Associated Banc-Corp (ASB) Lowered to “Hold” at Zacks Investment Research
According to Zacks, “Estimates have been stable lately ahead of Associated Banc-Corp’s third-quarter 2016 earnings release. Further, the company has a positive record of earnings surprises in the recent quarters. Moreover, the company is expected to continue witnessing organic growth, driven by solid growth in loans and deposits. Also, improvement in economic conditions should further aid enhancement of the company’s asset quality. In addition, the company’s branch consolidation efforts and inorganic growth strategy will enhance profitability. However, pressure on NIM due to low interest rate environment remains major near term headwind. Furthermore, persistently elevated expenses levels, increased dependence on commercial loans add to the woes. Also, lack of geographic exposure can adversely affect its financial performance if the regional economy starts faltering.”
Several other research firms have also commented on ASB. DA Davidson assumed coverage on Associated Banc-Corp in a research note on Monday, October 3rd. They issued an underperform rating and a $18.00 target price for the company. Barclays PLC upped their target price on Associated Banc-Corp from $19.00 to $20.00 and gave the company an equal weight rating in a research note on Tuesday, August 16th. Finally, Jefferies Group reiterated a buy rating on shares of Associated Banc-Corp in a research note on Monday, August 1st. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the stock. Associated Banc-Corp currently has a consensus rating of Hold and a consensus price target of $19.38.
Shares of Associated Banc-Corp (NYSE:ASB) traded up 0.71% during trading on Friday, hitting $19.75. The stock had a trading volume of 172,036 shares. The firm has a market cap of $2.93 billion, a price-to-earnings ratio of 17.03 and a beta of 1.32. The stock has a 50-day moving average of $19.58 and a 200 day moving average of $18.37. Associated Banc-Corp has a 12-month low of $15.45 and a 12-month high of $20.90.
Associated Banc-Corp (NYSE:ASB) last released its earnings results on Thursday, July 21st. The company reported $0.31 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.31. Associated Banc-Corp had a return on equity of 6.44% and a net margin of 16.73%. On average, analysts predict that Associated Banc-Corp will post $1.23 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Thursday, September 1st were paid a dividend of $0.11 per share. The ex-dividend date of this dividend was Tuesday, August 30th. This represents a $0.44 annualized dividend and a yield of 2.24%. Associated Banc-Corp’s dividend payout ratio is presently 37.93%.
In other news, CFO Moral-Niles Christopher Del sold 8,052 shares of the company’s stock in a transaction dated Monday, July 25th. The stock was sold at an average price of $18.55, for a total value of $149,364.60. Following the completion of the sale, the chief financial officer now owns 79,644 shares of the company’s stock, valued at $1,477,396.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider James Yee sold 9,983 shares of the company’s stock in a transaction dated Friday, August 5th. The stock was sold at an average price of $19.19, for a total value of $191,573.77. Following the completion of the sale, the insider now directly owns 72,368 shares of the company’s stock, valued at approximately $1,388,741.92. The disclosure for this sale can be found here. Company insiders own 2.09% of the company’s stock.
Several large investors have recently modified their holdings of the company. Chicago Partners Investment Group LLC increased its stake in shares of Associated Banc-Corp by 0.7% in the second quarter. Chicago Partners Investment Group LLC now owns 6,304 shares of the company’s stock valued at $108,000 after buying an additional 41 shares during the last quarter. Schonfeld Strategic Advisors LLC acquired a new position in shares of Associated Banc-Corp during the first quarter worth approximately $183,000. LS Investment Advisors LLC increased its position in shares of Associated Banc-Corp by 49.0% in the second quarter. LS Investment Advisors LLC now owns 11,828 shares of the company’s stock worth $203,000 after buying an additional 3,889 shares in the last quarter. Calvert Investment Management Inc. increased its position in shares of Associated Banc-Corp by 1.5% in the second quarter. Calvert Investment Management Inc. now owns 12,014 shares of the company’s stock worth $206,000 after buying an additional 179 shares in the last quarter. Finally, M&T Bank Corp increased its position in shares of Associated Banc-Corp by 4.3% in the second quarter. M&T Bank Corp now owns 13,303 shares of the company’s stock worth $228,000 after buying an additional 550 shares in the last quarter. 74.28% 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 nonbanking 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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