Associated Banc-Corp $ASB Shares Bought by Royal Bank of Canada

Key Points

• Royal Bank of Canada increased its Associated Banc-Corp stake by 49.8% in the first quarter, bringing its holdings to 168,661 shares valued at approximately $4.36 million. Institutional investors collectively own 82.98% of the company.
• Associated Banc reported quarterly EPS of $0.73, narrowly exceeding estimates, while revenue of $454.54 million also surpassed expectations. Analysts have a “Moderate Buy” consensus rating with an average price target of $31.60.
• The bank declared a quarterly dividend of $0.24 per share, equivalent to $0.96 annually and a 3.0% yield. Meanwhile, insiders have sold 101,823 shares worth about $3.15 million over the past 90 days.

Royal Bank of Canada raised its position in Associated Banc-Corp (NYSE:ASB - Free Report) by 49.8% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 168,661 shares of the bank's stock after purchasing an additional 56,083 shares during the quarter. Royal Bank of Canada owned 0.10% of Associated Banc worth $4,362,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of ASB. IAG Wealth Partners LLC increased its position in Associated Banc by 4,250.0% during the 1st quarter. IAG Wealth Partners LLC now owns 1,218 shares of the bank's stock worth $31,000 after purchasing an additional 1,190 shares in the last quarter. Eurizon Capital SGR S.p.A. acquired a new position in Associated Banc during the fourth quarter valued at approximately $33,000. EverSource Wealth Advisors LLC grew its stake in Associated Banc by 345.5% during the second quarter. EverSource Wealth Advisors LLC now owns 1,350 shares of the bank's stock worth $33,000 after buying an additional 1,047 shares during the period. CIBC Private Wealth Group LLC purchased a new stake in Associated Banc during the third quarter worth approximately $51,000. Finally, Global Retirement Partners LLC acquired a new stake in shares of Associated Banc in the fourth quarter worth $56,000. Hedge funds and other institutional investors own 82.98% of the company's stock.

Associated Banc Price Performance

Shares of ASB stock opened at $32.22 on Friday. The firm has a fifty day simple moving average of $30.46 and a 200-day simple moving average of $28.29. The company has a market capitalization of $6.08 billion, a PE ratio of 11.27, a price-to-earnings-growth ratio of 1.09 and a beta of 0.77. Associated Banc-Corp has a twelve month low of $23.86 and a twelve month high of $32.44. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.95.

Associated Banc (NYSE:ASB - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The bank reported $0.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.01. Associated Banc had a net margin of 19.66% and a return on equity of 10.64%. The firm had revenue of $454.54 million for the quarter, compared to the consensus estimate of $438.01 million. During the same quarter in the previous year, the firm posted $0.65 EPS. Equities research analysts anticipate that Associated Banc-Corp will post 2.91 earnings per share for the current fiscal year.

Associated Banc Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Tuesday, September 1st. Associated Banc's payout ratio is presently 33.57%.

Analyst Ratings Changes

Several research firms recently weighed in on ASB. Piper Sandler lifted their target price on shares of Associated Banc from $29.00 to $30.00 and gave the company a "neutral" rating in a report on Friday, April 24th. Wall Street Zen downgraded Associated Banc from a "buy" rating to a "hold" rating in a report on Saturday, May 2nd. Raymond James Financial raised their price objective on Associated Banc from $31.00 to $35.00 and gave the company an "outperform" rating in a research report on Wednesday, July 1st. Wells Fargo & Company boosted their price objective on Associated Banc from $32.00 to $36.00 and gave the stock an "overweight" rating in a research note on Monday. Finally, Robert W. Baird upped their target price on Associated Banc from $29.00 to $30.00 and gave the stock a "neutral" rating in a research report on Friday, April 24th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $31.60.

Insiders Place Their Bets

In related news, EVP Derek S. Meyer sold 10,000 shares of the business's stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $30.74, for a total value of $307,400.00. Following the transaction, the executive vice president owned 61,662 shares in the company, valued at approximately $1,895,489.88. The trade was a 13.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Gregory Warsek sold 16,300 shares of the stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $32.01, for a total value of $521,763.00. Following the completion of the transaction, the executive vice president directly owned 13,809 shares of the company's stock, valued at $442,026.09. This represents a 54.14% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 101,823 shares of company stock valued at $3,150,761. Insiders own 0.71% of the company's stock.

Associated Banc Company Profile

Associated Banc-Corp, through its primary subsidiary Associated Bank, N.A., is a regional financial services company headquartered in Green Bay, Wisconsin. The bank operates more than 200 branches across the Midwest, offering community-focused banking solutions for individuals, small businesses and commercial clients. Its emphasis on personalized service and regional decision-making supports long-standing customer relationships.

On the consumer side, Associated Bank provides checking and savings accounts, residential mortgages, home equity lines of credit, auto financing and credit card products.

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