Teachers Retirement System of The State of Kentucky raised its holdings in Associated Banc-Corp (NYSE:ASB – Get Rating) by 2.1% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 112,857 shares of the bank’s stock after acquiring an additional 2,341 shares during the period. Teachers Retirement System of The State of Kentucky owned approximately 0.08% of Associated Banc worth $2,568,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of ASB. Goldman Sachs Group Inc. raised its holdings in shares of Associated Banc by 160.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,913,446 shares of the bank’s stock valued at $65,815,000 after acquiring an additional 1,796,682 shares in the last quarter. LMR Partners LLP purchased a new stake in shares of Associated Banc in the 4th quarter valued at about $15,372,000. Renaissance Technologies LLC raised its holdings in shares of Associated Banc by 2,414.0% in the 1st quarter. Renaissance Technologies LLC now owns 475,931 shares of the bank’s stock valued at $10,832,000 after acquiring an additional 457,000 shares in the last quarter. Pzena Investment Management LLC raised its holdings in shares of Associated Banc by 8.0% in the 1st quarter. Pzena Investment Management LLC now owns 3,778,402 shares of the bank’s stock valued at $85,996,000 after acquiring an additional 280,264 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Associated Banc by 2.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 9,799,945 shares of the bank’s stock valued at $223,050,000 after buying an additional 191,085 shares in the last quarter. Hedge funds and other institutional investors own 81.06% of the company’s stock.
Wall Street Analyst Weigh In
A number of brokerages recently weighed in on ASB. Stephens raised their price objective on Associated Banc to $23.00 in a report on Tuesday, August 23rd. Wells Fargo & Company raised their price objective on Associated Banc to $28.00 in a report on Friday, July 22nd. Finally, Jefferies Financial Group reduced their price target on Associated Banc from $23.00 to $20.00 in a research report on Monday, July 11th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $23.67.
Associated Banc Price Performance
Associated Banc (NYSE:ASB – Get Rating) last released 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 analysts’ expectations 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 last year, the business posted $0.56 EPS. On average, equities research analysts anticipate that Associated Banc-Corp will post 2.19 earnings per share for the current year.
Associated Banc Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Thursday, September 1st were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.79%. The ex-dividend date was Wednesday, August 31st. Associated Banc’s payout ratio is presently 38.46%.
Associated Banc Profile
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.
- Get a free copy of the StockNews.com research report on Associated Banc (ASB)
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