Clark Capital Management Group Inc. lifted its holdings in shares of Associated Banc-Corp (NYSE:ASB – Get Rating) by 37.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 97,839 shares of the bank's stock after purchasing an additional 26,422 shares during the quarter. Clark Capital Management Group Inc. owned 0.07% of Associated Banc worth $2,227,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Quent Capital LLC purchased a new stake in Associated Banc in the fourth quarter worth approximately $39,000. Covestor Ltd purchased a new stake in Associated Banc in the fourth quarter worth approximately $65,000. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in Associated Banc in the first quarter worth approximately $91,000. PNC Financial Services Group Inc. boosted 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 buying an additional 884 shares in the last quarter. Finally, MQS Management LLC purchased a new stake in Associated Banc in the first quarter worth approximately $217,000. Hedge funds and other institutional investors own 81.06% of the company's stock.
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Associated Banc Price Performance
Shares of Associated Banc stock opened at $20.67 on Monday. 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 market cap of $3.11 billion, a PE ratio of 9.94, a P/E/G ratio of 1.19 and a beta of 1.04. The business has a 50 day moving average of $19.97 and a 200 day moving average of $20.73. 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 earnings results on Thursday, July 21st. The bank reported $0.56 EPS for the quarter, beating analysts' consensus estimates of $0.44 by $0.12. The company 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 quarter in the prior year, the company earned $0.56 earnings per share. As a group, equities research analysts forecast that Associated Banc-Corp will post 2.18 earnings per share for the current year.
Associated Banc Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 15th. Shareholders of record on Thursday, September 1st will be issued a $0.20 dividend. The ex-dividend date is Wednesday, August 31st. This represents a $0.80 dividend on an annualized basis and a yield of 3.87%. Associated Banc's dividend payout ratio (DPR) is 38.46%.
Analysts Set New Price Targets
Several analysts have issued reports on ASB shares. Wells Fargo & Company upped their target price on Associated Banc to $28.00 in a research note on Friday, July 22nd. Stephens increased their price objective on Associated Banc to $23.00 in a research note on Tuesday, August 23rd. Finally, Jefferies Financial Group dropped their price objective on Associated Banc from $23.00 to $20.00 in a research note on Monday, July 11th. One analyst has rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $23.67.
About Associated Banc
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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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