Associated Banc Corp (NYSE:ASB) Short Interest Update

Associated Banc Corp (NYSE:ASB) saw a significant increase in short interest in October. As of October 31st, there was short interest totalling 3,690,000 shares, an increase of 12.2% from the September 30th total of 3,290,000 shares. Based on an average daily volume of 963,200 shares, the days-to-cover ratio is currently 3.8 days. Currently, 2.4% of the company’s stock are short sold.

In other Associated Banc news, EVP John A. Utz sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $20.48, for a total transaction of $40,960.00. Following the sale, the executive vice president now owns 56,745 shares of the company’s stock, valued at $1,162,137.60. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP David L. Stein sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $21.79, for a total transaction of $435,800.00. Following the sale, the executive vice president now directly owns 69,835 shares in the company, valued at approximately $1,521,704.65. The disclosure for this sale can be found here. In the last three months, insiders have sold 44,481 shares of company stock worth $957,106. 2.69% of the stock is owned by corporate insiders.

Institutional investors have recently made changes to their positions in the company. Nisa Investment Advisors LLC acquired a new position in shares of Associated Banc in the 2nd quarter valued at $67,000. Tower Research Capital LLC TRC boosted its position in shares of Associated Banc by 56.9% during the 3rd quarter. Tower Research Capital LLC TRC now owns 3,433 shares of the bank’s stock worth $70,000 after purchasing an additional 1,245 shares in the last quarter. Avestar Capital LLC purchased a new stake in shares of Associated Banc during the 2nd quarter worth $150,000. Convergence Investment Partners LLC purchased a new stake in shares of Associated Banc during the 3rd quarter worth $163,000. Finally, Neo Ivy Capital Management purchased a new stake in shares of Associated Banc during the 2nd quarter worth $181,000. 74.93% of the stock is currently owned by institutional investors and hedge funds.

A number of research firms have weighed in on ASB. SunTrust Banks set a $22.00 price objective on shares of Associated Banc and gave the stock a “hold” rating in a report on Monday, September 9th. Royal Bank of Canada set a $23.00 price objective on shares of Associated Banc and gave the stock a “hold” rating in a report on Friday, July 26th. Zacks Investment Research raised shares of Associated Banc from a “strong sell” rating to a “hold” rating and set a $17.00 price objective on the stock in a report on Tuesday, October 29th. Stephens set a $22.00 price objective on shares of Associated Banc and gave the stock a “hold” rating in a report on Friday, October 25th. Finally, Bank of America set a $19.00 price objective on shares of Associated Banc and gave the stock a “sell” rating in a report on Friday, October 25th. Three analysts have rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $22.00.

Shares of Associated Banc stock traded up $0.17 during trading on Friday, reaching $21.60. The company’s stock had a trading volume of 954,861 shares, compared to its average volume of 1,174,631. The company has a 50-day moving average price of $20.41 and a two-hundred day moving average price of $20.66. The firm has a market cap of $3.46 billion, a PE ratio of 10.64, a P/E/G ratio of 1.41 and a beta of 1.19. Associated Banc has a fifty-two week low of $18.52 and a fifty-two week high of $23.83. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 1.00.

Associated Banc (NYSE:ASB) last announced its earnings results on Thursday, October 24th. The bank reported $0.50 EPS for the quarter, beating analysts’ consensus estimates of $0.47 by $0.03. The business had revenue of $307.00 million for the quarter, compared to analysts’ expectations of $312.55 million. Associated Banc had a net margin of 21.73% and a return on equity of 9.71%. The company’s quarterly revenue was up .0% on a year-over-year basis. During the same period in the previous year, the company posted $0.48 EPS. On average, analysts predict that Associated Banc will post 1.92 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.33%. This is a boost from Associated Banc’s previous quarterly dividend of $0.17. The ex-dividend date is Friday, November 29th. Associated Banc’s payout ratio is presently 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.

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