Rhumbline Advisers lowered its holdings in Associated Banc Corp (NYSE:ASB) by 1.3% during the 3rd quarter, Holdings Channel reports. The firm owned 287,615 shares of the bank’s stock after selling 3,892 shares during the period. Rhumbline Advisers’ holdings in Associated Banc were worth $7,478,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds have also bought and sold shares of the business. Qube Research & Technologies Ltd purchased a new position in shares of Associated Banc during the 2nd quarter valued at $139,000. Landaas & Co. WI ADV purchased a new position in shares of Associated Banc during the 2nd quarter valued at $143,000. Hartford Investment Management Co. purchased a new position in shares of Associated Banc during the 2nd quarter valued at $202,000. Savant Capital LLC purchased a new position in shares of Associated Banc during the 2nd quarter valued at $217,000. Finally, HRT Financial LLC purchased a new position in shares of Associated Banc during the 2nd quarter valued at $238,000. 76.56% of the stock is currently owned by institutional investors and hedge funds.
ASB has been the topic of a number of recent research reports. Sandler O’Neill cut Associated Banc from a “buy” rating to a “hold” rating and set a $27.00 price target on the stock. in a research report on Friday, October 19th. Wells Fargo & Co set a $27.00 price target on Associated Banc and gave the company a “hold” rating in a research report on Tuesday, October 2nd. Zacks Investment Research cut Associated Banc from a “hold” rating to a “sell” rating in a research report on Wednesday, September 26th. ValuEngine upgraded Associated Banc from a “sell” rating to a “hold” rating in a research note on Tuesday, October 9th. Finally, Robert W. Baird decreased their price objective on Associated Banc from $30.00 to $27.00 and set an “outperform” rating on the stock in a research note on Friday, October 19th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and one has given a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $28.15.
Associated Banc (NYSE:ASB) last released its quarterly earnings data on Thursday, October 18th. The bank reported $0.49 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.49. Associated Banc had a return on equity of 9.44% and a net margin of 20.53%. The company had revenue of $307.69 million for the quarter, compared to analyst estimates of $321.04 million. During the same period in the previous year, the company posted $0.34 EPS. Research analysts forecast that Associated Banc Corp will post 1.99 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 17th. Investors of record on Monday, December 3rd will be paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.93%. This is a positive change from Associated Banc’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Friday, November 30th. Associated Banc’s payout ratio is presently 44.74%.
In other Associated Banc news, Director William R. Hutchinson bought 4,000 shares of the firm’s stock in a transaction on Wednesday, September 19th. The shares were acquired at an average cost of $25.00 per share, for a total transaction of $100,000.00. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Philip B. Flynn bought 115,000 shares of the firm’s stock in a transaction on Wednesday, September 19th. The stock was acquired at an average price of $25.00 per share, for a total transaction of $2,875,000.00. The disclosure for this purchase can be found here. Over the last quarter, insiders have purchased 121,000 shares of company stock worth $3,025,000. 2.13% of the stock is currently owned by corporate insiders.
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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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