Associated Banc Corp (NYSE:ASB) Stock Position Reduced by First Trust Advisors LP
First Trust Advisors LP cut its stake in shares of Associated Banc Corp (NYSE:ASB) by 38.5% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 625,292 shares of the bank’s stock after selling 391,034 shares during the period. First Trust Advisors LP’s holdings in Associated Banc were worth $7,997,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently made changes to their positions in ASB. Chevy Chase Trust Holdings Inc. purchased a new position in Associated Banc during the fourth quarter valued at approximately $36,000. Neo Ivy Capital Management grew its position in Associated Banc by 91.9% during the fourth quarter. Neo Ivy Capital Management now owns 2,308 shares of the bank’s stock valued at $51,000 after purchasing an additional 1,105 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its position in Associated Banc by 23.8% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,868 shares of the bank’s stock valued at $63,000 after purchasing an additional 551 shares in the last quarter. NumerixS Investment Technologies Inc purchased a new position in Associated Banc during the fourth quarter valued at approximately $84,000. Finally, Point72 Hong Kong Ltd purchased a new position in Associated Banc during the fourth quarter valued at approximately $150,000. 73.58% of the stock is currently owned by hedge funds and other institutional investors.
Several analysts have commented on the stock. TheStreet downgraded shares of Associated Banc from a “b-” rating to a “c+” rating in a research report on Thursday, February 27th. Raymond James raised shares of Associated Banc from an “underperform” rating to a “market perform” rating in a research report on Thursday, February 20th. ValuEngine downgraded shares of Associated Banc from a “hold” rating to a “sell” rating in a research report on Thursday, April 30th. Wells Fargo & Co raised shares of Associated Banc from an “underweight” rating to an “equal weight” rating and set a $15.00 target price for the company in a research report on Monday, March 30th. Finally, Royal Bank of Canada boosted their target price on shares of Associated Banc from $13.00 to $15.00 and gave the stock a “sector perform” rating in a research report on Tuesday, May 5th. Three investment analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $17.71.
NYSE ASB opened at $13.05 on Friday. The company has a current ratio of 0.96, a quick ratio of 0.94 and a debt-to-equity ratio of 1.07. The company has a fifty day simple moving average of $12.94 and a 200 day simple moving average of $17.92. The company has a market cap of $2.05 billion, a P/E ratio of 7.77, a P/E/G ratio of 2.04 and a beta of 1.27. Associated Banc Corp has a 1 year low of $10.23 and a 1 year high of $22.60.
Associated Banc (NYSE:ASB) last posted its quarterly earnings data on Thursday, April 23rd. The bank reported $0.28 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.10 by $0.18. The business had revenue of $305.33 million during the quarter, compared to the consensus estimate of $293.74 million. Associated Banc had a net margin of 18.59% and a return on equity of 8.13%. During the same period in the prior year, the firm earned $0.50 EPS. Equities research analysts forecast that Associated Banc Corp will post 0.81 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 1st will be issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 5.52%. The ex-dividend date of this dividend is Friday, May 29th. Associated Banc’s dividend payout ratio is currently 36.55%.
About Associated Banc
Associated Banc-Corp, a bank holding company, provides various banking and nonbanking products to individuals and businesses 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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