American Century Companies Inc. bought a new stake in Associated Banc Corp (NYSE:ASB) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm bought 36,184 shares of the bank’s stock, valued at approximately $899,000.
Several other hedge funds have also modified their holdings of ASB. Allianz Asset Management GmbH acquired a new stake in shares of Associated Banc in the 4th quarter valued at $27,878,000. Mackenzie Financial Corp acquired a new stake in shares of Associated Banc in the 4th quarter valued at $16,071,000. BlackRock Inc. boosted its holdings in shares of Associated Banc by 3.8% in the 4th quarter. BlackRock Inc. now owns 12,786,592 shares of the bank’s stock valued at $324,779,000 after purchasing an additional 471,331 shares in the last quarter. LSV Asset Management boosted its holdings in shares of Associated Banc by 102.3% in the 4th quarter. LSV Asset Management now owns 917,315 shares of the bank’s stock valued at $23,299,000 after purchasing an additional 463,800 shares in the last quarter. Finally, Thrivent Financial For Lutherans boosted its holdings in shares of Associated Banc by 935.5% in the 4th quarter. Thrivent Financial For Lutherans now owns 393,732 shares of the bank’s stock valued at $10,000,000 after purchasing an additional 355,709 shares in the last quarter. 76.48% of the stock is currently owned by hedge funds and other institutional investors.
In other news, EVP Nicole M. Kitowski sold 3,584 shares of Associated Banc stock in a transaction dated Wednesday, April 25th. The stock was sold at an average price of $26.58, for a total value of $95,262.72. Following the completion of the transaction, the executive vice president now directly owns 15,440 shares of the company’s stock, valued at approximately $410,395.20. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Judith M. Docter sold 35,679 shares of Associated Banc stock in a transaction dated Tuesday, April 24th. The stock was sold at an average price of $26.50, for a total value of $945,493.50. Following the completion of the transaction, the insider now directly owns 44,332 shares of the company’s stock, valued at $1,174,798. The disclosure for this sale can be found here. Over the last three months, insiders sold 75,049 shares of company stock valued at $2,008,563. Corporate insiders own 2.13% of the company’s stock.
Associated Banc (NYSE:ASB) last announced its earnings results on Thursday, April 19th. The bank reported $0.50 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.41 by $0.09. The business had revenue of $300.25 million during the quarter, compared to analyst estimates of $292.49 million. Associated Banc had a return on equity of 8.53% and a net margin of 18.87%. During the same period last year, the company earned $0.35 EPS. equities research analysts expect that Associated Banc Corp will post 1.97 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 15th. Stockholders of record on Friday, June 1st will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 2.14%. The ex-dividend date of this dividend is Thursday, May 31st. Associated Banc’s dividend payout ratio (DPR) is presently 39.47%.
A number of brokerages have recently commented on ASB. Zacks Investment Research cut Associated Banc from a “hold” rating to a “sell” rating in a research note on Monday, April 2nd. ValuEngine cut Associated Banc from a “buy” rating to a “hold” rating in a research note on Friday, March 23rd. Barclays increased their price target on Associated Banc from $28.00 to $30.00 and gave the company an “equal weight” rating in a research note on Monday, April 23rd. Robert W. Baird upgraded Associated Banc from a “neutral” rating to an “outperform” rating in a research note on Friday, April 20th. Finally, Royal Bank of Canada reiterated a “hold” rating and issued a $28.00 price target on shares of Associated Banc in a research note on Friday, April 20th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $27.40.
Associated Banc Profile
Associated Banc-Corp, a bank holding company, provides various banking and nonbanking products to individuals and businesses primarily 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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