Public Employees Retirement Association of Colorado lifted its stake in shares of Associated Banc-Corp (NYSE:ASB) by 15.2% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 38,229 shares of the bank’s stock after buying an additional 5,039 shares during the quarter. Public Employees Retirement Association of Colorado’s holdings in Associated Banc were worth $950,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. BlackRock Inc. lifted its stake in shares of Associated Banc by 3.8% during the 4th quarter. BlackRock Inc. now owns 12,786,592 shares of the bank’s stock worth $324,779,000 after buying an additional 471,331 shares during the last quarter. Alliancebernstein L.P. lifted its stake in shares of Associated Banc by 4.2% during the 4th quarter. Alliancebernstein L.P. now owns 4,609,209 shares of the bank’s stock worth $117,074,000 after buying an additional 187,460 shares during the last quarter. Cramer Rosenthal Mcglynn LLC raised its stake in Associated Banc by 2.0% in the 4th quarter. Cramer Rosenthal Mcglynn LLC now owns 3,746,357 shares of the bank’s stock worth $95,157,000 after purchasing an additional 71,836 shares in the last quarter. Wells Fargo & Company MN raised its stake in Associated Banc by 6.7% in the 1st quarter. Wells Fargo & Company MN now owns 2,009,444 shares of the bank’s stock worth $49,935,000 after purchasing an additional 126,020 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in Associated Banc by 1.8% in the 4th quarter. Geode Capital Management LLC now owns 1,294,785 shares of the bank’s stock worth $32,887,000 after purchasing an additional 22,311 shares in the last quarter. Institutional investors own 70.77% of the company’s stock.
Several analysts have weighed in on the stock. Barclays lifted their price objective on shares of Associated Banc from $28.00 to $30.00 and gave the stock an “equal weight” rating in a research note on Monday, April 23rd. Zacks Investment Research upgraded shares of Associated Banc from a “hold” rating to a “strong-buy” rating and set a $31.00 price objective for the company in a research note on Tuesday, May 1st. ValuEngine upgraded shares of Associated Banc from a “hold” rating to a “buy” rating in a research note on Wednesday, March 7th. Piper Jaffray reiterated a “hold” rating and issued a $26.00 price objective on shares of Associated Banc in a research note on Sunday, January 28th. Finally, Morgan Stanley dropped their price objective on shares of 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. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $27.40.
Associated Banc (NYSE:ASB) last issued its earnings results on Thursday, April 19th. The bank reported $0.50 EPS for the quarter, beating the consensus estimate of $0.41 by $0.09. The company had revenue of $300.25 million during the quarter, compared to analysts’ expectations of $292.49 million. Associated Banc had a net margin of 18.87% and a return on equity of 8.53%. During the same period in the previous year, the company earned $0.35 EPS. research analysts expect that Associated Banc-Corp will post 1.95 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 15th. Stockholders of record on Friday, June 1st will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 2.20%. The ex-dividend date of this dividend is Thursday, May 31st. Associated Banc’s payout ratio is presently 39.47%.
In related news, insider William M. Bohn sold 19,011 shares of Associated Banc stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $24.82, for a total transaction of $471,853.02. Following the sale, the insider now directly owns 59,290 shares of the company’s stock, valued at approximately $1,471,577.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William R. Hutchinson sold 15,032 shares of Associated Banc stock in a transaction that occurred on Friday, March 2nd. The shares were sold at an average price of $24.42, for a total transaction of $367,081.44. Following the sale, the director now directly owns 81,013 shares in the company, valued at $1,978,337.46. The disclosure for this sale can be found here. Insiders sold a total of 151,879 shares of company stock valued at $3,971,509 over the last 90 days. Corporate insiders own 2.13% of the company’s stock.
Associated Banc Profile
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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