Jupiter Asset Management Ltd. trimmed its position in shares of Associated Banc-Corp (NYSE:ASB) by 12.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 402,487 shares of the bank’s stock after selling 58,528 shares during the period. Jupiter Asset Management Ltd. owned approximately 0.26% of Associated Banc worth $8,589,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Toronto Dominion Bank acquired a new stake in Associated Banc during the 4th quarter valued at $113,000. Healthcare of Ontario Pension Plan Trust Fund bought a new position in Associated Banc during the 4th quarter valued at $125,000. Campbell & CO Investment Adviser LLC bought a new position in Associated Banc during the 4th quarter valued at $181,000. Advisor Partners LLC bought a new position in Associated Banc during the 4th quarter valued at $187,000. Finally, Blueshift Asset Management LLC bought a new position in Associated Banc during the 1st quarter valued at $200,000. 75.19% of the stock is owned by institutional investors and hedge funds.
A number of research analysts have commented on the stock. Royal Bank of Canada increased their price objective on shares of Associated Banc from $22.00 to $24.00 and gave the company a “sector perform” rating in a research note on Thursday, June 3rd. TheStreet upgraded shares of Associated Banc from a “c+” rating to a “b” rating in a research note on Monday, February 22nd. Wells Fargo & Company downgraded shares of Associated Banc from an “overweight” rating to an “equal weight” rating and set a $24.00 price objective on the stock. in a research note on Friday, June 4th. Zacks Investment Research downgraded shares of Associated Banc from a “strong-buy” rating to a “hold” rating and set a $24.00 price target on the stock. in a research report on Tuesday, March 9th. Finally, Robert W. Baird restated a “hold” rating on shares of Associated Banc in a research report on Sunday, April 25th. Eight equities research analysts have rated the stock with a hold rating, The stock has a consensus rating of “Hold” and an average target price of $20.00.
Associated Banc (NYSE:ASB) last released its quarterly earnings data on Wednesday, April 21st. The bank reported $0.58 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.45 by $0.13. Associated Banc had a net margin of 26.17% and a return on equity of 6.67%. The business had revenue of $271.00 million for the quarter, compared to analysts’ expectations of $263.58 million. During the same quarter last year, the company earned $0.27 EPS. The company’s revenue for the quarter was down 10.0% compared to the same quarter last year. As a group, equities analysts expect that Associated Banc-Corp will post 1.71 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 15th. Investors of record on Tuesday, June 1st will be issued a $0.18 dividend. The ex-dividend date is Friday, May 28th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.25%. Associated Banc’s dividend payout ratio (DPR) is presently 38.71%.
In related news, CEO Andrew J. Harmening sold 51,352 shares of the stock in a transaction dated Wednesday, June 2nd. The shares were sold at an average price of $22.90, for a total value of $1,175,960.80. Following the sale, the chief executive officer now owns 275,817 shares of the company’s stock, valued at approximately $6,316,209.30. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director John F. Bergstrom acquired 29,500 shares of the company’s stock in a transaction that occurred on Tuesday, April 27th. The stock was purchased at an average cost of $21.65 per share, for a total transaction of $638,675.00. Following the acquisition, the director now owns 92,508 shares in the company, valued at $2,002,798.20. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 67,656 shares of company stock worth $1,548,362. Corporate insiders own 3.25% 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 in Wisconsin, Illinois, and Minnesota. The company operates through three segments: Corporate and Commercial Specialty; Community, Consumer, and Business; and Risk Management and Shared Services.
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