Verition Fund Management LLC cut its position in Associated Banc-Corp (NYSE:ASB – Get Rating) by 7.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 22,398 shares of the bank's stock after selling 1,825 shares during the period. Verition Fund Management LLC's holdings in Associated Banc were worth $510,000 at the end of the most recent reporting period.
Several other large investors also recently made changes to their positions in the company. Jane Street Group LLC acquired a new stake in shares of Associated Banc in the 1st quarter valued at about $924,000. Point72 Hong Kong Ltd grew its stake in shares of Associated Banc by 1,891.3% in the 1st quarter. Point72 Hong Kong Ltd now owns 5,735 shares of the bank's stock valued at $131,000 after buying an additional 5,447 shares during the period. Quantbot Technologies LP acquired a new stake in shares of Associated Banc in the 1st quarter valued at about $356,000. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Associated Banc in the 1st quarter valued at about $719,000. Finally, Eaton Vance Management grew its stake in shares of Associated Banc by 1.1% in the 1st quarter. Eaton Vance Management now owns 46,341 shares of the bank's stock valued at $1,054,000 after buying an additional 526 shares during the period. 81.06% of the stock is currently owned by institutional investors and hedge funds.
Get Associated Banc alerts:Associated Banc Price Performance
Shares of NYSE ASB opened at $20.39 on Friday. Associated Banc-Corp has a twelve month low of $17.45 and a twelve month high of $25.78. The stock's 50 day moving average price is $20.47 and its 200-day moving average price is $20.57. The company has a market capitalization of $3.06 billion, a PE ratio of 9.80, a PEG ratio of 1.19 and a beta of 1.04. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.93.
Associated Banc (NYSE:ASB – Get Rating) last announced 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. Associated Banc had a return on equity of 8.63% and a net margin of 28.30%. The firm had revenue of $296.32 million for the quarter, compared to the consensus estimate of $281.69 million. During the same quarter in the previous year, the business earned $0.56 EPS. On average, equities analysts anticipate that Associated Banc-Corp will post 2.19 EPS for the current year.Associated Banc Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Thursday, September 1st were issued a $0.20 dividend. The ex-dividend date of this dividend was Wednesday, August 31st. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.92%. Associated Banc's dividend payout ratio (DPR) is presently 38.46%.
Analysts Set New Price Targets
Several analysts have recently commented on ASB shares. Wells Fargo & Company raised their target price on Associated Banc to $28.00 in a research note on Friday, July 22nd. Jefferies Financial Group cut their price target on Associated Banc from $23.00 to $20.00 in a research note on Monday, July 11th. Finally, Stephens lifted their price target on Associated Banc to $23.00 in a research note on Tuesday, August 23rd. One analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average 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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