SunTrust Banks Weighs in on Associated Banc Corp’s Q3 2018 Earnings (ASB)
Associated Banc Corp (NYSE:ASB) – Research analysts at SunTrust Banks boosted their Q3 2018 earnings per share estimates for Associated Banc in a research report issued on Monday. SunTrust Banks analyst M. Young now anticipates that the bank will earn $0.45 per share for the quarter, up from their prior estimate of $0.41. SunTrust Banks currently has a “Hold” rating and a $27.00 target price on the stock. SunTrust Banks also issued estimates for Associated Banc’s Q4 2018 earnings at $0.44 EPS.
Several other research analysts also recently commented on ASB. Piper Jaffray Companies reissued a “hold” rating and set a $27.00 target price on shares of Associated Banc in a research note on Tuesday. Robert W. Baird reaffirmed a “hold” rating and issued a $25.00 price objective on shares of Associated Banc in a research note on Sunday, October 1st. Barclays upped their price objective on Associated Banc from $27.00 to $29.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 2nd. Zacks Investment Research raised Associated Banc from a “hold” rating to a “buy” rating and set a $29.00 price objective for the company in a research note on Tuesday, January 2nd. Finally, Jefferies Group reaffirmed a “hold” rating and issued a $28.00 price objective on shares of Associated Banc in a research note on Thursday, October 12th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and one has assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $26.60.
Associated Banc (NYSE:ASB) last issued its earnings results on Thursday, October 19th. The bank reported $0.41 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.05. The firm had revenue of $276.02 million during the quarter, compared to the consensus estimate of $276.88 million. Associated Banc had a return on equity of 7.81% and a net margin of 19.54%. During the same quarter in the previous year, the firm earned $0.31 earnings per share.
A number of hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in Associated Banc by 2.0% in the second quarter. Vanguard Group Inc. now owns 12,739,124 shares of the bank’s stock valued at $321,025,000 after acquiring an additional 248,381 shares during the last quarter. State Street Corp boosted its holdings in Associated Banc by 2.0% in the second quarter. State Street Corp now owns 6,922,074 shares of the bank’s stock valued at $174,433,000 after acquiring an additional 136,874 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in Associated Banc by 3.3% in the third quarter. Victory Capital Management Inc. now owns 5,178,754 shares of the bank’s stock valued at $125,585,000 after acquiring an additional 164,148 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in Associated Banc by 1.7% in the third quarter. Bank of New York Mellon Corp now owns 3,790,033 shares of the bank’s stock valued at $91,909,000 after acquiring an additional 64,574 shares during the last quarter. Finally, Cramer Rosenthal Mcglynn LLC boosted its holdings in Associated Banc by 62.2% in the third quarter. Cramer Rosenthal Mcglynn LLC now owns 3,674,521 shares of the bank’s stock valued at $89,107,000 after acquiring an additional 1,409,435 shares during the last quarter. Institutional investors and hedge funds own 77.43% of the company’s stock.
In related news, EVP Breck F. Hanson sold 6,000 shares of the company’s stock in a transaction that occurred on Thursday, November 30th. The stock was sold at an average price of $25.71, for a total value of $154,260.00. Following the sale, the executive vice president now directly owns 15,536 shares in the company, valued at $399,430.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Breck F. Hanson sold 11,373 shares of the company’s stock in a transaction that occurred on Wednesday, November 22nd. The shares were sold at an average price of $24.92, for a total value of $283,415.16. Following the completion of the sale, the insider now owns 37,722 shares in the company, valued at $940,032.24. The disclosure for this sale can be found here. Insiders sold 61,426 shares of company stock valued at $1,558,805 in the last ninety days. 1.80% of the stock is currently owned by insiders.
The company also recently disclosed a quarterly dividend, which was paid on Friday, December 15th. Stockholders of record on Friday, December 1st were paid a $0.3828 dividend. This represents a $1.53 annualized dividend and a dividend yield of 5.77%. The ex-dividend date was Thursday, November 30th. Associated Banc’s dividend payout ratio is currently 38.62%.
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About Associated Banc
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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