Wells Fargo & Company MN cut its holdings in shares of Associated Banc-Corp (NYSE:ASB) by 3.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,780,992 shares of the bank’s stock after selling 59,834 shares during the period. Wells Fargo & Company MN owned approximately 1.18% of Associated Banc worth $43,189,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. BNP Paribas Arbitrage SA increased its stake in shares of Associated Banc by 47.2% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 57,517 shares of the bank’s stock worth $1,449,000 after purchasing an additional 18,435 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Associated Banc by 2.0% in the 2nd quarter. Vanguard Group Inc. now owns 12,739,124 shares of the bank’s stock valued at $321,025,000 after purchasing an additional 248,381 shares during the last quarter. State of Tennessee Treasury Department boosted its stake in shares of Associated Banc by 20.0% in the 2nd quarter. State of Tennessee Treasury Department now owns 240,000 shares of the bank’s stock valued at $6,048,000 after purchasing an additional 40,000 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its stake in shares of Associated Banc by 5.3% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 808,521 shares of the bank’s stock valued at $20,375,000 after purchasing an additional 41,053 shares during the last quarter. Finally, Swiss National Bank boosted its stake in shares of Associated Banc by 2.0% in the 2nd quarter. Swiss National Bank now owns 252,900 shares of the bank’s stock valued at $6,373,000 after purchasing an additional 5,000 shares during the last quarter. Institutional investors and hedge funds own 77.45% of the company’s stock.
In related news, CFO Moral-Niles Christopher Del sold 11,999 shares of the business’s stock in a transaction on Tuesday, November 21st. The shares were sold at an average price of $24.72, for a total transaction of $296,615.28. Following the transaction, the chief financial officer now directly owns 81,092 shares in the company, valued at $2,004,594.24. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Breck F. Hanson sold 11,373 shares of the company’s stock in a transaction on Wednesday, November 22nd. The shares were sold at an average price of $24.92, for a total transaction of $283,415.16. Following the completion of the transaction, the insider now owns 37,722 shares in the company, valued at $940,032.24. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 61,426 shares of company stock worth $1,558,805. 1.80% of the stock is owned by corporate insiders.
Several research analysts recently weighed in on ASB shares. Zacks Investment Research lowered shares of Associated Banc from a “buy” rating to a “hold” rating in a research note on Wednesday, November 1st. SunTrust Banks set a $26.00 price objective on shares of Associated Banc and gave the stock a “hold” rating in a research note on Saturday, October 21st. Robert W. Baird reissued a “hold” rating and set a $25.00 price objective on shares of Associated Banc in a research note on Sunday, October 1st. Keefe, Bruyette & Woods reissued a “hold” rating and set a $26.00 price objective on shares of Associated Banc in a research note on Tuesday, August 22nd. Finally, Jefferies Group reissued a “hold” rating and set a $28.00 price objective on shares of Associated Banc in a research note on Thursday, October 12th. One equities research analyst has rated the stock with a sell rating and thirteen have issued a hold rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $25.91.
Shares of Associated Banc-Corp (NYSE ASB) opened at $25.05 on Monday. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 1.03. Associated Banc-Corp has a fifty-two week low of $20.95 and a fifty-two week high of $26.70. The stock has a market cap of $3,786.68, a P/E ratio of 17.16, a PEG ratio of 2.39 and a beta of 1.19.
Associated Banc (NYSE:ASB) last posted its quarterly earnings data on Thursday, October 19th. The bank reported $0.41 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.36 by $0.05. Associated Banc had a net margin of 19.54% and a return on equity of 7.81%. The company had revenue of $276.02 million for the quarter, compared to the consensus estimate of $276.88 million. During the same period last year, the company earned $0.31 earnings per share. sell-side analysts predict that Associated Banc-Corp will post 1.5 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, December 1st will be issued a dividend of $0.3828 per share. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $1.53 dividend on an annualized basis and a yield of 6.11%. Associated Banc’s payout ratio is 38.36%.
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Associated Banc 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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