Oppenheimer Asset Management Inc. Decreases Stake in Associated Banc Corp (NYSE:ASB)

Oppenheimer Asset Management Inc. lowered its position in Associated Banc Corp (NYSE:ASB) by 23.3% during the second quarter, HoldingsChannel reports. The firm owned 11,504 shares of the bank’s stock after selling 3,494 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Associated Banc were worth $243,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in ASB. LSV Asset Management lifted its holdings in Associated Banc by 34.3% in the 1st quarter. LSV Asset Management now owns 1,841,614 shares of the bank’s stock valued at $39,318,000 after purchasing an additional 470,500 shares in the last quarter. Acadian Asset Management LLC purchased a new position in Associated Banc in the 1st quarter valued at $8,537,000. Wells Fargo & Company MN lifted its holdings in Associated Banc by 8.1% in the 2nd quarter. Wells Fargo & Company MN now owns 2,489,109 shares of the bank’s stock valued at $52,620,000 after purchasing an additional 187,513 shares in the last quarter. Seacliff Capital LLC purchased a new position in shares of Associated Banc during the 1st quarter worth $3,202,000. Finally, BlackRock Inc. raised its holdings in shares of Associated Banc by 1.0% during the 1st quarter. BlackRock Inc. now owns 15,377,060 shares of the bank’s stock worth $328,301,000 after acquiring an additional 148,932 shares during the period. Institutional investors own 73.33% of the company’s stock.

Several research analysts have recently commented on ASB shares. Royal Bank of Canada set a $23.00 price target on Associated Banc and gave the stock a “hold” rating in a report on Friday, July 26th. SunTrust Banks set a $22.00 price target on Associated Banc and gave the stock a “hold” rating in a report on Monday. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company’s stock. Associated Banc has an average rating of “Hold” and a consensus target price of $24.50.

Shares of NYSE ASB traded up $0.08 during trading on Friday, hitting $20.39. 18,624 shares of the company were exchanged, compared to its average volume of 808,588. Associated Banc Corp has a 12-month low of $18.52 and a 12-month high of $27.30. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.91 and a current ratio of 0.92. The company has a fifty day moving average price of $19.86 and a 200-day moving average price of $21.29. The firm has a market capitalization of $3.25 billion, a PE ratio of 10.06, a P/E/G ratio of 1.30 and a beta of 1.20.

Associated Banc (NYSE:ASB) last issued its quarterly earnings data on Thursday, July 25th. The bank reported $0.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.49 by $0.02. The firm had revenue of $309.46 million during the quarter, compared to the consensus estimate of $315.84 million. Associated Banc had a return on equity of 9.86% and a net margin of 22.01%. During the same period last year, the company earned $0.53 EPS. Research analysts anticipate that Associated Banc Corp will post 1.93 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Tuesday, September 3rd will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.33%. The ex-dividend date of this dividend is Friday, August 30th. Associated Banc’s payout ratio is 33.50%.

In related news, EVP John A. Utz sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $20.04, for a total transaction of $60,120.00. Following the completion of the sale, the executive vice president now directly owns 59,348 shares of the company’s stock, valued at approximately $1,189,333.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Moral-Niles Christopher Del sold 2,000 shares of Associated Banc stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $26.50, for a total value of $53,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 19,698 shares of company stock valued at $422,887 over the last three months. Corporate insiders own 2.69% of the company’s stock.

Associated Banc Company Profile

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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Institutional Ownership by Quarter for Associated Banc (NYSE:ASB)

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