Pinebridge Investments L.P. Increases Stake in Associated Banc-Corp (NYSE:ASB)

Pinebridge Investments L.P. lifted its position in shares of Associated Banc-Corp (NYSE:ASB - Free Report) by 42.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 97,071 shares of the bank's stock after purchasing an additional 29,040 shares during the period. Pinebridge Investments L.P. owned 0.06% of Associated Banc worth $2,320,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Covestor Ltd grew its position in shares of Associated Banc by 221.0% in the 4th quarter. Covestor Ltd now owns 1,499 shares of the bank's stock worth $36,000 after buying an additional 1,032 shares during the last quarter. Smartleaf Asset Management LLC raised its holdings in Associated Banc by 49.6% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,747 shares of the bank's stock worth $42,000 after purchasing an additional 579 shares in the last quarter. Crews Bank & Trust purchased a new stake in shares of Associated Banc in the 4th quarter worth about $56,000. Sugar Maple Asset Management LLC purchased a new position in shares of Associated Banc during the fourth quarter valued at about $64,000. Finally, R Squared Ltd bought a new stake in Associated Banc during the 4th quarter valued at approximately $67,000. 82.98% of the stock is owned by institutional investors.

Analysts Set New Price Targets

ASB has been the topic of several recent research reports. Royal Bank of Canada upped their price target on Associated Banc from $26.00 to $27.00 and gave the stock a "sector perform" rating in a research note on Friday, January 24th. Keefe, Bruyette & Woods lowered their price target on shares of Associated Banc from $29.00 to $27.00 and set a "market perform" rating for the company in a research report on Friday, April 25th. Barclays cut their price objective on shares of Associated Banc from $28.00 to $25.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 8th. Raymond James reiterated an "outperform" rating and set a $27.00 target price on shares of Associated Banc in a report on Monday. Finally, Stephens cut their price target on Associated Banc from $28.00 to $26.00 and set an "equal weight" rating on the stock in a research note on Friday, April 25th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat.com, Associated Banc has an average rating of "Hold" and a consensus price target of $26.00.

Associated Banc Stock Down 1.6 %

ASB stock traded down $0.35 during midday trading on Wednesday, hitting $22.06. The company's stock had a trading volume of 1,347,178 shares, compared to its average volume of 1,529,720. The firm's 50-day moving average is $21.84 and its 200-day moving average is $23.88. The company has a current ratio of 0.88, a quick ratio of 0.86 and a debt-to-equity ratio of 0.61. Associated Banc-Corp has a 12 month low of $18.32 and a 12 month high of $28.18. The company has a market cap of $3.65 billion, a PE ratio of 27.92, a P/E/G ratio of 1.52 and a beta of 0.78.

Associated Banc (NYSE:ASB - Get Free Report) last posted its quarterly earnings results on Thursday, April 24th. The bank reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.02. Associated Banc had a return on equity of 8.24% and a net margin of 5.15%. The firm had revenue of $348.97 million during the quarter, compared to analysts' expectations of $347.86 million. During the same quarter in the previous year, the business earned $0.52 earnings per share. The company's revenue was up 6.8% on a year-over-year basis. On average, equities research analysts forecast that Associated Banc-Corp will post 2.43 earnings per share for the current fiscal year.

Associated Banc Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Monday, June 2nd will be issued a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 4.17%. The ex-dividend date is Monday, June 2nd. Associated Banc's payout ratio is presently 106.98%.

Insider Transactions at Associated Banc

In related 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 value of $172,970.00. Following the sale, the director now owns 49,495 shares in the company, 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 document filed with the SEC, which can be accessed through the SEC website. Also, Director John B. Williams sold 2,830 shares of the business's stock in a transaction 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 owns 66,915 shares of the company's stock, valued at approximately $1,678,897.35. This represents a 4.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.45% of the company's stock.

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.