Cramer Rosenthal Mcglynn LLC reduced its stake in Associated Banc Corp (NYSE:ASB) by 24.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 4,044,863 shares of the bank’s stock after selling 1,291,166 shares during the quarter. Associated Banc accounts for 2.3% of Cramer Rosenthal Mcglynn LLC’s investment portfolio, making the stock its 5th biggest holding. Cramer Rosenthal Mcglynn LLC owned about 2.49% of Associated Banc worth $85,508,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently made changes to their positions in ASB. Nisa Investment Advisors LLC purchased a new position in shares of Associated Banc in the 2nd quarter valued at approximately $67,000. Avestar Capital LLC purchased a new stake in shares of Associated Banc in the second quarter valued at approximately $150,000. Qube Research & Technologies Ltd purchased a new stake in shares of Associated Banc in the second quarter valued at approximately $201,000. Isthmus Partners LLC boosted its stake in shares of Associated Banc by 99.7% in the second quarter. Isthmus Partners LLC now owns 10,053 shares of the bank’s stock valued at $213,000 after buying an additional 5,020 shares in the last quarter. Finally, Fox Run Management L.L.C. purchased a new stake in shares of Associated Banc in the second quarter valued at approximately $228,000. Institutional investors own 73.33% of the company’s stock.
In related news, insider Christopher C. Piotrowski sold 10,726 shares of Associated Banc stock in a transaction on Tuesday, July 30th. The stock was sold at an average price of $21.37, for a total transaction of $229,214.62. Following the completion of the transaction, the insider now directly owns 40,276 shares of the company’s stock, valued at $860,698.12. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Moral-Niles Christopher Del sold 2,000 shares of Associated Banc stock in a transaction on Monday, August 5th. The stock was sold at an average price of $26.50, for a total value of $53,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 19,698 shares of company stock valued at $422,887. 2.69% of the stock is currently owned by insiders.
ASB stock traded up $0.15 during midday trading on Friday, hitting $20.46. 2,979 shares of the stock were exchanged, compared to its average volume of 808,588. The stock’s 50-day moving average price is $19.86 and its 200-day moving average price is $21.29. The stock has a market cap of $3.25 billion, a price-to-earnings ratio of 10.07, a PEG ratio of 1.30 and a beta of 1.20. Associated Banc Corp has a fifty-two week low of $18.52 and a fifty-two week high of $27.30. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.91 and a current ratio of 0.92.
Associated Banc (NYSE:ASB) last issued its quarterly earnings data on Thursday, July 25th. The bank reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.02. The firm had revenue of $309.46 million during the quarter, compared to analysts’ expectations of $315.84 million. Associated Banc had a return on equity of 9.86% and a net margin of 22.01%. During the same period in the previous year, the firm posted $0.53 earnings per share. Research analysts anticipate that Associated Banc Corp will post 1.93 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Tuesday, September 3rd will be issued a dividend of $0.17 per share. The ex-dividend date of this dividend is Friday, August 30th. This represents a $0.68 annualized dividend and a yield of 3.32%. Associated Banc’s dividend payout ratio is presently 33.50%.
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. 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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