Shares of Associated Banc-Corp (NYSE:ASB) reached a new 52-week high and low during trading on Friday . The company traded as low as $27.32 and last traded at $27.05, with a volume of 23155 shares. The stock had previously closed at $27.30.
A number of analysts have commented on ASB shares. DA Davidson lifted their target price on Associated Banc from $25.00 to $26.00 and gave the stock a “neutral” rating in a report on Friday, April 20th. Royal Bank of Canada reissued a “hold” rating and issued a $28.00 target price on shares of Associated Banc in a report on Friday, April 20th. Sandler O’Neill raised Associated Banc from a “hold” rating to a “buy” rating in a report on Friday, April 20th. Zacks Investment Research raised Associated Banc from a “hold” rating to a “strong-buy” rating and set a $31.00 target price for the company in a report on Tuesday, May 1st. Finally, Piper Jaffray reissued a “hold” rating and issued a $26.00 target price on shares of Associated Banc in a report on Sunday, January 28th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. Associated Banc presently has a consensus rating of “Hold” and an average target price of $27.40.
The company has a debt-to-equity ratio of 0.91, a current ratio of 0.88 and a quick ratio of 0.87. The firm has a market capitalization of $4.66 billion, a P/E ratio of 17.73, a price-to-earnings-growth ratio of 2.00 and a beta of 1.00.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 15th. Investors of record on Friday, June 1st will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 2.23%. The ex-dividend date of this dividend is Thursday, May 31st. Associated Banc’s payout ratio is currently 39.47%.
In related news, insider William M. Bohn sold 19,011 shares of Associated Banc stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $24.82, for a total value of $471,853.02. Following the completion of the sale, the insider now owns 59,290 shares of the company’s stock, valued at $1,471,577.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Nicole M. Kitowski sold 3,584 shares of Associated Banc stock in a transaction on Wednesday, April 25th. The stock was sold at an average price of $26.58, for a total value of $95,262.72. Following the completion of the sale, the executive vice president now directly owns 15,440 shares of the company’s stock, valued at approximately $410,395.20. The disclosure for this sale can be found here. Insiders sold 151,879 shares of company stock valued at $3,971,509 in the last ninety days. 2.13% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ASB. Schwab Charles Investment Management Inc. lifted its position in Associated Banc by 6.9% during the fourth quarter. Schwab Charles Investment Management Inc. now owns 924,610 shares of the bank’s stock valued at $23,486,000 after purchasing an additional 59,574 shares in the last quarter. State of Alaska Department of Revenue purchased a new position in Associated Banc during the fourth quarter valued at $228,000. James Investment Research Inc. purchased a new position in Associated Banc during the fourth quarter valued at $1,770,000. WoodTrust Financial Corp purchased a new position in Associated Banc during the fourth quarter valued at $212,000. Finally, Cubic Asset Management LLC lifted its position in Associated Banc by 81.8% during the fourth quarter. Cubic Asset Management LLC now owns 30,010 shares of the bank’s stock valued at $762,000 after purchasing an additional 13,500 shares in the last quarter. Institutional investors own 70.77% of the company’s stock.
About Associated Banc
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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