Associated Banc Corp (NYSE:ASB) – Equities researchers at Jefferies Financial Group reduced their FY2019 earnings per share estimates for shares of Associated Banc in a note issued to investors on Tuesday, January 7th. Jefferies Financial Group analyst C. Haire now expects that the bank will post earnings of $1.89 per share for the year, down from their previous forecast of $1.90. Jefferies Financial Group also issued estimates for Associated Banc’s Q4 2019 earnings at $0.40 EPS, Q1 2021 earnings at $0.45 EPS, Q2 2021 earnings at $0.51 EPS, Q3 2021 earnings at $0.51 EPS and Q4 2021 earnings at $0.50 EPS.
Associated Banc (NYSE:ASB) last announced its quarterly earnings data on Thursday, October 24th. The bank reported $0.50 EPS for the quarter, topping the consensus estimate of $0.47 by $0.03. The company had revenue of $307.00 million during the quarter, compared to the consensus estimate of $312.55 million. Associated Banc had a net margin of 21.73% and a return on equity of 9.71%. The company’s quarterly revenue was up .0% on a year-over-year basis. During the same quarter last year, the firm posted $0.48 EPS.
Several other analysts also recently commented on the stock. Robert W. Baird downgraded shares of Associated Banc from an “outperform” rating to a “neutral” rating in a research report on Tuesday, December 3rd. Bank of America set a $19.00 price objective on shares of Associated Banc and gave the stock a “sell” rating in a research report on Friday, October 25th. Wells Fargo & Co downgraded shares of Associated Banc from an “equal weight” rating to an “underweight” rating and set a $20.00 price objective for the company. in a research report on Monday. They noted that the move was a valuation call. Zacks Investment Research downgraded shares of Associated Banc from a “hold” rating to a “sell” rating and set a $24.00 price objective for the company. in a research report on Thursday, December 26th. Finally, Stephens set a $22.00 price objective on shares of Associated Banc and gave the stock a “hold” rating in a research report on Friday, October 25th. Three equities research analysts have rated the stock with a sell rating and six have issued a hold rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $22.14.
Shares of ASB stock opened at $21.16 on Wednesday. The company has a market cap of $3.36 billion, a price-to-earnings ratio of 10.42, a price-to-earnings-growth ratio of 1.46 and a beta of 1.21. Associated Banc has a 52 week low of $18.52 and a 52 week high of $23.83. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 1.00. The firm has a 50 day moving average of $21.80 and a 200-day moving average of $20.73.
The firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Monday, December 2nd were given a $0.18 dividend. The ex-dividend date was Friday, November 29th. This represents a $0.72 annualized dividend and a yield of 3.40%. This is an increase from Associated Banc’s previous quarterly dividend of $0.17. Associated Banc’s dividend payout ratio (DPR) is presently 35.47%.
In related news, EVP William M. Bohn sold 15,481 shares of Associated Banc stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $21.53, for a total value of $333,305.93. Following the completion of the sale, the executive vice president now owns 73,721 shares of the company’s stock, valued at approximately $1,587,213.13. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP John A. Utz sold 2,000 shares of Associated Banc stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $20.48, for a total transaction of $40,960.00. Following the completion of the sale, the executive vice president now directly owns 56,745 shares of the company’s stock, valued at approximately $1,162,137.60. The disclosure for this sale can be found here. In the last three months, insiders sold 50,281 shares of company stock valued at $1,086,936. 2.69% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Tower Research Capital LLC TRC grew its position in Associated Banc by 56.9% in the 3rd quarter. Tower Research Capital LLC TRC now owns 3,433 shares of the bank’s stock valued at $70,000 after purchasing an additional 1,245 shares during the period. Convergence Investment Partners LLC purchased a new position in Associated Banc during the 3rd quarter worth $163,000. Neo Ivy Capital Management purchased a new position in Associated Banc during the 2nd quarter worth $181,000. First Mercantile Trust Co. purchased a new position in Associated Banc during the 3rd quarter worth $188,000. Finally, Cerebellum GP LLC boosted its holdings in Associated Banc by 426.5% during the 3rd quarter. Cerebellum GP LLC now owns 9,982 shares of the bank’s stock worth $202,000 after acquiring an additional 8,086 shares during the last quarter. 73.29% of the stock is owned by institutional investors and hedge funds.
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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