $15.45 and a one year high of $23.60.
Associated Banc-Corp (NYSE:ASB) last released its earnings results on Thursday, October 20th. The company reported $0.34 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.02. Associated Banc-Corp had a net margin of 16.55% and a return on equity of 6.46%. During the same quarter last year, the business earned $0.31 earnings per share. Analysts anticipate that Associated Banc-Corp will post $1.24 EPS for the current year.
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The company also recently declared a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Thursday, December 1st will be issued a dividend of $0.12 per share. This is an increase from Associated Banc-Corp’s previous quarterly dividend of $0.11. The ex-dividend date of this dividend is Tuesday, November 29th. This represents a $0.48 annualized dividend and a dividend yield of 2.10%. Associated Banc-Corp’s payout ratio is 40.34%.
In related news, insider Breck F. Hanson sold 4,989 shares of the company’s stock in a transaction dated Monday, November 7th. The shares were sold at an average price of $20.19, for a total value of $100,727.91. Following the completion of the sale, the insider now owns 16,997 shares of the company’s stock, valued at $343,169.43. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider John A. Utz sold 2,000 shares of the company’s stock in a transaction dated Wednesday, September 7th. The stock was sold at an average price of $19.54, for a total transaction of $39,080.00. Following the completion of the sale, the insider now directly owns 44,290 shares of the company’s stock, valued at approximately $865,426.60. The disclosure for this sale can be found here. Insiders own 2.09% of the company’s stock.
A number of large investors have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD increased its stake in Associated Banc-Corp by 29.9% in the third quarter. Price T Rowe Associates Inc. MD now owns 53,060 shares of the company’s stock valued at $1,039,000 after buying an additional 12,200 shares during the last quarter. Credit Suisse AG increased its stake in Associated Banc-Corp by 11.6% in the third quarter. Credit Suisse AG now owns 187,462 shares of the company’s stock valued at $3,672,000 after buying an additional 19,444 shares during the last quarter. Ameritas Investment Partners Inc. increased its stake in Associated Banc-Corp by 88.6% in the third quarter. Ameritas Investment Partners Inc. now owns 44,776 shares of the company’s stock valued at $877,000 after buying an additional 21,037 shares during the last quarter. The Manufacturers Life Insurance Company bought a new stake in Associated Banc-Corp during the third quarter valued at $3,983,000. Finally, Chicago Partners Investment Group LLC increased its stake in Associated Banc-Corp by 0.6% in the third quarter. Chicago Partners Investment Group LLC now owns 6,340 shares of the company’s stock valued at $124,000 after buying an additional 36 shares during the last quarter. 77.54% of the stock is owned by institutional investors and hedge funds.
Associated Banc-Corp Company 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 nonbanking 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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