Associated Banc-Corp $ASB Shares Sold by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management cut its Associated Banc-Corp stake by 29.7% in the third quarter, selling 298,432 shares and retaining 706,669 shares valued at approximately $20.25 million. Institutional investors collectively own 82.98% of ASB.
• Associated Banc reported quarterly EPS of $0.73, slightly above expectations, while revenue of $454.54 million also exceeded forecasts. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $32.00.
• The company pays a quarterly dividend of $0.24 per share, equivalent to a 3.3% annual yield. Shares recently traded at $29.04, while insiders sold 78,833 shares worth approximately $2.5 million over the prior 90 days.

Assenagon Asset Management S.A. trimmed its stake in Associated Banc-Corp (NYSE:ASB - Free Report) by 29.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 706,669 shares of the bank's stock after selling 298,432 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.37% of Associated Banc worth $20,246,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. State of Alaska Department of Revenue raised its stake in shares of Associated Banc by 36.6% in the third quarter. State of Alaska Department of Revenue now owns 21,863 shares of the bank's stock valued at $626,000 after buying an additional 5,856 shares during the period. NorthCrest Asset Manangement LLC lifted its position in shares of Associated Banc by 11.4% during the 3rd quarter. NorthCrest Asset Manangement LLC now owns 8,605 shares of the bank's stock valued at $247,000 after buying an additional 881 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of Associated Banc by 6.3% during the 3rd quarter. GAMMA Investing LLC now owns 14,649 shares of the bank's stock worth $420,000 after acquiring an additional 874 shares during the period. Farther Finance Advisors LLC grew its stake in shares of Associated Banc by 63.1% during the 3rd quarter. Farther Finance Advisors LLC now owns 4,382 shares of the bank's stock worth $126,000 after acquiring an additional 1,696 shares during the period. Finally, Gradient Investments LLC grew its stake in shares of Associated Banc by 1.5% during the 3rd quarter. Gradient Investments LLC now owns 78,490 shares of the bank's stock worth $2,249,000 after acquiring an additional 1,156 shares during the period. 82.98% of the stock is currently owned by hedge funds and other institutional investors.

Associated Banc Trading Up 0.3%

Shares of Associated Banc stock opened at $29.04 on Monday. The company's 50-day moving average price is $30.05 and its 200-day moving average price is $29.35. 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-Corp has a 12-month low of $23.87 and a 12-month high of $32.46. The company has a market cap of $5.48 billion, a price-to-earnings ratio of 10.15, a PEG ratio of 0.99 and a beta of 0.80.

Associated Banc (NYSE:ASB - Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The bank reported $0.73 EPS for the quarter, beating 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 company had revenue of $454.54 million during the quarter, compared to analysts' expectations of $438.01 million. During the same quarter in the previous year, the company earned $0.65 earnings per share. On average, equities analysts expect that Associated Banc-Corp will post 2.95 earnings per share for the current fiscal year.

Associated Banc Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st were given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 3.3%. The ex-dividend date was Tuesday, September 1st. Associated Banc's payout ratio is presently 33.57%.

Analyst Ratings Changes

ASB has been the topic of a number of research reports. Piper Sandler restated a "neutral" rating and issued a $34.00 price objective on shares of Associated Banc in a research note on Wednesday, August 26th. Raymond James Financial increased their target price on shares of Associated Banc from $31.00 to $35.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 1st. Barclays lifted their target price on shares of Associated Banc from $34.00 to $35.00 and gave the stock an "overweight" rating in a research note on Monday, October 5th. Wells Fargo & Company reduced their target price on shares of Associated Banc from $36.00 to $35.00 and set an "overweight" rating for the company in a research note on Tuesday, September 29th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Associated Banc in a research report on Monday, September 21st. Six research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $32.00.

Insider Buying and Selling at Associated Banc

In other Associated Banc news, EVP Derek S. Meyer sold 10,000 shares of the firm'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 sale, the executive vice president owned 61,662 shares of the company's stock, valued at $1,895,489.88. This trade represents a 13.95% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Randall J. Erickson sold 43,561 shares of Associated Banc stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $32.04, for a total value of $1,395,694.44. Following the sale, the executive vice president owned 56,091 shares of the company's stock, valued at approximately $1,797,155.64. This trade represents a 43.71% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 78,833 shares of company stock valued at $2,502,103 over the last 90 days. Insiders own 0.71% of the company's stock.

Associated Banc Profile

Associated Banc-Corp NYSE: ASB is a bank holding company headquartered in Green Bay, Wisconsin. Its principal subsidiary, Associated Bank, provides banking and financial services to consumers, businesses, institutions and municipalities.

The company offers deposit accounts, residential and commercial real estate lending, business loans, consumer financing, cash-management and treasury services, credit cards, wealth management, investment services and insurance products. Associated also provides specialized financial services for commercial and corporate clients, including relationship banking and capital-market support.

Associated Bank serves customers through branches, offices and digital banking channels across Wisconsin and portions of Illinois and Minnesota.

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