Raymond James downgraded shares of Associated Banc (NYSE:ASB) from a mkt perform rating to an underperform rating in a research report released on Monday, MarketBeat Ratings reports.
ASB has been the topic of several other reports. Zacks Investment Research restated a hold rating on shares of Associated Banc in a report on Monday, November 12th. ValuEngine lowered shares of Associated Banc from a hold rating to a sell rating in a report on Friday, October 19th. Morgan Stanley lowered their target price on shares of Associated Banc from $27.50 to $25.00 and set an equal weight rating for the company in a research note on Tuesday, December 11th. Sandler O’Neill downgraded shares of Associated Banc from a buy rating to a hold rating and set a $27.00 target price for the company. in a research note on Friday, October 19th. Finally, 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. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company. Associated Banc currently has an average rating of Hold and a consensus price target of $27.00.
Shares of NYSE ASB opened at $20.34 on Monday. Associated Banc has a fifty-two week low of $18.53 and a fifty-two week high of $29.02. The company has a market capitalization of $3.36 billion, a P/E ratio of 13.38, a price-to-earnings-growth ratio of 1.42 and a beta of 1.09. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 1.17.
The company also recently announced a quarterly dividend, which was paid on Monday, December 17th. Shareholders of record on Monday, December 3rd were paid a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 3.34%. The ex-dividend date of this dividend was Friday, November 30th. This is an increase from Associated Banc’s previous quarterly dividend of $0.15. Associated Banc’s dividend payout ratio is presently 44.74%.
In other news, CFO Moral-Niles Christopher Del sold 2,239 shares of the stock in a transaction on Friday, December 14th. The shares were sold at an average price of $20.86, for a total transaction of $46,705.54. Following the completion of the sale, the chief financial officer now owns 57,337 shares of the company’s stock, valued at $1,196,049.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Philip B. Flynn sold 10,000 shares of the stock in a transaction on Monday, October 29th. The stock was sold at an average price of $22.81, for a total transaction of $228,100.00. Following the sale, the chief executive officer now directly owns 114,684 shares of the company’s stock, valued at approximately $2,615,942.04. The disclosure for this sale can be found here. 2.13% of the stock is currently owned by corporate insiders.
Several hedge funds have recently modified their holdings of the company. Legal & General Group Plc increased its position in shares of Associated Banc by 0.5% during the third quarter. Legal & General Group Plc now owns 238,147 shares of the bank’s stock worth $6,191,000 after acquiring an additional 1,209 shares in the last quarter. Glen Harbor Capital Management LLC increased its position in shares of Associated Banc by 9.9% during the second quarter. Glen Harbor Capital Management LLC now owns 21,196 shares of the bank’s stock worth $579,000 after acquiring an additional 1,904 shares in the last quarter. Oregon Public Employees Retirement Fund increased its position in shares of Associated Banc by 3.0% during the second quarter. Oregon Public Employees Retirement Fund now owns 65,668 shares of the bank’s stock worth $1,793,000 after acquiring an additional 1,910 shares in the last quarter. Foundry Partners LLC increased its position in shares of Associated Banc by 0.3% during the third quarter. Foundry Partners LLC now owns 725,849 shares of the bank’s stock worth $18,872,000 after acquiring an additional 2,042 shares in the last quarter. Finally, Mutual of America Capital Management LLC increased its position in shares of Associated Banc by 1.0% during the third quarter. Mutual of America Capital Management LLC now owns 208,819 shares of the bank’s stock worth $5,429,000 after acquiring an additional 2,158 shares in the last quarter. 76.49% of the stock is owned by institutional investors.
About Associated Banc
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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