Associated Banc-Corp (NYSE:ASB) Lowered to Strong Sell at BidaskClub

BidaskClub downgraded shares of Associated Banc-Corp (NYSE:ASB) from a sell rating to a strong sell rating in a report released on Saturday.

A number of other research analysts have also weighed in on ASB. Jefferies Group LLC reissued a hold rating and set a $27.00 target price on shares of Associated Banc-Corp in a report on Sunday, June 11th. Zacks Investment Research raised Associated Banc-Corp from a hold rating to a buy rating and set a $28.00 target price on the stock in a report on Wednesday, June 21st. Morgan Stanley reissued an equal weight rating and set a $25.00 target price (up from $24.00) on shares of Associated Banc-Corp in a report on Thursday, July 6th. Royal Bank Of Canada reissued a hold rating and set a $26.00 target price on shares of Associated Banc-Corp in a report on Friday, July 7th. Finally, Keefe, Bruyette & Woods reissued a hold rating and set a $26.00 target price on shares of Associated Banc-Corp in a report on Friday, July 21st. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and two have assigned a buy rating to the stock. The company currently has a consensus rating of Hold and an average price target of $25.00.

Associated Banc-Corp (NYSE:ASB) traded down 0.89% during trading on Friday, reaching $22.25. The company had a trading volume of 823,519 shares. The company has a market capitalization of $3.37 billion, a PE ratio of 16.01 and a beta of 1.16. The company has a 50 day moving average price of $24.25 and a 200 day moving average price of $24.71. Associated Banc-Corp has a 52-week low of $18.74 and a 52-week high of $26.70.

Associated Banc-Corp (NYSE:ASB) last posted its earnings results on Thursday, July 20th. The bank reported $0.36 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.36. The business had revenue of $266.23 million for the quarter, compared to analyst estimates of $273.29 million. Associated Banc-Corp had a return on equity of 7.43% and a net margin of 18.78%. During the same period in the previous year, the firm earned $0.31 EPS. On average, equities analysts forecast that Associated Banc-Corp will post $1.43 EPS for the current fiscal year.

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The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, September 1st will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 2.16%. The ex-dividend date of this dividend is Wednesday, August 30th. Associated Banc-Corp’s dividend payout ratio is 34.53%.

In other Associated Banc-Corp news, insider John A. Utz sold 8,054 shares of the company’s stock in a transaction on Monday, July 31st. The stock was sold at an average price of $23.62, for a total value of $190,235.48. Following the transaction, the insider now directly owns 44,405 shares of the company’s stock, valued at approximately $1,048,846.10. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Philip B. Flynn sold 10,000 shares of the company’s stock in a transaction on Monday, July 31st. The shares were sold at an average price of $23.61, for a total value of $236,100.00. Following the completion of the transaction, the chief executive officer now directly owns 127,585 shares in the company, valued at $3,012,281.85. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 38,772 shares of company stock worth $914,334. Insiders own 1.80% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Acrospire Investment Management LLC raised its position 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 worth $118,000 after buying an additional 1,830 shares in the last quarter. Morgan Dempsey Capital Management LLC raised its position in shares of Associated Banc-Corp by 40.5% in the second quarter. Morgan Dempsey Capital Management LLC now owns 5,542 shares of the bank’s stock worth $140,000 after buying an additional 1,597 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Associated Banc-Corp by 10.2% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,931 shares of the bank’s stock worth $149,000 after buying an additional 549 shares in the last quarter. Chicago Partners Investment Group LLC raised its position 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 worth $156,000 after buying an additional 30 shares in the last quarter. Finally, Nomura Holdings Inc. purchased a new position in shares of Associated Banc-Corp during the first quarter worth approximately $210,000. 78.54% of the stock is currently owned by hedge funds and other institutional investors.

Associated Banc-Corp Company Profile

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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