WealthTrust Axiom LLC Holds Position in Associated Banc-Corp (ASB)
WealthTrust Axiom LLC continued to hold its stake in shares of Associated Banc-Corp (NYSE:ASB) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,000 shares of the bank’s stock at the end of the second quarter. WealthTrust Axiom LLC’s holdings in Associated Banc-Corp were worth $226,000 at the end of the most recent quarter.
Other large investors also recently made changes to their positions in the company. Acrospire Investment Management LLC raised its stake 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 valued at $118,000 after buying an additional 1,830 shares during the period. Chicago Partners Investment Group LLC raised its stake 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 valued at $156,000 after buying an additional 30 shares during the period. Nomura Holdings Inc. bought a new stake in shares of Associated Banc-Corp during the first quarter valued at about $210,000. Envestnet Asset Management Inc. raised its stake in shares of Associated Banc-Corp by 14.3% in the first quarter. Envestnet Asset Management Inc. now owns 9,195 shares of the bank’s stock valued at $224,000 after buying an additional 1,147 shares during the period. Finally, World Asset Management Inc raised its stake in shares of Associated Banc-Corp by 3.5% in the first quarter. World Asset Management Inc now owns 9,393 shares of the bank’s stock valued at $229,000 after buying an additional 317 shares during the period. 78.54% of the stock is currently owned by institutional investors.
Shares of Associated Banc-Corp (ASB) opened at 23.30 on Tuesday. The company has a market capitalization of $3.53 billion, a price-to-earnings ratio of 16.76 and a beta of 1.16. The firm’s 50-day moving average is $24.67 and its 200-day moving average is $24.79. Associated Banc-Corp has a 12-month low of $18.33 and a 12-month high of $26.70.
Associated Banc-Corp (NYSE:ASB) last announced its earnings results on Thursday, July 20th. The bank reported $0.36 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.36. The business had revenue of $266.23 million for the quarter, compared to the consensus estimate 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 period last year, the firm posted $0.31 earnings per share. On average, equities 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. Shareholders of record on Friday, September 1st will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 2.06%. The ex-dividend date is Wednesday, August 30th. Associated Banc-Corp’s payout ratio is currently 34.53%.
Several brokerages recently issued reports on ASB. Zacks Investment Research raised shares of Associated Banc-Corp from a “sell” rating to a “hold” rating in a report on Wednesday, August 2nd. BidaskClub lowered shares of Associated Banc-Corp from a “sell” rating to a “strong sell” rating in a report on Sunday, July 30th. Piper Jaffray Companies set a $25.00 price target on shares of Associated Banc-Corp and gave the company a “hold” rating in a report on Saturday, July 22nd. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $26.00 price target on shares of Associated Banc-Corp in a report on Friday, July 21st. Finally, Jefferies Group LLC reaffirmed a “hold” rating and set a $27.00 price target on shares of Associated Banc-Corp in a report on Sunday, June 11th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $25.00.
In other Associated Banc-Corp news, CEO Philip B. Flynn sold 10,000 shares of the stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $23.61, for a total transaction of $236,100.00. Following the transaction, the chief executive officer now directly owns 127,585 shares in the company, valued at $3,012,281.85. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider John A. Utz sold 8,054 shares of the stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $23.62, for a total transaction of $190,235.48. Following the transaction, the insider now owns 44,405 shares in the company, valued at $1,048,846.10. The disclosure for this sale can be found here. Insiders have sold 22,554 shares of company stock worth $532,400 over the last quarter. Company insiders own 1.80% of the company’s stock.
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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