Russell Investments Group Ltd. boosted its holdings in shares of Associated Banc-Corp (NYSE:ASB) by 85.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 42,157 shares of the bank’s stock after purchasing an additional 19,461 shares during the period. Russell Investments Group Ltd.’s holdings in Associated Banc-Corp were worth $1,062,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also made changes to their positions in the business. Vanguard Group Inc. lifted its stake in Associated Banc-Corp by 6.0% during the first quarter. Vanguard Group Inc. now owns 12,490,743 shares of the bank’s stock worth $304,775,000 after purchasing an additional 707,633 shares during the period. State Street Corp lifted its stake in Associated Banc-Corp by 10.4% during the first quarter. State Street Corp now owns 6,785,200 shares of the bank’s stock worth $165,559,000 after purchasing an additional 641,800 shares during the period. Victory Capital Management Inc. lifted its stake in Associated Banc-Corp by 4.6% during the first quarter. Victory Capital Management Inc. now owns 5,176,832 shares of the bank’s stock worth $126,315,000 after purchasing an additional 228,539 shares during the period. Alliancebernstein L.P. lifted its stake in Associated Banc-Corp by 3.5% during the first quarter. Alliancebernstein L.P. now owns 4,030,860 shares of the bank’s stock worth $98,353,000 after purchasing an additional 134,916 shares during the period. Finally, Bank of New York Mellon Corp lifted its stake in Associated Banc-Corp by 43.0% during the first quarter. Bank of New York Mellon Corp now owns 3,723,047 shares of the bank’s stock worth $90,843,000 after purchasing an additional 1,118,865 shares during the period. Hedge funds and other institutional investors own 77.49% of the company’s stock.
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In other news, CEO Philip B. Flynn sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $23.61, for a total transaction of $236,100.00. Following the completion of the sale, the chief executive officer now owns 127,585 shares of the company’s stock, valued at approximately $3,012,281.85. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Christopher C. Piotrowski sold 16,218 shares of the company’s stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $23.55, for a total transaction of $381,933.90. Following the sale, the insider now directly owns 30,479 shares of the company’s stock, valued at approximately $717,780.45. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 38,772 shares of company stock valued at $914,334. 1.80% of the stock is currently owned by insiders.
Associated Banc-Corp (ASB) traded up 2.46% during mid-day trading on Wednesday, hitting $22.90. 647,302 shares of the stock traded hands. Associated Banc-Corp has a 52 week low of $18.85 and a 52 week high of $26.70. The firm has a market cap of $3.47 billion, a P/E ratio of 16.47 and a beta of 1.17. The firm’s 50-day moving average price is $22.52 and its 200-day moving average price is $24.13.
Associated Banc-Corp (NYSE:ASB) last issued its quarterly earnings results on Thursday, July 20th. The bank reported $0.36 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.36. Associated Banc-Corp had a net margin of 18.78% and a return on equity of 7.43%. The company had revenue of $266.23 million during the quarter, compared to the consensus estimate of $273.29 million. During the same quarter in the prior year, the firm posted $0.31 EPS. On average, equities analysts forecast that Associated Banc-Corp will post $1.43 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.15%. The ex-dividend date of this dividend is Wednesday, August 30th. Associated Banc-Corp’s dividend payout ratio (DPR) is presently 34.53%.
A number of research analysts have commented on ASB shares. Zacks Investment Research cut shares of Associated Banc-Corp from a “buy” rating to a “hold” rating in a research note on Friday, June 30th. Jefferies Group LLC restated a “hold” rating and set a $27.00 price target on shares of Associated Banc-Corp in a research note on Friday, July 14th. Robert W. Baird restated a “hold” rating and set a $25.00 price target on shares of Associated Banc-Corp in a research note on Friday, August 25th. BidaskClub cut shares of Associated Banc-Corp from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 12th. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $26.00 price objective on shares of Associated Banc-Corp in a report on Tuesday, August 22nd. One analyst has rated the stock with a sell rating, twelve have given a hold rating and two have assigned a buy rating to the company’s stock. Associated Banc-Corp currently has a consensus rating of “Hold” and a consensus target price of $25.25.
About Associated Banc-Corp
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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