State Board of Administration of Florida Retirement System Sells 12,958 Shares of Associated Banc Co

State Board of Administration of Florida Retirement System cut its position in Associated Banc Corp (NYSE:ASB) by 3.4% during the 4th quarter, Holdings Channel reports. The firm owned 365,579 shares of the bank’s stock after selling 12,958 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in Associated Banc were worth $7,235,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently modified their holdings of the company. Baird Financial Group Inc. lifted its position in Associated Banc by 18.8% in the 3rd quarter. Baird Financial Group Inc. now owns 14,511 shares of the bank’s stock valued at $374,000 after purchasing an additional 2,301 shares during the last quarter. Swiss National Bank increased its stake in Associated Banc by 0.8% during the 3rd quarter. Swiss National Bank now owns 297,940 shares of the bank’s stock valued at $7,746,000 after buying an additional 2,300 shares during the period. GSA Capital Partners LLP increased its stake in Associated Banc by 106.6% during the 3rd quarter. GSA Capital Partners LLP now owns 41,160 shares of the bank’s stock valued at $1,070,000 after buying an additional 21,238 shares during the period. BlackRock Inc. increased its stake in Associated Banc by 2.5% during the 3rd quarter. BlackRock Inc. now owns 14,955,679 shares of the bank’s stock valued at $388,848,000 after buying an additional 370,274 shares during the period. Finally, Riverhead Capital Management LLC increased its stake in Associated Banc by 31.9% during the 3rd quarter. Riverhead Capital Management LLC now owns 17,768 shares of the bank’s stock valued at $462,000 after buying an additional 4,300 shares during the period. Hedge funds and other institutional investors own 76.87% of the company’s stock.

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Several equities analysts have commented on ASB shares. Bank of America cut shares of Associated Banc from a “neutral” rating to an “underperform” rating and set a $21.00 target price on the stock. in a research note on Thursday, January 10th. Zacks Investment Research reissued a “hold” rating on shares of Associated Banc in a research note on Monday, November 12th. ValuEngine cut shares of Associated Banc from a “hold” rating to a “sell” rating in a research note on Friday, October 19th. Morgan Stanley lowered their target price on shares of Associated Banc from $27.50 to $25.00 and set an “equal weight” rating on the stock in a research note on Tuesday, December 11th. Finally, Royal Bank of Canada lowered their target price on shares of Associated Banc to $24.00 and set a “sector perform” rating on the stock in a research note on Friday, January 25th. Three analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the stock. Associated Banc presently has a consensus rating of “Hold” and an average target price of $25.60.

Shares of ASB traded down $0.20 during mid-day trading on Thursday, hitting $22.55. The company’s stock had a trading volume of 38,128 shares, compared to its average volume of 1,484,030. The stock has a market capitalization of $3.71 billion, a P/E ratio of 11.11, a P/E/G ratio of 1.55 and a beta of 1.09. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 0.93. Associated Banc Corp has a fifty-two week low of $18.53 and a fifty-two week high of $29.02.

Associated Banc (NYSE:ASB) last announced its quarterly earnings data on Thursday, January 24th. The bank reported $0.50 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.49 by $0.01. The company had revenue of $308.00 million for the quarter, compared to analysts’ expectations of $311.13 million. Associated Banc had a net margin of 22.09% and a return on equity of 9.79%. During the same quarter in the previous year, the company posted $0.31 EPS. As a group, equities research analysts forecast that Associated Banc Corp will post 2.06 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 15th. Stockholders of record on Friday, March 1st will be paid a $0.17 dividend. The ex-dividend date is Thursday, February 28th. This represents a $0.68 annualized dividend and a dividend yield of 3.02%. Associated Banc’s dividend payout ratio is currently 33.50%.

In other news, CEO Philip B. Flynn sold 10,000 shares of Associated Banc stock in a transaction that occurred on Monday, February 4th. The shares were sold at an average price of $22.00, for a total value of $220,000.00. Following the transaction, the chief executive officer now owns 104,684 shares of the company’s stock, valued at approximately $2,303,048. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider John P. Hankerd sold 8,013 shares of Associated Banc stock in a transaction that occurred on Monday, February 11th. The stock was sold at an average price of $22.46, for a total transaction of $179,971.98. Following the completion of the transaction, the insider now directly owns 32,141 shares in the company, valued at approximately $721,886.86. The disclosure for this sale can be found here. Insiders sold a total of 35,752 shares of company stock worth $795,033 in the last ninety days. Corporate insiders own 2.13% of the company’s stock.

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Associated Banc Profile

Associated Banc-Corp, a bank holding company, provides various banking and nonbanking products to individuals and businesses primarily 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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