Associated Banc-Corp (NYSE:ASB) was downgraded by BidaskClub from a “sell” rating to a “strong sell” rating in a research report issued on Saturday.
ASB has been the subject of a number of other reports. Zacks Investment Research cut Associated Banc-Corp from a “buy” rating to a “hold” rating in a research note on Friday, June 30th. Jefferies Group LLC restated a “hold” rating and set a $27.00 price objective on shares of Associated Banc-Corp in a research note on Friday, July 14th. Royal Bank Of Canada reaffirmed a “hold” rating and set a $26.00 target price on shares of Associated Banc-Corp in a research report on Friday, July 7th. Piper Jaffray Companies set a $25.00 target price on Associated Banc-Corp and gave the company a “hold” rating in a research report on Saturday, July 22nd. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $25.00 target price (up from $24.00) on shares of Associated Banc-Corp in a research report on Thursday, July 6th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $25.00.
Associated Banc-Corp (ASB) opened at 22.25 on Friday. Associated Banc-Corp has a one year low of $18.85 and a one year high of $26.70. The stock’s 50 day moving average price is $24.25 and its 200 day moving average price is $24.71. The company has a market capitalization of $3.37 billion, a P/E ratio of 16.01 and a beta of 1.16.
Associated Banc-Corp (NYSE:ASB) last issued its quarterly earnings data on Thursday, July 20th. The bank reported $0.36 earnings per share for the quarter, hitting analysts’ consensus estimates 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 prior year, the business posted $0.31 EPS. Equities analysts anticipate that Associated Banc-Corp will post $1.43 EPS for the current fiscal year.
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In other news, insider Christopher C. Piotrowski sold 16,218 shares of the stock in a transaction dated Tuesday, August 8th. The stock was sold at an average price of $23.55, for a total value of $381,933.90. Following the transaction, the insider now directly owns 30,479 shares of the company’s stock, valued at $717,780.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Philip B. Flynn sold 10,000 shares of the stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $23.61, for a total value of $236,100.00. Following the completion of the transaction, the chief executive officer now directly owns 127,585 shares in the company, valued at $3,012,281.85. The disclosure for this sale can be found here. Insiders have sold a total of 38,772 shares of company stock worth $914,334 over the last ninety days. 1.80% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Acrospire Investment Management LLC raised its position in shares of Associated Banc-Corp by 61.0% in the first quarter. Acrospire Investment Management LLC now owns 4,830 shares of the bank’s stock worth $118,000 after buying an additional 1,830 shares in the last quarter. Morgan Dempsey Capital Management LLC raised its position in shares of Associated Banc-Corp by 40.5% in the second 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 in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Associated Banc-Corp by 10.2% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,931 shares of the bank’s stock worth $149,000 after buying an additional 549 shares in the last quarter. Chicago Partners Investment Group LLC raised its position in shares of 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 worth $156,000 after buying an additional 30 shares in the last quarter. Finally, Nomura Holdings Inc. purchased a new position in shares of Associated Banc-Corp during the first quarter worth $210,000. 78.54% of the stock is currently owned by institutional investors and hedge funds.
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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