Pinebridge Investments L.P. Makes New $1.08 Million Investment in Associated Banc Corp (NYSE:ASB)

Pinebridge Investments L.P. bought a new position in Associated Banc Corp (NYSE:ASB) during the 2nd quarter, Holdings Channel reports. The institutional investor bought 50,833 shares of the bank’s stock, valued at approximately $1,075,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Parametric Portfolio Associates LLC lifted its stake in Associated Banc by 8.6% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 498,201 shares of the bank’s stock worth $10,532,000 after purchasing an additional 39,654 shares in the last quarter. Grantham Mayo Van Otterloo & Co. LLC lifted its stake in Associated Banc by 129.8% in the 2nd quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 182,200 shares of the bank’s stock worth $3,852,000 after purchasing an additional 102,900 shares in the last quarter. Commonwealth Bank of Australia lifted its stake in Associated Banc by 47.1% in the 2nd quarter. Commonwealth Bank of Australia now owns 25,600 shares of the bank’s stock worth $541,000 after purchasing an additional 8,200 shares in the last quarter. Carlson Capital L P purchased a new stake in Associated Banc in the 2nd quarter worth approximately $3,723,000. Finally, Pacer Advisors Inc. purchased a new stake in Associated Banc in the 2nd quarter worth approximately $1,382,000. Institutional investors and hedge funds own 73.18% of the company’s stock.

Several analysts have issued reports on ASB shares. SunTrust Banks set a $22.00 target price on shares of Associated Banc and gave the stock a “hold” rating in a research note on Monday, September 9th. Royal Bank of Canada set a $23.00 target price on shares of Associated Banc and gave the stock a “hold” rating in a research note on Friday, July 26th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the stock. Associated Banc presently has a consensus rating of “Hold” and an average price target of $24.50.

In related news, CFO Moral-Niles Christopher Del sold 2,000 shares of Associated Banc stock in a transaction on Monday, August 5th. The shares were sold at an average price of $26.50, for a total value of $53,000.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, 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 owns 40,276 shares in the company, valued at approximately $860,698.12. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 19,698 shares of company stock worth $422,887. Corporate insiders own 2.69% of the company’s stock.

Shares of Associated Banc stock traded up $0.17 on Friday, hitting $20.44. 10,249 shares of the company traded hands, compared to its average volume of 806,006. The firm’s 50-day simple moving average is $19.70 and its 200 day simple moving average is $21.18. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.97. The company has a market cap of $3.27 billion, a P/E ratio of 10.05, a P/E/G ratio of 1.31 and a beta of 1.20. Associated Banc Corp has a 12-month low of $18.52 and a 12-month high of $27.20.

Associated Banc (NYSE:ASB) last posted its quarterly earnings data on Thursday, July 25th. The bank reported $0.51 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.49 by $0.02. The firm had revenue of $309.46 million for the quarter, compared to analysts’ expectations of $315.84 million. Associated Banc had a net margin of 22.01% and a return on equity of 9.86%. During the same quarter last year, the company posted $0.53 EPS. Analysts predict that Associated Banc Corp will post 1.93 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Tuesday, September 3rd were given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 3.33%. The ex-dividend date of this dividend was Friday, August 30th. Associated Banc’s dividend payout ratio (DPR) is currently 33.50%.

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.

See Also: Why is the ex-dividend date different from the record date?

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Institutional Ownership by Quarter for Associated Banc (NYSE:ASB)

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