Harmony Asset Management LLC Makes New Investment in Associated Banc-Corp (NYSE:ASB)

Harmony Asset Management LLC bought a new position in shares of Associated Banc-Corp (NYSE:ASB - Free Report) in the 4th quarter, according to its most recent 13F filing with the SEC. The fund bought 14,000 shares of the bank's stock, valued at approximately $335,000.

Several other institutional investors also recently modified their holdings of the stock. Castleark Management LLC acquired a new position in shares of Associated Banc in the 4th quarter valued at approximately $3,816,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Associated Banc by 32.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 435,634 shares of the bank's stock valued at $10,412,000 after purchasing an additional 107,328 shares during the period. Voloridge Investment Management LLC grew its position in shares of Associated Banc by 195.2% in the 4th quarter. Voloridge Investment Management LLC now owns 538,755 shares of the bank's stock valued at $12,876,000 after purchasing an additional 356,268 shares during the period. Zimmer Partners LP acquired a new position in Associated Banc in the 4th quarter worth $598,000. Finally, Squarepoint Ops LLC boosted its stake in Associated Banc by 16.7% in the 4th quarter. Squarepoint Ops LLC now owns 116,712 shares of the bank's stock worth $2,789,000 after purchasing an additional 16,700 shares during the period. 82.98% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Barclays reduced their target price on shares of Associated Banc from $28.00 to $25.00 and set an "equal weight" rating for the company in a research note on Tuesday, April 8th. Keefe, Bruyette & Woods reduced their price objective on shares of Associated Banc from $29.00 to $27.00 and set a "market perform" rating for the company in a research note on Friday, April 25th. Truist Financial began coverage on shares of Associated Banc in a research note on Tuesday, May 13th. They set a "hold" rating and a $26.00 price objective for the company. Raymond James restated an "outperform" rating and set a $27.00 price objective on shares of Associated Banc in a research note on Monday, April 28th. Finally, Stephens cut their price objective on Associated Banc from $28.00 to $26.00 and set an "equal weight" rating for the company in a report on Friday, April 25th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, Associated Banc has an average rating of "Hold" and an average price target of $26.00.

Insider Activity at Associated Banc

In other Associated Banc news, Director Eileen A. Kamerick sold 7,000 shares of the business's stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $24.71, for a total transaction of $172,970.00. Following the completion of the transaction, the director now owns 49,495 shares of the company's stock, valued at approximately $1,223,021.45. The trade was a 12.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Andrew J. Harmening bought 12,910 shares of the stock in a transaction on Friday, May 9th. The shares were acquired at an average cost of $23.25 per share, with a total value of $300,157.50. Following the purchase, the chief executive officer now owns 319,269 shares of the company's stock, valued at approximately $7,423,004.25. This represents a 4.21% increase in their position. The disclosure for this purchase can be found here. 1.45% of the stock is owned by insiders.

Associated Banc Stock Performance

ASB stock traded up $0.34 during mid-day trading on Tuesday, hitting $23.34. 179,540 shares of the company were exchanged, compared to its average volume of 1,541,506. The business has a 50 day simple moving average of $21.96 and a 200-day simple moving average of $23.84. The company has a current ratio of 0.88, a quick ratio of 0.86 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $3.87 billion, a PE ratio of 29.55, a price-to-earnings-growth ratio of 1.52 and a beta of 0.79. Associated Banc-Corp has a 1-year low of $18.32 and a 1-year high of $28.18.

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

Associated Banc Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Monday, June 2nd will be given a $0.23 dividend. The ex-dividend date of this dividend is Monday, June 2nd. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.94%. Associated Banc's payout ratio is 106.98%.

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.