Associated Banc (NYSE:ASB) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of Associated Banc (NYSE:ASBFree Report) from a sell rating to a hold rating in a research report sent to investors on Thursday.

ASB has been the topic of a number of other reports. Wells Fargo & Company upped their target price on shares of Associated Banc from $20.00 to $22.00 and gave the company an equal weight rating in a report on Wednesday, April 10th. Royal Bank of Canada reiterated a sector perform rating and set a $23.00 price objective on shares of Associated Banc in a report on Tuesday, April 9th. Barclays increased their price objective on shares of Associated Banc from $22.00 to $24.00 and gave the stock an equal weight rating in a report on Friday, April 26th. Finally, Stephens reissued an equal weight rating and set a $23.00 target price on shares of Associated Banc in a research report on Friday, April 26th. Seven investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus target price of $23.13.

Read Our Latest Analysis on Associated Banc

Associated Banc Price Performance

NYSE:ASB opened at $20.63 on Thursday. The firm has a market cap of $3.11 billion, a price-to-earnings ratio of 20.84, a price-to-earnings-growth ratio of 2.14 and a beta of 0.96. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.47. The company’s 50-day moving average is $21.30 and its two-hundred day moving average is $20.78. Associated Banc has a 12-month low of $15.16 and a 12-month high of $22.77.

Associated Banc (NYSE:ASBGet Free Report) last released its earnings results on Tuesday, April 30th. The bank reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.49 by $0.03. The company had revenue of $322.84 million for the quarter, compared to analyst estimates of $325.00 million. Associated Banc had a net margin of 6.86% and a return on equity of 8.31%. The firm’s quarterly revenue was down 3.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.66 EPS. Research analysts expect that Associated Banc will post 2.11 EPS for the current year.

Associated Banc Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Monday, June 3rd will be given a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 4.27%. The ex-dividend date of this dividend is Monday, June 3rd. Associated Banc’s dividend payout ratio (DPR) is 88.89%.

Insider Transactions at Associated Banc

In other news, EVP Nicole M. Kitowski sold 5,019 shares of the firm’s stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $21.23, for a total transaction of $106,553.37. Following the completion of the sale, the executive vice president now owns 37,993 shares of the company’s stock, valued at $806,591.39. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, EVP John A. Utz sold 2,500 shares of the firm’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $22.18, for a total transaction of $55,450.00. Following the transaction, the executive vice president now directly owns 100,922 shares in the company, valued at $2,238,449.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Nicole M. Kitowski sold 5,019 shares of the firm’s stock in a transaction on Tuesday, April 30th. The stock was sold at an average price of $21.23, for a total value of $106,553.37. Following the transaction, the executive vice president now owns 37,993 shares in the company, valued at $806,591.39. The disclosure for this sale can be found here. Corporate insiders own 1.45% of the company’s stock.

Hedge Funds Weigh In On Associated Banc

Large investors have recently added to or reduced their stakes in the company. Norges Bank bought a new stake in Associated Banc in the fourth quarter valued at $36,722,000. Louisiana State Employees Retirement System bought a new stake in Associated Banc in the fourth quarter valued at $892,000. Walleye Capital LLC bought a new stake in shares of Associated Banc during the third quarter valued at about $7,561,000. LSV Asset Management raised its stake in shares of Associated Banc by 21.0% during the fourth quarter. LSV Asset Management now owns 2,826,597 shares of the bank’s stock valued at $60,461,000 after purchasing an additional 490,321 shares in the last quarter. Finally, AQR Capital Management LLC raised its stake in shares of Associated Banc by 92.2% during the third quarter. AQR Capital Management LLC now owns 1,433,301 shares of the bank’s stock valued at $24,524,000 after purchasing an additional 687,552 shares in the last quarter. 82.98% of the stock is currently owned by institutional investors.

Associated Banc Company Profile

(Get Free Report)

Associated Banc-Corp, a bank holding company, provides various banking and nonbanking products to individuals and businesses in Wisconsin, Illinois, and Minnesota. The company offers lending solutions, including commercial loans and lines of credit, commercial real estate financing, construction loans, letters of credit, leasing, asset based lending and equipment finance, loan syndications products, residential mortgages, home equity loans and lines of credit, personal and installment loans, auto finance and business loans, and business lines of credit.

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