Associated Banc Corp (NYSE:ASB)’s share price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $26.83 and last traded at $26.82, with a volume of 966179 shares changing hands. The stock had previously closed at $26.50.
ASB has been the subject of a number of recent research reports. SunTrust Banks restated a “hold” rating and issued a $27.00 price objective on shares of Associated Banc in a research note on Wednesday, November 29th. Morgan Stanley increased their price objective on shares of Associated Banc from $25.50 to $28.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 13th. ValuEngine upgraded shares of Associated Banc from a “hold” rating to a “buy” rating in a research note on Wednesday, March 7th. Piper Jaffray Companies restated a “hold” rating and issued a $26.00 price objective on shares of Associated Banc in a research note on Sunday, January 28th. Finally, Barclays increased their price objective on shares of Associated Banc from $27.00 to $29.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 2nd. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and one has issued a buy rating to the company’s stock. Associated Banc currently has an average rating of “Hold” and an average price target of $26.30.
The company has a market capitalization of $4,019.73, a PE ratio of 18.53, a PEG ratio of 2.14 and a beta of 1.03. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 1.10.
The company also recently announced a quarterly dividend, which will be paid on Thursday, March 15th. Investors of record on Thursday, March 1st will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Wednesday, February 28th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.23%. This is a boost from Associated Banc’s previous quarterly dividend of $0.14. Associated Banc’s dividend payout ratio (DPR) is 41.96%.
In related news, Director William R. Hutchinson sold 15,032 shares of the stock in a transaction dated Friday, March 2nd. The shares were sold at an average price of $24.42, for a total transaction of $367,081.44. Following the completion of the sale, the director now owns 81,013 shares in the company, valued at approximately $1,978,337.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider David L. Stein sold 15,400 shares of the stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $25.40, for a total transaction of $391,160.00. Following the sale, the insider now owns 36,685 shares of the company’s stock, valued at approximately $931,799. The disclosure for this sale can be found here. Insiders have sold a total of 106,595 shares of company stock valued at $2,659,922 in the last quarter. 1.80% of the stock is currently owned by corporate insiders.
Several institutional investors have recently made changes to their positions in ASB. California Public Employees Retirement System boosted its stake in shares of Associated Banc by 1.5% in the 3rd quarter. California Public Employees Retirement System now owns 409,934 shares of the bank’s stock valued at $9,941,000 after purchasing an additional 6,249 shares during the last quarter. Campbell & CO Investment Adviser LLC acquired a new position in shares of Associated Banc in the third quarter valued at approximately $677,000. Swiss National Bank increased its stake in shares of Associated Banc by 1.9% in the fourth quarter. Swiss National Bank now owns 257,800 shares of the bank’s stock valued at $6,548,000 after buying an additional 4,900 shares during the period. Crossmark Global Holdings Inc. acquired a new position in shares of Associated Banc in the third quarter valued at approximately $402,000. Finally, Schwab Charles Investment Management Inc. increased its stake in shares of Associated Banc by 7.0% in the third quarter. Schwab Charles Investment Management Inc. now owns 865,036 shares of the bank’s stock valued at $20,978,000 after buying an additional 56,515 shares during the period. Institutional investors and hedge funds own 77.92% of the company’s stock.
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About Associated Banc
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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