Credit Suisse AG cut its stake in Associated Banc-Corp (NYSE:ASB) by 8.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 175,194 shares of the bank’s stock after selling 15,345 shares during the period. Credit Suisse AG owned about 0.12% of Associated Banc-Corp worth $4,275,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently added to or reduced their stakes in ASB. Victory Capital Management Inc. raised its position in Associated Banc-Corp by 4.6% in the first quarter. Victory Capital Management Inc. now owns 5,176,832 shares of the bank’s stock valued at $126,315,000 after buying an additional 228,539 shares in the last quarter. Retirement Systems of Alabama increased its stake in Associated Banc-Corp by 2.5% in the first quarter. Retirement Systems of Alabama now owns 195,982 shares of the bank’s stock valued at $4,782,000 after buying an additional 4,768 shares during the last quarter. Schwab Charles Investment Management Inc. increased its stake in Associated Banc-Corp by 9.3% in the first quarter. Schwab Charles Investment Management Inc. now owns 767,468 shares of the bank’s stock valued at $18,727,000 after buying an additional 65,509 shares during the last quarter. Dynamic Technology Lab Private Ltd increased its stake in Associated Banc-Corp by 49.3% in the first quarter. Dynamic Technology Lab Private Ltd now owns 33,592 shares of the bank’s stock valued at $819,000 after buying an additional 11,086 shares during the last quarter. Finally, Municipal Employees Retirement System of Michigan increased its stake in Associated Banc-Corp by 1.4% in the first quarter. Municipal Employees Retirement System of Michigan now owns 68,620 shares of the bank’s stock valued at $1,674,000 after buying an additional 950 shares during the last quarter. 78.54% of the stock is currently owned by institutional investors and hedge funds.
Associated Banc-Corp (NYSE:ASB) opened at 22.25 on Friday. The firm has a market capitalization of $3.37 billion, a P/E ratio of 16.01 and a beta of 1.16. Associated Banc-Corp has a 52-week low of $18.85 and a 52-week high of $26.70. The company’s 50-day moving average is $24.25 and its 200-day moving average is $24.71.
Associated Banc-Corp (NYSE:ASB) last issued its quarterly earnings results on Thursday, July 20th. The bank reported $0.36 earnings per share for the quarter, hitting the Zacks’ 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 net margin of 18.78% and a return on equity of 7.43%. During the same quarter in the prior year, the business earned $0.31 EPS. On average, analysts predict that Associated Banc-Corp will post $1.43 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Friday, September 1st will be paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 2.16%. The ex-dividend date is Wednesday, August 30th. Associated Banc-Corp’s dividend payout ratio is currently 34.53%.
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Several research firms have recently commented on ASB. BidaskClub downgraded shares of Associated Banc-Corp from a “sell” rating to a “strong sell” rating in a research note on Sunday, July 30th. Royal Bank Of Canada reiterated a “hold” rating and set a $26.00 price objective on shares of Associated Banc-Corp in a research note on Friday, July 7th. Piper Jaffray Companies set a $25.00 price objective on shares of Associated Banc-Corp and gave the stock a “hold” rating in a research note on Saturday, July 22nd. Zacks Investment Research upgraded shares of Associated Banc-Corp from a “sell” rating to a “hold” rating in a research note on Wednesday, August 2nd. Finally, Morgan Stanley reiterated an “equal weight” rating and set a $25.00 price objective (up from $24.00) on shares of Associated Banc-Corp in a research note 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 stock. The company has an average rating of “Hold” and an average target price of $25.00.
In other news, insider John A. Utz sold 8,054 shares of the firm’s stock in a transaction on Monday, July 31st. The shares were sold at an average price of $23.62, for a total value of $190,235.48. Following the completion of the sale, the insider now owns 44,405 shares in the company, valued at approximately $1,048,846.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Christopher C. Piotrowski sold 16,218 shares of the firm’s stock in a transaction on Tuesday, August 8th. The stock was sold at an average price of $23.55, for a total transaction of $381,933.90. Following the completion of the sale, the insider now owns 30,479 shares of the company’s stock, valued at approximately $717,780.45. The disclosure for this sale can be found here. In the last quarter, insiders have sold 38,772 shares of company stock valued at $914,334. 1.80% of the stock is owned by company insiders.
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 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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