Wedge Capital Management L L P NC lowered its stake in Associated Banc Corp (NYSE:ASB) by 9.0% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 11,766 shares of the bank’s stock after selling 1,167 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Associated Banc were worth $259,000 as of its most recent SEC filing.
A number of other hedge funds also recently made changes to their positions in ASB. LPL Financial LLC lifted its stake in Associated Banc by 33.8% in the 2nd quarter. LPL Financial LLC now owns 29,615 shares of the bank’s stock worth $626,000 after purchasing an additional 7,477 shares in the last quarter. Renaissance Technologies LLC increased its holdings in shares of Associated Banc by 621.5% in the 2nd quarter. Renaissance Technologies LLC now owns 433,631 shares of the bank’s stock worth $9,167,000 after buying an additional 373,531 shares during the last quarter. Parametric Portfolio Associates LLC increased its holdings in shares of Associated Banc by 8.6% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 498,201 shares of the bank’s stock worth $10,532,000 after buying an additional 39,654 shares during the last quarter. Invesco Ltd. increased its holdings in shares of Associated Banc by 10.5% in the 2nd quarter. Invesco Ltd. now owns 300,186 shares of the bank’s stock worth $6,346,000 after buying an additional 28,562 shares during the last quarter. Finally, Man Group plc increased its holdings in shares of Associated Banc by 86.5% in the 2nd quarter. Man Group plc now owns 419,321 shares of the bank’s stock worth $8,865,000 after buying an additional 194,540 shares during the last quarter. Institutional investors and hedge funds own 73.26% of the company’s stock.
A number of analysts have recently weighed in on ASB shares. Robert W. Baird downgraded shares of Associated Banc from an “outperform” rating to a “neutral” rating in a report on Tuesday, December 3rd. ValuEngine upgraded shares of Associated Banc from a “sell” rating to a “hold” rating in a report on Friday, January 3rd. Bank of America set a $19.00 target price on shares of Associated Banc and gave the stock a “sell” rating in a report on Friday, October 25th. Wells Fargo & Co downgraded shares of Associated Banc from an “equal weight” rating to an “underweight” rating and set a $20.00 target price on the stock. in a report on Monday, January 6th. They noted that the move was a valuation call. Finally, Stephens set a $22.00 target price on shares of Associated Banc and gave the stock a “hold” rating in a report on Friday, October 25th. Three investment analysts have rated the stock with a sell rating and five have assigned a hold rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $21.67.
In related news, EVP John A. Utz sold 2,000 shares of the company’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $20.48, for a total transaction of $40,960.00. Following the transaction, the executive vice president now directly owns 56,745 shares in the company, valued at approximately $1,162,137.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Tammy C. Stadler sold 5,800 shares of the company’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $21.50, for a total transaction of $124,700.00. Following the transaction, the insider now owns 41,991 shares in the company, valued at $902,806.50. The disclosure for this sale can be found here. Insiders have sold a total of 50,281 shares of company stock worth $1,086,936 over the last quarter. 2.69% of the stock is currently owned by insiders.
Associated Banc stock opened at $21.12 on Tuesday. The company’s 50-day moving average price is $21.67 and its 200-day moving average price is $20.73. Associated Banc Corp has a twelve month low of $18.52 and a twelve month high of $23.83. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 1.00. The company has a market cap of $3.37 billion, a PE ratio of 10.61, a price-to-earnings-growth ratio of 1.46 and a beta of 1.21.
Associated Banc (NYSE:ASB) last posted its earnings results on Thursday, October 24th. The bank reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.47 by $0.03. The firm had revenue of $307.00 million for the quarter, compared to the consensus estimate of $312.55 million. Associated Banc had a net margin of 21.73% and a return on equity of 9.71%. The business’s quarterly revenue was up .0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.48 EPS. As a group, sell-side analysts expect that Associated Banc Corp will post 1.91 earnings per share for the current fiscal year.
Associated Banc Company Profile
Associated Banc-Corp, a bank holding company, provides various banking and nonbanking products to individuals and businesses 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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