Associated Banc (ASB) Sets New 52-Week Low on Analyst Downgrade

Associated Banc Corp (NYSE:ASB) shares reached a new 52-week low during mid-day trading on Friday after Robert W. Baird lowered their price target on the stock from $30.00 to $27.00. Robert W. Baird currently has an outperform rating on the stock. Associated Banc traded as low as $23.18 and last traded at $23.50, with a volume of 196840 shares. The stock had previously closed at $24.53.

A number of other brokerages have also recently weighed in on ASB. Morgan Stanley reissued a “hold” rating and issued a $29.50 price target (down previously from $30.00) on shares of Associated Banc in a research note on Tuesday, September 18th. Jefferies Financial Group reissued a “hold” rating and issued a $30.00 price target on shares of Associated Banc in a research note on Friday, July 20th. Zacks Investment Research cut Associated Banc from a “hold” rating to a “sell” rating in a research note on Wednesday, September 26th. ValuEngine cut Associated Banc from a “hold” rating to a “sell” rating in a research note on Tuesday, October 2nd. Finally, Wells Fargo & Co set a $27.00 price target on Associated Banc and gave the stock a “hold” rating in a research note on Tuesday, October 2nd. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and one has given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $28.05.

In other Associated Banc news, insider Timothy J. Lau sold 19,834 shares of Associated Banc stock in a transaction dated Tuesday, July 24th. The stock was sold at an average price of $28.08, for a total transaction of $556,938.72. Following the transaction, the insider now owns 69,098 shares of the company’s stock, valued at approximately $1,940,271.84. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Philip B. Flynn sold 10,000 shares of Associated Banc stock in a transaction dated Monday, July 30th. The shares were sold at an average price of $27.75, for a total value of $277,500.00. Following the transaction, the chief executive officer now directly owns 114,684 shares in the company, valued at approximately $3,182,481. The disclosure for this sale can be found here. In the last ninety days, insiders have acquired 121,000 shares of company stock worth $3,025,000 and have sold 40,675 shares worth $1,135,267. Insiders own 2.13% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the business. GSA Capital Partners LLP bought a new stake in shares of Associated Banc during the first quarter valued at approximately $236,000. Principal Financial Group Inc. increased its position in shares of Associated Banc by 16.2% during the first quarter. Principal Financial Group Inc. now owns 748,846 shares of the bank’s stock valued at $18,609,000 after acquiring an additional 104,482 shares in the last quarter. Commonwealth Equity Services LLC increased its position in shares of Associated Banc by 66.6% during the first quarter. Commonwealth Equity Services LLC now owns 13,891 shares of the bank’s stock valued at $345,000 after acquiring an additional 5,551 shares in the last quarter. Northwestern Mutual Investment Management Company LLC increased its position in shares of Associated Banc by 76.3% during the first quarter. Northwestern Mutual Investment Management Company LLC now owns 34,899 shares of the bank’s stock valued at $867,000 after acquiring an additional 15,102 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in shares of Associated Banc by 8.9% during the first quarter. The Manufacturers Life Insurance Company now owns 272,357 shares of the bank’s stock valued at $6,767,000 after acquiring an additional 22,231 shares in the last quarter. 76.37% of the stock is currently owned by institutional investors.

The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 1.47. The stock has a market capitalization of $4.36 billion, a P/E ratio of 15.35, a P/E/G ratio of 1.80 and a beta of 0.95.

Associated Banc (NYSE:ASB) last posted its earnings results on Thursday, October 18th. The bank reported $0.49 EPS for the quarter, hitting analysts’ consensus estimates of $0.49. Associated Banc had a net margin of 20.00% and a return on equity of 9.10%. The business had revenue of $307.69 million during the quarter, compared to the consensus estimate of $321.04 million. During the same quarter in the previous year, the firm posted $0.34 EPS. Equities analysts predict that Associated Banc Corp will post 2.01 earnings per share for the current year.

Associated Banc Company Profile (NYSE:ASB)

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.

See Also: Return on Equity (ROE)

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