Mairs & Power Inc. trimmed its position in Associated Banc-Corp (NYSE:ASB – Get Rating) by 0.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 344,057 shares of the bank's stock after selling 1,467 shares during the quarter. Mairs & Power Inc. owned approximately 0.23% of Associated Banc worth $7,831,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently made changes to their positions in ASB. Goldman Sachs Group Inc. boosted its holdings in shares of Associated Banc by 160.9% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,913,446 shares of the bank's stock worth $65,815,000 after buying an additional 1,796,682 shares during the period. LMR Partners LLP acquired a new stake in shares of Associated Banc during the fourth quarter worth approximately $15,372,000. Renaissance Technologies LLC boosted its holdings in shares of Associated Banc by 2,414.0% during the first quarter. Renaissance Technologies LLC now owns 475,931 shares of the bank's stock worth $10,832,000 after purchasing an additional 457,000 shares during the period. Pzena Investment Management LLC raised its position in shares of Associated Banc by 8.0% in the first quarter. Pzena Investment Management LLC now owns 3,778,402 shares of the bank's stock valued at $85,996,000 after purchasing an additional 280,264 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in Associated Banc by 2.0% during the first quarter. Dimensional Fund Advisors LP now owns 9,799,945 shares of the bank's stock worth $223,050,000 after acquiring an additional 191,085 shares during the period. 81.06% of the stock is currently owned by institutional investors and hedge funds.
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Analysts Set New Price Targets
Several equities research analysts have recently commented on ASB shares. Wells Fargo & Company boosted their target price on shares of Associated Banc to $28.00 in a research note on Friday, July 22nd. Stephens upped their price target on Associated Banc to $23.00 in a research note on Tuesday, August 23rd. Finally, Jefferies Financial Group reduced their price target on Associated Banc from $23.00 to $20.00 in a research report on Monday, July 11th. One analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $23.67.
Associated Banc Price Performance
Shares of ASB opened at $20.67 on Friday. Associated Banc-Corp has a 1 year low of $17.45 and a 1 year high of $25.78. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.92 and a quick ratio of 0.91. The company has a market capitalization of $3.11 billion, a price-to-earnings ratio of 9.94, a price-to-earnings-growth ratio of 1.18 and a beta of 1.04. The business has a 50-day moving average of $19.97 and a 200-day moving average of $20.75.
Associated Banc (NYSE:ASB – Get Rating) last issued its earnings results on Thursday, July 21st. The bank reported $0.56 earnings per share for the quarter, topping analysts' consensus estimates of $0.44 by $0.12. The business had revenue of $296.32 million during the quarter, compared to the consensus estimate of $281.69 million. Associated Banc had a return on equity of 8.63% and a net margin of 28.30%. During the same period in the previous year, the company posted $0.56 earnings per share. As a group, equities research analysts anticipate that Associated Banc-Corp will post 2.18 earnings per share for the current year.
Associated Banc Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 15th. Shareholders of record on Thursday, September 1st will be paid a $0.20 dividend. The ex-dividend date is Wednesday, August 31st. This represents a $0.80 annualized dividend and a dividend yield of 3.87%. Associated Banc's payout ratio is presently 38.46%.
Associated Banc 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.
Further Reading
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