Associated Banc-Corp (NYSE:ASB) Short Interest Update

Associated Banc-Corp (NYSE:ASB) saw a large increase in short interest in July. As of July 31st, there was short interest totalling 7,190,000 shares, an increase of 28.4% from the July 15th total of 5,600,000 shares. Currently, 4.8% of the shares of the stock are short sold. Based on an average daily volume of 1,290,000 shares, the short-interest ratio is presently 5.6 days.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. Baird R W lowered shares of Associated Banc from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 17th. Keefe, Bruyette & Woods raised their price target on shares of Associated Banc from $23.00 to $24.00 and gave the stock a “market perform” rating in a report on Friday, July 26th. Royal Bank of Canada raised their price target on shares of Associated Banc from $23.00 to $25.00 and gave the stock a “sector perform” rating in a report on Friday, July 26th. Robert W. Baird lowered their price target on shares of Associated Banc from $27.00 to $25.00 and set a “neutral” rating for the company in a report on Friday, July 26th. Finally, Jefferies Financial Group lowered their price target on shares of Associated Banc from $24.00 to $22.00 and set a “hold” rating for the company in a report on Wednesday, July 3rd. Ten analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat, Associated Banc presently has a consensus rating of “Hold” and an average target price of $23.67.

Insider Activity

In related news, EVP Randall J. Erickson sold 23,774 shares of the firm’s stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $22.99, for a total value of $546,564.26. Following the completion of the transaction, the executive vice president now owns 128,680 shares in the company, valued at approximately $2,958,353.20. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 1.45% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Associated Banc

Hedge funds have recently modified their holdings of the company. Creative Planning increased its position in shares of Associated Banc by 5.7% during the 2nd quarter. Creative Planning now owns 29,644 shares of the bank’s stock valued at $627,000 after purchasing an additional 1,610 shares during the last quarter. Algert Global LLC bought a new position in Associated Banc during the second quarter valued at about $1,213,000. Millennium Management LLC increased its holdings in Associated Banc by 291.3% during the second quarter. Millennium Management LLC now owns 1,563,274 shares of the bank’s stock worth $33,063,000 after buying an additional 1,163,807 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. raised its position in Associated Banc by 70.7% in the second quarter. Point72 Asia Singapore Pte. Ltd. now owns 14,022 shares of the bank’s stock worth $297,000 after acquiring an additional 5,809 shares during the period. Finally, Squarepoint Ops LLC purchased a new position in Associated Banc in the second quarter valued at about $473,000. Institutional investors own 82.98% of the company’s stock.

Associated Banc Stock Up 1.0 %

NYSE ASB traded up $0.21 during mid-day trading on Friday, hitting $21.44. The company’s stock had a trading volume of 892,264 shares, compared to its average volume of 1,364,536. The company’s 50 day simple moving average is $21.29 and its 200 day simple moving average is $21.09. Associated Banc has a twelve month low of $15.16 and a twelve month high of $24.21. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.79. The firm has a market capitalization of $3.23 billion, a price-to-earnings ratio of 21.66, a PEG ratio of 2.39 and a beta of 0.95.

Associated Banc (NYSE:ASB) last posted its quarterly earnings results on Thursday, July 25th. The bank reported $0.52 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.52. Associated Banc had a net margin of 7.93% and a return on equity of 8.14%. The business had revenue of $321.75 million during the quarter, compared to the consensus estimate of $330.69 million. During the same quarter last year, the firm posted $0.56 EPS. Associated Banc’s revenue was down .5% compared to the same quarter last year. Analysts anticipate that Associated Banc will post 2.09 earnings per share for the current year.

Associated Banc Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Tuesday, September 3rd will be paid a $0.22 dividend. The ex-dividend date is Tuesday, September 3rd. This represents a $0.88 annualized dividend and a yield of 4.10%. Associated Banc’s dividend payout ratio (DPR) is 88.89%.

About Associated Banc

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.