Associated Banc-Corp (NYSE:ASB) was downgraded by research analysts at BidaskClub from a “hold” rating to a “sell” rating in a research note issued to investors on Monday.
Other equities analysts have also recently issued reports about the company. Zacks Investment Research raised Associated Banc-Corp from a “hold” rating to a “buy” rating and set a $28.00 price objective for the company in a report on Wednesday, June 21st. SunTrust Banks, Inc. raised Associated Banc-Corp from a “hold” rating to a “buy” rating in a report on Wednesday, March 29th. 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. Piper Jaffray Companies set a $25.00 price objective on Associated Banc-Corp and gave the stock a “hold” rating in a report on Saturday. 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. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and two have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $25.00.
Shares of Associated Banc-Corp (NYSE ASB) traded up 0.64% during mid-day trading on Monday, hitting $23.50. The company had a trading volume of 1,647,845 shares. Associated Banc-Corp has a 12 month low of $17.77 and a 12 month high of $26.70. The firm has a 50-day moving average price of $24.87 and a 200 day moving average price of $24.87. The firm has a market capitalization of $3.56 billion, a P/E ratio of 16.91 and a beta of 1.17.
Associated Banc-Corp (NYSE:ASB) last issued its quarterly earnings data on Thursday, July 20th. The bank reported $0.36 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.36. The firm had revenue of $266.23 million during the quarter, compared to analysts’ expectations of $273.29 million. Associated Banc-Corp had a return on equity of 7.43% and a net margin of 18.78%. During the same period in the previous year, the firm posted $0.31 earnings per share. On average, equities research analysts forecast that Associated Banc-Corp will post $1.44 earnings per share for the current fiscal year.
In other Associated Banc-Corp news, CEO Philip B. Flynn sold 10,000 shares of the firm’s stock in a transaction on Monday, May 1st. The stock was sold at an average price of $24.81, for a total transaction of $248,100.00. Following the completion of the transaction, the chief executive officer now owns 127,585 shares of the company’s stock, valued at $3,165,383.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider David L. Stein sold 8,000 shares of the firm’s stock in a transaction on Friday, April 28th. The stock was sold at an average price of $25.11, for a total value of $200,880.00. Following the transaction, the insider now directly owns 37,518 shares of the company’s stock, valued at approximately $942,076.98. The disclosure for this sale can be found here. Insiders have sold 20,330 shares of company stock valued at $508,302 in the last three months. 1.80% of the stock is currently owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the company. Acrospire Investment Management LLC increased its position in Associated Banc-Corp by 61.0% in the first quarter. Acrospire Investment Management LLC now owns 4,830 shares of the bank’s stock valued at $118,000 after buying an additional 1,830 shares during the last quarter. Chicago Partners Investment Group LLC increased its position in Associated Banc-Corp by 0.5% in the first quarter. Chicago Partners Investment Group LLC now owns 6,400 shares of the bank’s stock valued at $156,000 after buying an additional 30 shares during the last quarter. Nomura Holdings Inc. bought a new position in Associated Banc-Corp during the first quarter valued at $210,000. Envestnet Asset Management Inc. increased its position in Associated Banc-Corp by 14.3% in the first quarter. Envestnet Asset Management Inc. now owns 9,195 shares of the bank’s stock valued at $224,000 after buying an additional 1,147 shares during the last quarter. Finally, World Asset Management Inc increased its position in Associated Banc-Corp by 3.5% in the first quarter. World Asset Management Inc now owns 9,393 shares of the bank’s stock valued at $229,000 after buying an additional 317 shares during the last quarter. 77.94% of the stock is owned by institutional investors.
About Associated Banc-Corp
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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