AlphaCrest Capital Management LLC cut its stake in Associated Banc-Corp (NYSE:ASB – Get Rating) by 30.9% during the first quarter, HoldingsChannel reports. The firm owned 38,271 shares of the bank's stock after selling 17,091 shares during the period. AlphaCrest Capital Management LLC's holdings in Associated Banc were worth $871,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in ASB. Quent Capital LLC purchased a new stake in Associated Banc in the fourth quarter worth about $39,000. Covestor Ltd purchased a new stake in Associated Banc in the fourth quarter worth about $65,000. PNC Financial Services Group Inc. lifted its stake in Associated Banc by 11.7% in the first quarter. PNC Financial Services Group Inc. now owns 8,451 shares of the bank's stock worth $192,000 after acquiring an additional 884 shares during the period. MQS Management LLC purchased a new stake in Associated Banc in the first quarter worth about $217,000. Finally, Lazard Asset Management LLC purchased a new stake in Associated Banc in the fourth quarter worth about $224,000. 81.06% of the stock is currently owned by institutional investors.
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Wall Street Analysts Forecast Growth
ASB has been the subject of several analyst reports. Stephens increased their price target on shares of Associated Banc to $23.00 in a research report on Tuesday, August 23rd. Jefferies Financial Group decreased their price target on shares of Associated Banc from $23.00 to $20.00 in a research report on Monday, July 11th. Finally, Wells Fargo & Company increased their price target on shares of Associated Banc to $28.00 in a research report on Friday, July 22nd. One investment analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $23.67.
Associated Banc Stock Performance
Shares of Associated Banc stock opened at $19.91 on Monday. The firm has a market capitalization of $2.99 billion, a P/E ratio of 9.57, a PEG ratio of 1.16 and a beta of 1.07. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.93. The company has a 50 day moving average price of $19.79 and a 200 day moving average price of $20.98. Associated Banc-Corp has a 52 week low of $17.45 and a 52 week high of $25.78.
Associated Banc (NYSE:ASB – Get Rating) last announced its quarterly earnings data on Thursday, July 21st. The bank reported $0.56 EPS for the quarter, beating the consensus estimate of $0.44 by $0.12. The firm had revenue of $296.32 million during the quarter, compared to analyst estimates of $281.69 million. Associated Banc had a net margin of 28.30% and a return on equity of 8.63%. During the same period last year, the firm posted $0.56 EPS. Sell-side analysts expect that Associated Banc-Corp will post 2.18 EPS for the current year.
Associated Banc Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 15th. Investors of record on Thursday, September 1st will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 4.02%. The ex-dividend date of this dividend is Wednesday, August 31st. Associated Banc's payout ratio is currently 38.46%.
Associated Banc Company Profile
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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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