Associated Banc (ASB) Hits New 52-Week Low at $21.92

Associated Banc Corp (NYSE:ASB) hit a new 52-week low on Tuesday . The stock traded as low as $21.92 and last traded at $21.58, with a volume of 482916 shares trading hands. The stock had previously closed at $22.82.

Several equities research analysts have recently weighed in on ASB shares. Zacks Investment Research downgraded shares of Associated Banc from a “buy” rating to a “hold” rating in a research note on Wednesday, August 22nd. Morgan Stanley reissued a “hold” rating and issued a $29.50 target price (down previously from $30.00) on shares of Associated Banc in a research note on Tuesday, September 18th. ValuEngine downgraded shares of Associated Banc from a “hold” rating to a “sell” rating in a research note on Tuesday, October 2nd. Wells Fargo & Co set a $27.00 target price on shares of Associated Banc and gave the company a “hold” rating in a research note on Tuesday, October 2nd. Finally, Sandler O’Neill downgraded shares of Associated Banc from a “buy” rating to a “hold” rating and set a $27.00 target price on the stock. in a research note on Friday, October 19th. One equities 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 stock. The company presently has a consensus rating of “Hold” and a consensus target price of $28.15.

The company has a market cap of $3.84 billion, a price-to-earnings ratio of 14.22, a price-to-earnings-growth ratio of 1.66 and a beta of 0.99. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 1.17.

Associated Banc (NYSE:ASB) last announced its earnings results on Thursday, October 18th. The bank reported $0.49 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.49. The business had revenue of $307.69 million for the quarter, compared to the consensus estimate of $321.04 million. Associated Banc had a net margin of 20.53% and a return on equity of 9.44%. During the same quarter in the prior year, the firm posted $0.34 earnings per share. Analysts anticipate that Associated Banc Corp will post 1.99 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Monday, December 17th. Investors of record on Monday, December 3rd will be paid a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 3.15%. The ex-dividend date is Friday, November 30th. This is an increase from Associated Banc’s previous quarterly dividend of $0.15. Associated Banc’s dividend payout ratio (DPR) is currently 44.74%.

In related news, CEO Philip B. Flynn sold 10,000 shares of the firm’s stock in a transaction dated Monday, October 29th. The shares were sold at an average price of $22.81, for a total value of $228,100.00. Following the transaction, the chief executive officer now owns 114,684 shares of the company’s stock, valued at approximately $2,615,942.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director William R. Hutchinson purchased 4,000 shares of Associated Banc stock in a transaction that occurred on Wednesday, September 19th. The stock was bought at an average cost of $25.00 per share, for a total transaction of $100,000.00. The disclosure for this purchase can be found here. Insiders purchased a total of 121,000 shares of company stock worth $3,025,000 in the last ninety days. 2.13% of the stock is currently owned by insiders.

Hedge funds have recently bought and sold shares of the stock. Qube Research & Technologies Ltd purchased a new position in Associated Banc in the 2nd quarter worth about $139,000. Landaas & Co. WI ADV bought a new position in Associated Banc during the 2nd quarter worth about $143,000. Hartford Investment Management Co. bought a new position in Associated Banc during the 2nd quarter worth about $202,000. Savant Capital LLC bought a new position in Associated Banc during the 2nd quarter worth about $217,000. Finally, Virtu Financial LLC bought a new position in Associated Banc during the 3rd quarter worth about $225,000. 76.56% of the stock is currently owned by institutional investors.

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Associated Banc Company Profile (NYSE:ASB)

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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