Flinton Capital Management LLC increased its holdings in shares of Associated Banc Corp (NYSE:ASB) by 26.4% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 10,816 shares of the bank’s stock after purchasing an additional 2,256 shares during the quarter. Flinton Capital Management LLC’s holdings in Associated Banc were worth $275,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. Landaas & Co. WI ADV boosted its position in Associated Banc by 98.8% during the fourth quarter. Landaas & Co. WI ADV now owns 4,208 shares of the bank’s stock valued at $107,000 after purchasing an additional 2,091 shares during the last quarter. QS Investors LLC boosted its position in Associated Banc by 1,369.9% during the fourth quarter. QS Investors LLC now owns 5,027 shares of the bank’s stock valued at $128,000 after purchasing an additional 4,685 shares during the last quarter. Chicago Partners Investment Group LLC acquired a new stake in Associated Banc during the third quarter valued at $157,000. Savant Capital LLC acquired a new stake in Associated Banc during the fourth quarter valued at $202,000. Finally, JOYN Advisors Inc. acquired a new stake in Associated Banc during the fourth quarter valued at $209,000. Institutional investors and hedge funds own 77.51% of the company’s stock.
In related news, insider Christopher C. Piotrowski sold 10,726 shares of the business’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $24.75, for a total transaction of $265,468.50. Following the completion of the transaction, the insider now owns 24,209 shares of the company’s stock, valued at approximately $599,172.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Timothy J. Lau sold 19,558 shares of the business’s stock in a transaction dated Monday, March 12th. The stock was sold at an average price of $26.75, for a total value of $523,176.50. The disclosure for this sale can be found here. Insiders sold 143,018 shares of company stock valued at $3,633,598 in the last ninety days. Insiders own 2.13% of the company’s stock.
Associated Banc (NYSE:ASB) last announced its quarterly earnings results on Thursday, January 25th. The bank reported $0.31 earnings per share for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.07). Associated Banc had a return on equity of 8.05% and a net margin of 18.80%. The company had revenue of $272.00 million during the quarter, compared to analyst estimates of $281.38 million. During the same period in the prior year, the firm earned $0.34 EPS. Associated Banc’s quarterly revenue was up 5.8% on a year-over-year basis. sell-side analysts expect that Associated Banc Corp will post 1.78 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, March 15th. Shareholders of record on Thursday, March 1st were given a $0.15 dividend. The ex-dividend date of this dividend was Wednesday, February 28th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.46%. This is a boost from Associated Banc’s previous quarterly dividend of $0.14. Associated Banc’s payout ratio is currently 41.96%.
A number of analysts recently issued reports on the company. ValuEngine cut Associated Banc from a “buy” rating to a “hold” rating in a research report on Friday. Zacks Investment Research cut Associated Banc from a “buy” rating to a “hold” rating in a research report on Tuesday, February 13th. Morgan Stanley reduced their price objective on Associated Banc from $28.00 to $27.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 31st. Barclays reissued a “hold” rating and set a $28.00 price objective on shares of Associated Banc in a research report on Tuesday, January 30th. Finally, Piper Jaffray Companies reissued a “hold” rating and set a $26.00 price objective on shares of Associated Banc in a research report on Sunday, January 28th. One investment analyst has rated the stock with a sell rating and eleven have assigned a hold rating to the company. Associated Banc presently has an average rating of “Hold” and an average price target of $26.30.
About Associated Banc
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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