Associated Banc Corp (NYSE:ASB) Short Interest Update
Associated Banc Corp (NYSE:ASB) saw a large increase in short interest in July. As of July 15th, there was short interest totalling 2,060,000 shares, an increase of 9.0% from the June 30th total of 1,890,000 shares. Currently, 1.4% of the company’s stock are short sold. Based on an average daily trading volume, of 1,380,000 shares, the days-to-cover ratio is presently 1.5 days.
Several research firms have issued reports on ASB. ValuEngine lowered shares of Associated Banc from a “hold” rating to a “sell” rating in a research report on Tuesday, June 23rd. SunTrust Banks lifted their price target on shares of Associated Banc from $14.00 to $15.00 and gave the company a “hold” rating in a report on Tuesday, May 19th. Jefferies Financial Group downgraded shares of Associated Banc from a “buy” rating to a “hold” rating and dropped their target price for the stock from $15.00 to $13.00 in a research note on Thursday, July 9th. Royal Bank of Canada boosted their price target on shares of Associated Banc from $13.00 to $15.00 and gave the stock a “sector perform” rating in a research note on Tuesday, May 5th. Finally, Cfra decreased their price objective on shares of Associated Banc from $22.00 to $14.00 and set a “hold” rating for the company in a report on Friday, May 15th. Three research analysts have rated the stock with a sell rating and eight have issued a hold rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $17.13.
In other Associated Banc news, Director Michael J. Haddad purchased 2,000 shares of the business’s stock in a transaction dated Tuesday, June 9th. The shares were acquired at an average price of $25.00 per share, for a total transaction of $50,000.00. The acquisition was disclosed in a document filed with the SEC, which is available at this link. 2.38% of the stock is owned by corporate insiders.
Shares of ASB stock traded down $0.30 during trading hours on Friday, hitting $12.84. 987,169 shares of the company were exchanged, compared to its average volume of 1,160,353. The firm has a market cap of $2.01 billion, a P/E ratio of 6.03, a P/E/G ratio of 1.98 and a beta of 1.28. Associated Banc has a fifty-two week low of $10.23 and a fifty-two week high of $22.60. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.98 and a current ratio of 0.98. The company has a 50 day simple moving average of $13.46 and a two-hundred day simple moving average of $15.17.
Associated Banc (NYSE:ASB) last posted its quarterly earnings data on Thursday, July 23rd. The bank reported $0.26 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.26. The firm had revenue of $448.34 million for the quarter, compared to the consensus estimate of $323.82 million. Associated Banc had a net margin of 21.70% and a return on equity of 6.88%. As a group, sell-side analysts expect that Associated Banc will post 0.81 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 5.61%. The ex-dividend date of this dividend is Monday, August 31st. Associated Banc’s dividend payout ratio is presently 36.55%.
Associated Banc Company Profile
Associated Banc-Corp, a bank holding company, provides various banking and nonbanking products to individuals and businesses in Wisconsin, Illinois, and Minnesota. Its Corporate and Commercial Specialty segment offers deposit and cash management solutions, such as commercial checking and interest-bearing deposit products, cash vault and night depository services, liquidity solutions, payables and receivables solutions, and information services; and lending solutions, including commercial loans and lines of credit, commercial real estate financing, construction loans, letters of credit, leasing, asset based lending, and loan syndications.
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