Texas Permanent School Fund boosted its stake in shares of Associated Banc-Corp (NYSE:ASB) by 1.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 111,210 shares of the bank’s stock after buying an additional 1,301 shares during the period. Texas Permanent School Fund owned about 0.07% of Associated Banc-Corp worth $2,802,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Acrospire Investment Management LLC increased its position in shares of Associated Banc-Corp by 61.0% in the first quarter. Acrospire Investment Management LLC now owns 4,830 shares of the bank’s stock valued at $118,000 after buying an additional 1,830 shares in the last quarter. Chicago Partners Investment Group LLC increased its position in shares of Associated Banc-Corp by 0.5% in the first quarter. Chicago Partners Investment Group LLC now owns 6,400 shares of the bank’s stock valued at $156,000 after buying an additional 30 shares in the last quarter. Nomura Holdings Inc. purchased a new position in shares of Associated Banc-Corp during the first quarter valued at approximately $210,000. Envestnet Asset Management Inc. increased its position in shares of Associated Banc-Corp by 14.3% in the first quarter. Envestnet Asset Management Inc. now owns 9,195 shares of the bank’s stock valued at $224,000 after buying an additional 1,147 shares in the last quarter. Finally, World Asset Management Inc increased its position in shares of Associated Banc-Corp by 3.5% in the first quarter. World Asset Management Inc now owns 9,393 shares of the bank’s stock valued at $229,000 after buying an additional 317 shares in the last quarter. Institutional investors and hedge funds own 78.54% of the company’s stock.
Associated Banc-Corp (NYSE ASB) opened at 23.30 on Tuesday. The firm has a market capitalization of $3.53 billion, a P/E ratio of 16.76 and a beta of 1.16. The stock’s 50 day moving average is $24.67 and its 200 day moving average is $24.79. Associated Banc-Corp has a one year low of $18.33 and a one year high of $26.70.
Associated Banc-Corp (NYSE:ASB) last announced its quarterly earnings results on Thursday, July 20th. The bank reported $0.36 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.36. Associated Banc-Corp had a net margin of 18.78% and a return on equity of 7.43%. The firm had revenue of $266.23 million during the quarter, compared to the consensus estimate of $273.29 million. During the same period last year, the firm earned $0.31 EPS. On average, equities research analysts predict that Associated Banc-Corp will post $1.43 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.06%. The ex-dividend date is Wednesday, August 30th. Associated Banc-Corp’s dividend payout ratio is currently 34.53%.
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Several research analysts have commented on the stock. BidaskClub downgraded shares of Associated Banc-Corp from a “sell” rating to a “strong sell” rating in a research report on Sunday, July 30th. Royal Bank Of Canada restated a “hold” rating and set a $26.00 price objective on shares of Associated Banc-Corp in a research report on Friday, July 7th. Piper Jaffray Companies set a $25.00 price objective on shares of Associated Banc-Corp and gave the company a “hold” rating in a research report on Saturday, July 22nd. Zacks Investment Research upgraded shares of Associated Banc-Corp from a “sell” rating to a “hold” rating in a research report on Wednesday, August 2nd. Finally, Morgan Stanley restated an “equal weight” rating and set a $25.00 price objective (up from $24.00) on shares of Associated Banc-Corp in a research report on Thursday, July 6th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and two have issued a buy rating to the company’s stock. Associated Banc-Corp has an average rating of “Hold” and an average target price of $25.00.
In other news, CEO Philip B. Flynn sold 10,000 shares of Associated Banc-Corp stock in a transaction on Monday, July 31st. The shares were sold at an average price of $23.61, for a total transaction of $236,100.00. Following the completion of the sale, the chief executive officer now directly owns 127,585 shares of the company’s stock, valued at approximately $3,012,281.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider John A. Utz sold 8,054 shares of Associated Banc-Corp stock in a transaction on Monday, July 31st. The stock was sold at an average price of $23.62, for a total transaction of $190,235.48. Following the sale, the insider now directly owns 44,405 shares of the company’s stock, valued at $1,048,846.10. The disclosure for this sale can be found here. Insiders have sold a total of 22,554 shares of company stock valued at $532,400 over the last ninety days. 1.80% of the stock is currently owned by insiders.
About Associated Banc-Corp
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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