Associated Banc-Corp $ASB Shares Bought by SG Americas Securities LLC

Key Points

• SG Americas Securities LLC increased its stake in Associated Banc-Corp by 69.6% in the first quarter, ending with 767,671 shares valued at about $19.9 million.
• Associated Banc reported better-than-expected quarterly earnings of $0.70 per share, slightly topping estimates, while revenue also came in above analyst expectations.
• The bank paid a quarterly dividend of $0.24 per share, equal to an annualized yield of 3.1%, even as several insiders sold shares over the past three months.

SG Americas Securities LLC lifted its holdings in shares of Associated Banc-Corp (NYSE:ASB - Free Report) by 69.6% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 767,671 shares of the bank's stock after acquiring an additional 315,064 shares during the quarter. SG Americas Securities LLC owned 0.46% of Associated Banc worth $19,852,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Norges Bank purchased a new position in Associated Banc in the fourth quarter valued at about $54,660,000. First Trust Advisors LP increased its holdings in Associated Banc by 679.4% during the 3rd quarter. First Trust Advisors LP now owns 2,223,694 shares of the bank's stock worth $57,171,000 after purchasing an additional 1,938,393 shares during the last quarter. Goldman Sachs Group Inc. raised its position in shares of Associated Banc by 139.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,748,667 shares of the bank's stock valued at $61,927,000 after purchasing an additional 1,598,951 shares in the last quarter. Balyasny Asset Management L.P. raised its position in shares of Associated Banc by 4,883.7% in the 3rd quarter. Balyasny Asset Management L.P. now owns 1,385,666 shares of the bank's stock valued at $35,625,000 after purchasing an additional 1,357,862 shares in the last quarter. Finally, Freestone Grove Partners LP purchased a new position in shares of Associated Banc during the 4th quarter valued at approximately $27,819,000. Institutional investors and hedge funds own 82.98% of the company's stock.

Associated Banc Price Performance

Shares of ASB opened at $30.88 on Friday. The firm has a market cap of $5.82 billion, a price-to-earnings ratio of 10.72, a PEG ratio of 1.76 and a beta of 0.77. The stock has a 50 day moving average of $28.26 and a 200-day moving average of $27.18. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.84. Associated Banc-Corp has a 52 week low of $23.63 and a 52 week high of $31.10.

Associated Banc (NYSE:ASB - Get Free Report) last posted its quarterly earnings results on Thursday, April 23rd. The bank reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.01. Associated Banc had a return on equity of 10.46% and a net margin of 19.88%.The business had revenue of $387.21 million for the quarter, compared to analyst estimates of $384.20 million. During the same period in the prior year, the company posted $0.59 EPS. As a group, analysts forecast that Associated Banc-Corp will post 2.92 EPS for the current year.

Associated Banc Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend was Monday, June 1st. Associated Banc's dividend payout ratio is 33.33%.

Analyst Ratings Changes

ASB has been the subject of a number of recent analyst reports. Robert W. Baird raised their price target on shares of Associated Banc from $29.00 to $30.00 and gave the stock a "neutral" rating in a research report on Friday, April 24th. Stephens upgraded shares of Associated Banc from an "equal weight" rating to an "overweight" rating and reduced their price objective for the company from $30.00 to $29.00 in a research note on Friday, March 27th. Raymond James Financial reiterated an "outperform" rating and set a $31.00 price objective on shares of Associated Banc in a research note on Monday, April 27th. Wells Fargo & Company raised their price objective on shares of Associated Banc from $30.00 to $31.00 and gave the stock an "overweight" rating in a report on Monday, March 30th. Finally, Truist Financial boosted their target price on shares of Associated Banc from $27.00 to $30.00 and gave the stock a "hold" rating in a research report on Monday, April 27th. Six analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, Associated Banc has an average rating of "Moderate Buy" and a consensus price target of $30.30.

Insider Buying and Selling at Associated Banc

In other news, EVP John A. Utz sold 5,000 shares of the firm's stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $28.82, for a total value of $144,100.00. Following the transaction, the executive vice president directly owned 118,156 shares in the company, valued at approximately $3,405,255.92. This trade represents a 4.06% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Dennis Deloye sold 14,299 shares of the business's stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $28.26, for a total transaction of $404,089.74. Following the sale, the executive vice president directly owned 21,385 shares of the company's stock, valued at approximately $604,340.10. This represents a 40.07% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 28,299 shares of company stock valued at $801,760 over the last three months. 0.71% of the stock is currently owned by company insiders.

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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