Associated Banc (NYSE:ASB) Hits New 52-Week Low - Here's What Happened

Shares of Associated Banc-Corp (NYSE:ASB - Get Free Report) reached a new 52-week low on Thursday . The stock traded as low as $18.32 and last traded at $20.56, with a volume of 2827740 shares. The stock had previously closed at $18.91.

Analyst Upgrades and Downgrades

Several research firms have recently commented on ASB. Keefe, Bruyette & Woods boosted their target price on shares of Associated Banc from $29.00 to $30.00 and gave the stock a "market perform" rating in a report on Friday, January 24th. Royal Bank of Canada increased their price objective on shares of Associated Banc from $26.00 to $27.00 and gave the company a "sector perform" rating in a report on Friday, January 24th. StockNews.com cut Associated Banc from a "hold" rating to a "sell" rating in a report on Friday, January 31st. Robert W. Baird dropped their price target on Associated Banc from $28.00 to $26.00 and set a "neutral" rating for the company in a research note on Friday, January 24th. Finally, Stephens reaffirmed an "equal weight" rating and issued a $28.00 price objective on shares of Associated Banc in a research note on Tuesday, March 25th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $26.67.

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Associated Banc Stock Up 2.5 %

The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.86 and a current ratio of 0.88. The company has a fifty day moving average of $22.76 and a two-hundred day moving average of $23.91. The company has a market cap of $3.31 billion, a PE ratio of 25.27, a price-to-earnings-growth ratio of 1.52 and a beta of 0.78.

Associated Banc (NYSE:ASB - Get Free Report) last released its earnings results on Thursday, January 23rd. The bank reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.04. Associated Banc had a net margin of 5.15% and a return on equity of 8.24%. As a group, analysts anticipate that Associated Banc-Corp will post 2.43 earnings per share for the current fiscal year.

Associated Banc Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 3rd were given a dividend of $0.23 per share. The ex-dividend date was Monday, March 3rd. This represents a $0.92 annualized dividend and a dividend yield of 4.60%. Associated Banc's dividend payout ratio (DPR) is 116.46%.

Insider Transactions at Associated Banc

In other news, Director Eileen A. Kamerick sold 7,000 shares of the firm's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $24.71, for a total transaction of $172,970.00. Following the transaction, the director now directly owns 49,495 shares of the company's stock, valued at approximately $1,223,021.45. This trade represents a 12.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director John B. Williams sold 2,830 shares of Associated Banc stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $25.09, for a total transaction of $71,004.70. Following the sale, the director now directly owns 66,915 shares of the company's stock, valued at $1,678,897.35. This represents a 4.06 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.45% of the company's stock.

Hedge Funds Weigh In On Associated Banc

Several institutional investors have recently made changes to their positions in ASB. Wellington Management Group LLP bought a new position in Associated Banc during the 4th quarter worth about $37,662,000. Norges Bank bought a new position in shares of Associated Banc during the fourth quarter valued at approximately $36,144,000. Vanguard Group Inc. increased its holdings in Associated Banc by 8.7% during the fourth quarter. Vanguard Group Inc. now owns 18,066,871 shares of the bank's stock valued at $431,798,000 after buying an additional 1,444,068 shares during the period. FMR LLC increased its holdings in Associated Banc by 9.4% during the fourth quarter. FMR LLC now owns 14,838,422 shares of the bank's stock valued at $354,638,000 after buying an additional 1,272,441 shares during the period. Finally, Balyasny Asset Management L.P. raised its stake in Associated Banc by 263.7% in the fourth quarter. Balyasny Asset Management L.P. now owns 1,597,950 shares of the bank's stock worth $38,191,000 after buying an additional 1,158,576 shares in the last quarter. Hedge funds and other institutional investors own 82.98% of the company's stock.

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. The company offers lending solutions, including commercial loans and lines of credit, commercial real estate financing, construction loans, letters of credit, leasing, asset based lending and equipment finance, loan syndications products, residential mortgages, home equity loans and lines of credit, personal and installment loans, auto finance and business loans, and business lines of credit.