Associated Banc-Corp (NYSE:ASB) – Equities research analysts at Jefferies Group boosted their FY2018 earnings per share (EPS) estimates for Associated Banc in a research note issued on Wednesday, April 4th, Zacks Investment Research reports. Jefferies Group analyst C. Haire now expects that the bank will earn $1.80 per share for the year, up from their previous estimate of $1.78.
Associated Banc (NYSE:ASB) last released its quarterly earnings data on Thursday, January 25th. The bank reported $0.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.07). The firm had revenue of $272.00 million for the quarter, compared to the consensus estimate of $281.38 million. Associated Banc had a net margin of 18.80% and a return on equity of 8.05%. The business’s revenue for the quarter was up 5.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.34 earnings per share.
Several other analysts have also commented on ASB. Morgan Stanley decreased their price target on Associated Banc from $28.00 to $27.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 31st. Zacks Investment Research lowered Associated Banc from a “hold” rating to a “sell” rating in a research note on Monday, April 2nd. ValuEngine raised Associated Banc from a “hold” rating to a “buy” rating in a research note on Wednesday, March 7th. Barclays reaffirmed a “hold” rating and issued a $28.00 price target on shares of Associated Banc in a research note on Tuesday, January 30th. Finally, Piper Jaffray reaffirmed a “hold” rating and issued a $27.00 price target on shares of Associated Banc in a research note on Tuesday, January 9th. Two equities research analysts have rated the stock with a sell rating and ten have assigned a hold rating to the company. Associated Banc currently has an average rating of “Hold” and a consensus target price of $26.30.
Shares of ASB stock opened at $24.45 on Thursday. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 1.10. The firm has a market capitalization of $3,769.45, a P/E ratio of 16.09, a P/E/G ratio of 2.02 and a beta of 1.00. Associated Banc has a one year low of $20.95 and a one year high of $27.20.
Institutional investors and hedge funds have recently modified their holdings of the company. New York State Common Retirement Fund grew its holdings in Associated Banc by 1.5% during the 3rd quarter. New York State Common Retirement Fund now owns 356,594 shares of the bank’s stock valued at $8,647,000 after purchasing an additional 5,100 shares during the last quarter. Russell Investments Group Ltd. grew its holdings in Associated Banc by 20.7% during the 3rd quarter. Russell Investments Group Ltd. now owns 50,904 shares of the bank’s stock valued at $1,234,000 after purchasing an additional 8,747 shares during the last quarter. Legal & General Group Plc grew its holdings in Associated Banc by 7.8% during the 3rd quarter. Legal & General Group Plc now owns 197,086 shares of the bank’s stock valued at $4,780,000 after purchasing an additional 14,183 shares during the last quarter. Schwab Charles Investment Management Inc. grew its holdings in Associated Banc by 7.0% during the 3rd quarter. Schwab Charles Investment Management Inc. now owns 865,036 shares of the bank’s stock valued at $20,978,000 after purchasing an additional 56,515 shares during the last quarter. Finally, Stifel Financial Corp grew its holdings in Associated Banc by 75.5% during the 3rd quarter. Stifel Financial Corp now owns 33,517 shares of the bank’s stock valued at $812,000 after purchasing an additional 14,417 shares during the last quarter. 77.52% of the stock is currently owned by institutional investors and hedge funds.
In other Associated Banc news, insider David L. Stein sold 15,400 shares of the business’s stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $25.40, for a total value of $391,160.00. Following the transaction, the insider now owns 36,685 shares of the company’s stock, valued at $931,799. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Timothy J. Lau sold 19,558 shares of the company’s stock in a transaction on Monday, March 12th. The shares were sold at an average price of $26.75, for a total value of $523,176.50. The disclosure for this sale can be found here. In the last three months, insiders sold 142,568 shares of company stock worth $3,621,898. Insiders own 2.13% of the company’s stock.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 15th. Shareholders of record on Thursday, March 1st were paid a $0.15 dividend. The ex-dividend date of this dividend was Wednesday, February 28th. This represents a $0.60 dividend on an annualized basis and a yield of 2.45%. This is a positive change from Associated Banc’s previous quarterly dividend of $0.14. Associated Banc’s payout ratio is currently 39.47%.
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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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