The Associated Banc-Corp (ASB) Posts Quarterly Earnings Results, Beats Estimates By $0.02 EPS

The Associated Banc-Corp (ASB) Posts Quarterly  Earnings Results, Beats Estimates By $0.02 EPS

Associated Banc-Corp (NYSE:ASB) released its quarterly earnings results on Thursday. The company reported $0.34 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.32 by $0.02. Associated Banc-Corp had a net margin of 16.55% and a return on equity of 6.46%. During the same period in the prior year, the company earned $0.27 earnings per share.

Associated Banc-Corp (NYSE:ASB) remained flat at $24.30 during midday trading on Thursday. 656,759 shares of the company traded hands. The stock has a 50 day moving average of $24.64 and a 200 day moving average of $20.82. Associated Banc-Corp has a 12 month low of $15.45 and a 12 month high of $25.43. The company has a market cap of $3.62 billion, a P/E ratio of 20.42 and a beta of 1.21.

In other news, insider James Yee sold 4,350 shares of the business’s stock in a transaction dated Monday, October 31st. The shares were sold at an average price of $20.13, for a total value of $87,565.50. Following the completion of the sale, the insider now owns 58,035 shares in the company, valued at approximately $1,168,244.55. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider John A. Utz sold 16,533 shares of the business’s stock in a transaction dated Tuesday, November 1st. The shares were sold at an average price of $20.05, for a total transaction of $331,486.65. Following the completion of the sale, the insider now owns 48,468 shares of the company’s stock, valued at approximately $971,783.40. The disclosure for this sale can be found here. Insiders have sold a total of 103,748 shares of company stock valued at $2,365,541 in the last quarter. 2.09% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Thrivent Financial for Lutherans raised its position in Associated Banc-Corp by 2.2% in the second quarter. Thrivent Financial for Lutherans now owns 85,313 shares of the company’s stock valued at $1,463,000 after buying an additional 1,860 shares during the period. Profund Advisors LLC raised its position in Associated Banc-Corp by 19.6% in the second quarter. Profund Advisors LLC now owns 30,909 shares of the company’s stock valued at $530,000 after buying an additional 5,065 shares during the period. Rhumbline Advisers raised its position in Associated Banc-Corp by 4.1% in the second quarter. Rhumbline Advisers now owns 234,907 shares of the company’s stock valued at $4,029,000 after buying an additional 9,248 shares during the period. Maltese Capital Management LLC raised its position in Associated Banc-Corp by 15.8% in the second quarter. Maltese Capital Management LLC now owns 162,100 shares of the company’s stock valued at $2,780,000 after buying an additional 22,100 shares during the period. Finally, Annex Advisory Services LLC purchased a new position in Associated Banc-Corp during the second quarter valued at approximately $481,000. Hedge funds and other institutional investors own 75.16% of the company’s stock.

A number of brokerages have weighed in on ASB. Piper Jaffray Cos. began coverage on shares of Associated Banc-Corp in a report on Thursday, January 12th. They issued a “neutral” rating and a $25.50 price objective on the stock. Jefferies Group cut shares of Associated Banc-Corp from a “buy” rating to a “hold” rating and set a $24.00 price objective on the stock. in a report on Monday, November 28th. Zacks Investment Research cut shares of Associated Banc-Corp from a “buy” rating to a “hold” rating in a report on Wednesday, November 23rd. Barclays PLC upped their price objective on shares of Associated Banc-Corp from $21.00 to $24.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 6th. Finally, Bank of America Corp. upgraded shares of Associated Banc-Corp from an “underperform” rating to a “neutral” rating and upped their price objective for the stock from $20.00 to $26.00 in a report on Thursday, December 15th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $22.85.

About Associated Banc-Corp

Associated Banc-Corp is a bank holding company. The Company, through its banking subsidiary Associated Bank, National Association (the Bank) and various nonbanking subsidiaries, provides a range of banking and nonbanking products and services to individuals. The Company operates through three segments: Corporate and Commercial Specialty; Community, Consumer, and Business, and Risk Management and Shared Services.

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