Maltese Capital Management LLC increased its position in Associated Banc-Corp (NYSE:ASB) by 600.0% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 455,000 shares of the bank’s stock after purchasing an additional 390,000 shares during the period. Maltese Capital Management LLC owned approximately 0.30% of Associated Banc worth $11,034,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. BNP Paribas Arbitrage SA boosted its stake in Associated Banc by 47.2% in 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 in the last quarter. Wells Fargo & Company MN raised its position in Associated Banc by 2.2% in the 2nd quarter. Wells Fargo & Company MN now owns 1,840,826 shares of the bank’s stock worth $46,389,000 after buying an additional 38,996 shares during the last quarter. Vanguard Group Inc. raised its position in Associated Banc by 2.0% in the 2nd quarter. Vanguard Group Inc. now owns 12,739,124 shares of the bank’s stock worth $321,025,000 after buying an additional 248,381 shares during the last quarter. State of Tennessee Treasury Department raised its position in Associated Banc by 20.0% in the 2nd quarter. State of Tennessee Treasury Department now owns 240,000 shares of the bank’s stock worth $6,048,000 after buying an additional 40,000 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. raised its position in Associated Banc by 5.3% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 808,521 shares of the bank’s stock worth $20,375,000 after buying an additional 41,053 shares during the last quarter. Institutional investors own 76.61% of the company’s stock.
In related news, Director William R. Hutchinson sold 4,632 shares of the stock in a transaction that occurred on Wednesday, October 25th. The shares were sold at an average price of $25.70, for a total value of $119,042.40. Following the completion of the sale, the director now directly owns 91,209 shares of the company’s stock, valued at approximately $2,344,071.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Philip B. Flynn sold 10,000 shares of the stock in a transaction that occurred on Monday, October 30th. The stock was sold at an average price of $25.25, for a total transaction of $252,500.00. Following the completion of the sale, the chief executive officer now directly owns 127,585 shares of the company’s stock, valued at $3,221,521.25. The disclosure for this sale can be found here. Insiders have sold a total of 61,426 shares of company stock valued at $1,558,805 in the last ninety days. Insiders own 1.80% of the company’s stock.
Shares of Associated Banc-Corp (NYSE ASB) opened at $25.00 on Thursday. Associated Banc-Corp has a 52-week low of $20.95 and a 52-week high of $26.70. The company has a market cap of $3,816.91, a PE ratio of 17.30, a PEG ratio of 2.41 and a beta of 1.19. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.89 and a current ratio of 0.90.
Associated Banc (NYSE:ASB) last released its quarterly earnings results on Thursday, October 19th. The bank reported $0.41 EPS for the quarter, beating the Thomson Reuters’ 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 firm had revenue of $276.02 million during the quarter, compared to analyst estimates of $276.88 million. During the same quarter in the prior year, the firm earned $0.31 EPS. sell-side analysts expect that Associated Banc-Corp will post 1.5 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Friday, December 1st will be given a dividend of $0.3828 per share. This represents a $1.53 annualized dividend and a dividend yield of 6.12%. The ex-dividend date of this dividend is Thursday, November 30th. Associated Banc’s payout ratio is currently 38.36%.
A number of equities analysts have weighed in on ASB shares. Zacks Investment Research raised Associated Banc from a “hold” rating to a “buy” rating and set a $29.00 target price for the company in a research report on Tuesday, October 24th. Barclays boosted their target price on Associated Banc from $26.00 to $27.00 and gave the stock an “equal weight” rating in a research report on Monday, October 23rd. Jefferies Group reissued a “hold” rating and issued a $27.00 target price on shares of Associated Banc in a research report on Friday, August 11th. ValuEngine lowered Associated Banc from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Finally, Robert W. Baird reissued a “hold” rating and issued a $25.00 target price on shares of Associated Banc in a research report on Friday, August 25th. One analyst has rated the stock with a sell rating and thirteen have issued a hold rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $25.91.
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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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