Associated Banc (NYSE:ASB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday.
According to Zacks, “Associated Banc-Corp’s shares have underperformed the industry in the past six months. Yet, the company has an impressive earnings surprise history, having surpassed the Zacks Consensus Estimate in three of the trailing four quarters. The company’s fourth-quarter 2017 results benefited from higher net interest income and absence of provision for loan losses. Higher interest rates, rise in loan demand and improving asset quality will continue to support its profitability. Acquisitions of Bank Mutual and Whitnell will likely be accretive to its earnings. Also, lower tax rates are expected to help the company’s financials. However, mounting expenses are likely to hurt bottom-line growth. Also, the company's increased dependence on commercial loans remains a key near-term concern.”
A number of other research analysts have also recently commented on ASB. Morgan Stanley lowered their target price on Associated Banc from $28.00 to $27.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 31st. Barclays restated a “hold” rating and issued a $28.00 target price on shares of Associated Banc in a research note on Tuesday, January 30th. Piper Jaffray Companies restated a “hold” rating and issued a $26.00 target price on shares of Associated Banc in a research note on Sunday, January 28th. Finally, SunTrust Banks restated a “hold” rating and issued a $27.00 target price on shares of Associated Banc in a research note on Wednesday, November 29th. One equities research analyst has rated the stock with a sell rating and eleven have issued a hold rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $26.30.
Shares of Associated Banc (NYSE:ASB) opened at $24.75 on Tuesday. Associated Banc has a fifty-two week low of $20.95 and a fifty-two week high of $26.70. The company has a debt-to-equity ratio of 1.10, a current ratio of 0.90 and a quick ratio of 0.89. The firm has a market capitalization of $3,750.00, a P/E ratio of 16.39, a price-to-earnings-growth ratio of 1.95 and a beta of 1.08.
Associated Banc (NYSE:ASB) last released its quarterly earnings data on Thursday, January 25th. The bank reported $0.31 earnings per share for the quarter, missing the consensus estimate of $0.38 by ($0.07). The business had revenue of $272.00 million during the quarter, compared to analysts’ expectations of $281.38 million. Associated Banc had a return on equity of 8.05% and a net margin of 18.80%. The company’s quarterly revenue was up 5.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.34 EPS. sell-side analysts forecast that Associated Banc will post 1.76 earnings per share for the current year.
In other Associated Banc news, EVP John P. Hankerd sold 8,012 shares of Associated Banc stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $23.95, for a total transaction of $191,887.40. Following the completion of the transaction, the executive vice president now owns 27,648 shares in the company, valued at $662,169.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Philip B. Flynn sold 10,000 shares of Associated Banc stock in a transaction on Monday, February 5th. The shares were sold at an average price of $25.08, for a total value of $250,800.00. Following the transaction, the chief executive officer now owns 122,457 shares of the company’s stock, valued at approximately $3,071,221.56. The disclosure for this sale can be found here. Insiders have sold 90,656 shares of company stock valued at $2,272,910 in the last quarter. 1.80% of the stock is owned by company insiders.
Large investors have recently made changes to their positions in the business. California Public Employees Retirement System raised its stake in Associated Banc by 1.5% during the third quarter. California Public Employees Retirement System now owns 409,934 shares of the bank’s stock valued at $9,941,000 after buying an additional 6,249 shares during the last quarter. Campbell & CO Investment Adviser LLC purchased a new position in Associated Banc during the third quarter valued at $677,000. Pzena Investment Management LLC raised its stake in Associated Banc by 2.9% during the third quarter. Pzena Investment Management LLC now owns 2,433,590 shares of the bank’s stock valued at $59,015,000 after buying an additional 68,380 shares during the last quarter. Foundry Partners LLC raised its stake in Associated Banc by 3.3% during the third quarter. Foundry Partners LLC now owns 728,559 shares of the bank’s stock valued at $17,668,000 after buying an additional 23,204 shares during the last quarter. Finally, Crossmark Global Holdings Inc. purchased a new position in Associated Banc during the third quarter valued at $402,000. Institutional investors and hedge funds own 68.11% of the company’s stock.
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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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