Pinebridge Investments L.P. Has $5.49 Million Holdings in Associated Banc-Corp (ASB)
Pinebridge Investments L.P. lowered its stake in shares of Associated Banc-Corp (NYSE:ASB) by 5.9% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 226,499 shares of the bank’s stock after selling 14,135 shares during the period. Pinebridge Investments L.P. owned approximately 0.15% of Associated Banc worth $5,493,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in the business. Morgan Dempsey Capital Management LLC boosted its stake in shares of Associated Banc by 40.5% in the 2nd quarter. Morgan Dempsey Capital Management LLC now owns 5,542 shares of the bank’s stock worth $140,000 after buying an additional 1,597 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Associated Banc by 10.2% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,931 shares of the bank’s stock worth $149,000 after buying an additional 549 shares during the last quarter. Meeder Asset Management Inc. boosted its stake in shares of Associated Banc by 393.4% in the 3rd quarter. Meeder Asset Management Inc. now owns 7,322 shares of the bank’s stock worth $178,000 after buying an additional 5,838 shares during the last quarter. Flinton Capital Management LLC boosted its stake in shares of Associated Banc by 73.4% in the 2nd quarter. Flinton Capital Management LLC now owns 7,936 shares of the bank’s stock worth $200,000 after buying an additional 3,360 shares during the last quarter. Finally, Riverhead Capital Management LLC boosted its stake in shares of Associated Banc by 73.6% in the 2nd quarter. Riverhead Capital Management LLC now owns 8,854 shares of the bank’s stock worth $223,000 after buying an additional 3,754 shares during the last quarter. Institutional investors and hedge funds own 76.61% of the company’s stock.
Associated Banc-Corp (ASB) traded up $0.25 during trading hours on Tuesday, hitting $25.80. 970,900 shares of the company were exchanged, compared to its average volume of 900,044. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.90 and a quick ratio of 0.89. The company has a market cap of $3,862.26, a PE ratio of 17.50, a PEG ratio of 2.43 and a beta of 1.19. Associated Banc-Corp has a 52 week low of $20.95 and a 52 week high of $26.70.
Associated Banc (NYSE:ASB) last posted its quarterly earnings results on Thursday, October 19th. The bank reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.05. Associated Banc had a net margin of 19.54% and a return on equity of 7.81%. The company had revenue of $276.02 million for the quarter, compared to analysts’ expectations of $276.88 million. During the same quarter in the previous year, the firm posted $0.31 EPS. sell-side analysts anticipate that Associated Banc-Corp will post 1.5 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Friday, December 1st will be issued a dividend of $0.3828 per share. The ex-dividend date is Thursday, November 30th. This represents a $1.53 dividend on an annualized basis and a yield of 5.94%. Associated Banc’s payout ratio is 38.36%.
In other Associated Banc news, Director William R. Hutchinson sold 4,632 shares of the business’s stock in a transaction on Wednesday, October 25th. The shares were sold at an average price of $25.70, for a total transaction of $119,042.40. Following the sale, the director now owns 91,209 shares of the company’s stock, valued at approximately $2,344,071.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Breck F. Hanson sold 6,000 shares of the business’s stock in a transaction on Thursday, November 30th. The shares were sold at an average price of $25.71, for a total transaction of $154,260.00. Following the sale, the executive vice president now directly owns 15,536 shares in the company, valued at approximately $399,430.56. The disclosure for this sale can be found here. Insiders have sold a total of 59,950 shares of company stock worth $1,520,429 in the last three months. Insiders own 1.80% of the company’s stock.
A number of equities analysts have recently weighed in on the company. SunTrust Banks restated a “hold” rating and issued a $27.00 target price on shares of Associated Banc in a research note on Wednesday, November 29th. Jefferies Group restated a “hold” rating and issued a $27.00 target price on shares of Associated Banc in a research note on Friday, August 11th. BidaskClub downgraded Associated Banc from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 12th. Robert W. Baird reaffirmed a “hold” rating and issued a $25.00 price target on shares of Associated Banc in a report on Sunday, October 1st. Finally, Zacks Investment Research raised shares of Associated Banc from a “hold” rating to a “buy” rating and set a $29.00 price target on the stock in a report on Tuesday, October 24th. One investment analyst has rated the stock with a sell rating and thirteen have assigned a hold rating to the stock. Associated Banc presently has an average rating of “Hold” and an average target price of $25.91.
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Associated Banc Company Profile
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 non-banking 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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