Hilltop Holdings Inc. Acquires New Stake in Associated Banc Corp (ASB)
Hilltop Holdings Inc. acquired a new 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 (SEC). The institutional investor acquired 13,061 shares of the bank’s stock, valued at approximately $357,000.
A number of other hedge funds also recently modified their holdings of the business. Landaas & Co. WI ADV purchased a new stake in shares of Associated Banc in the second quarter worth approximately $143,000. Hartford Investment Management Co. purchased a new stake in shares of Associated Banc in the second quarter worth approximately $202,000. Savant Capital LLC purchased a new stake in shares of Associated Banc in the second quarter worth approximately $217,000. GSA Capital Partners LLP purchased a new stake in shares of Associated Banc in the first quarter worth approximately $236,000. Finally, New England Research & Management Inc. purchased a new stake in shares of Associated Banc in the second quarter worth approximately $287,000. Institutional investors and hedge funds own 76.40% of the company’s stock.
Several equities research analysts have recently weighed in on the company. Zacks Investment Research downgraded Associated Banc from a “buy” rating to a “hold” rating in a report on Wednesday, August 22nd. Jefferies Financial Group reiterated a “hold” rating and issued a $30.00 price target on shares of Associated Banc in a report on Friday, July 20th. Finally, Robert W. Baird reiterated a “buy” rating and issued a $30.00 price target on shares of Associated Banc in a report on Tuesday, July 10th. Ten analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $28.33.
ASB opened at $26.30 on Friday. The firm has a market cap of $4.72 billion, a price-to-earnings ratio of 17.30, a PEG ratio of 1.92 and a beta of 0.91. Associated Banc Corp has a 52 week low of $22.70 and a 52 week high of $29.02. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 1.47.
Associated Banc (NYSE:ASB) last released its quarterly earnings data on Thursday, July 19th. The bank reported $0.53 EPS for the quarter, topping the consensus estimate of $0.48 by $0.05. The company had revenue of $319.20 million for the quarter, compared to the consensus estimate of $316.63 million. Associated Banc had a return on equity of 9.10% and a net margin of 20.00%. During the same period last year, the business posted $0.36 EPS. equities research analysts forecast that Associated Banc Corp will post 2.03 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 17th. Shareholders of record on Tuesday, September 4th will be issued a dividend of $0.15 per share. The ex-dividend date is Friday, August 31st. This represents a $0.60 annualized dividend and a yield of 2.28%. Associated Banc’s payout ratio is currently 39.47%.
About Associated Banc
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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