Associated Banc-Corp $ASB Shares Sold by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments cut its stake in Associated Banc-Corp by 4.0% in the first quarter, though it still held 1.41 million shares worth about $36.9 million.
• Analysts remain mixed on ASB, with six Buy ratings and six Hold ratings; the consensus view is Moderate Buy with an average price target of $31.00.
• The bank reported better-than-expected quarterly earnings of $0.70 per share and continues to pay a quarterly dividend of $0.24 per share, equal to a 3.1% annual yield.

Allspring Global Investments Holdings LLC lowered its holdings in Associated Banc-Corp (NYSE:ASB - Free Report) by 4.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,410,807 shares of the bank's stock after selling 58,661 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.85% of Associated Banc worth $36,921,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in ASB. Vanguard Group Inc. raised its stake in shares of Associated Banc by 3.0% during the fourth quarter. Vanguard Group Inc. now owns 18,538,157 shares of the bank's stock valued at $477,543,000 after purchasing an additional 545,185 shares during the period. State Street Corp increased its stake in Associated Banc by 1.7% during the 4th quarter. State Street Corp now owns 8,711,346 shares of the bank's stock worth $224,404,000 after buying an additional 147,372 shares during the period. LSV Asset Management increased its holdings in Associated Banc by 1.1% during the 4th quarter. LSV Asset Management now owns 3,663,163 shares of the bank's stock worth $94,363,000 after purchasing an additional 38,900 shares during the last quarter. Verition Fund Management LLC raised its position in shares of Associated Banc by 50.6% in the 4th quarter. Verition Fund Management LLC now owns 2,867,172 shares of the bank's stock valued at $73,858,000 after purchasing an additional 963,788 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its position in shares of Associated Banc by 38.6% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,841,931 shares of the bank's stock valued at $73,208,000 after purchasing an additional 790,793 shares in the last quarter. Institutional investors and hedge funds own 82.98% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Wells Fargo & Company raised their price target on shares of Associated Banc from $30.00 to $31.00 and gave the stock an "overweight" rating in a research report on Monday, March 30th. Zacks Research lowered Associated Banc from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 6th. Truist Financial boosted their price target on Associated Banc from $30.00 to $32.00 and gave the company a "hold" rating in a report on Friday, July 10th. Piper Sandler upped their price target on Associated Banc from $29.00 to $30.00 and gave the company a "neutral" rating in a research report on Friday, April 24th. Finally, Raymond James Financial raised their price objective on Associated Banc from $31.00 to $35.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 1st. Six research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $31.00.

Insider Transactions at Associated Banc

In other news, EVP Dennis Deloye sold 14,299 shares of Associated Banc stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $28.26, for a total value of $404,089.74. Following the transaction, the executive vice president directly owned 21,385 shares of the company's stock, valued at $604,340.10. This trade represents a 40.07% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Matthew R. Braeger sold 5,000 shares of the firm's stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $28.17, for a total value of $140,850.00. Following the completion of the sale, the executive vice president directly owned 11,777 shares of the company's stock, valued at approximately $331,758.09. This trade represents a 29.80% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 28,299 shares of company stock worth $801,760. Corporate insiders own 0.71% of the company's stock.

Associated Banc Price Performance

Shares of NYSE:ASB opened at $31.27 on Monday. The firm has a market capitalization of $5.90 billion, a P/E ratio of 10.86, a PEG ratio of 1.16 and a beta of 0.76. 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 $31.83. The firm's 50 day moving average is $29.14 and its two-hundred day moving average is $27.66.

Associated Banc (NYSE:ASB - Get Free Report) last posted its quarterly earnings data on Thursday, April 23rd. The bank reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.01. Associated Banc had a net margin of 19.88% and a return on equity of 10.46%. The business had revenue of $387.21 million during the quarter, compared to the consensus estimate of $384.20 million. During the same quarter in the prior year, the company posted $0.59 earnings per share. Analysts anticipate that Associated Banc-Corp will post 2.91 earnings per share for the current year.

Associated Banc Dividend Announcement

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

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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