Associated Banc-Corp $ASB Shares Sold by Associated Banc Corp

Key Points

• Associated Banc Corp trimmed its stake in Associated Banc-Corp by 1.7% in the first quarter, though it still held 2.59 million shares valued at about $66.9 million.
• Several other institutional investors boosted their positions, and 82.98% of ASB shares are owned by hedge funds and other institutions, showing strong institutional interest in the stock.
• Insiders have also been selling shares recently, including EVP John A. Utz and EVP Matthew R. Braeger, while analysts currently rate the stock Moderate Buy with a consensus price target of $31.00.

Associated Banc Corp lessened its holdings in shares of Associated Banc-Corp (NYSE:ASB - Free Report) by 1.7% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,587,920 shares of the bank's stock after selling 43,419 shares during the quarter. Associated Banc comprises about 1.8% of Associated Banc Corp's holdings, making the stock its 11th biggest holding. Associated Banc Corp owned about 1.57% of Associated Banc worth $66,924,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of ASB. Norges Bank purchased a new stake in Associated Banc during the 4th quarter worth about $54,660,000. Goldman Sachs Group Inc. increased its stake in shares of Associated Banc by 139.1% during the first quarter. Goldman Sachs Group Inc. now owns 2,748,667 shares of the bank's stock worth $61,927,000 after buying an additional 1,598,951 shares during the period. Balyasny Asset Management L.P. raised its holdings in Associated Banc by 4,883.7% in the third quarter. Balyasny Asset Management L.P. now owns 1,385,666 shares of the bank's stock valued at $35,625,000 after acquiring an additional 1,357,862 shares in the last quarter. Freestone Grove Partners LP purchased a new position in Associated Banc in the fourth quarter worth approximately $27,819,000. Finally, Verition Fund Management LLC grew its holdings in Associated Banc by 50.6% during the 4th quarter. Verition Fund Management LLC now owns 2,867,172 shares of the bank's stock worth $73,858,000 after acquiring an additional 963,788 shares in the last quarter. 82.98% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Associated Banc

In related news, EVP John A. Utz sold 5,000 shares of the stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $28.82, for a total transaction 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 represents a 4.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Matthew R. Braeger sold 5,000 shares of the stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $28.17, for a total transaction of $140,850.00. Following the transaction, the executive vice president directly owned 11,777 shares in the company, valued at approximately $331,758.09. This represents a 29.80% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 28,299 shares of company stock worth $801,760 over the last ninety days. 0.71% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Wall Street Zen lowered shares of Associated Banc from a "buy" rating to a "hold" rating in a report on Saturday, May 2nd. Robert W. Baird increased their price objective on Associated Banc from $29.00 to $30.00 and gave the company a "neutral" rating in a report on Friday, April 24th. Barclays raised their target price on Associated Banc from $33.00 to $34.00 and gave the stock an "overweight" rating in a research report on Tuesday. Truist Financial boosted their price objective on shares of Associated Banc from $30.00 to $32.00 and gave the stock a "hold" rating in a research report on Friday. Finally, Keefe, Bruyette & Woods upped their target price on shares of Associated Banc from $30.00 to $31.00 and gave the company a "market perform" rating in a report on Friday, April 24th. Six investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $31.00.

Associated Banc Stock Performance

ASB traded up $0.21 during trading on Friday, hitting $30.60. The stock had a trading volume of 1,197,491 shares, compared to its average volume of 2,323,578. The firm has a market capitalization of $5.77 billion, a P/E ratio of 10.62, a PEG ratio of 1.13 and a beta of 0.76. Associated Banc-Corp has a twelve month low of $23.63 and a twelve month high of $31.50. The company's 50-day moving average price is $28.88 and its 200 day moving average price is $27.49. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.90 and a current ratio of 0.90.

Associated Banc (NYSE:ASB - Get Free Report) last released its earnings results on Thursday, April 23rd. The bank reported $0.70 EPS for the quarter, beating analysts' consensus estimates of $0.69 by $0.01. The company had revenue of $387.21 million during the quarter, compared to the consensus estimate of $384.20 million. Associated Banc had a return on equity of 10.46% and a net margin of 19.88%.During the same quarter last year, the company earned $0.59 earnings per share. On average, equities research analysts forecast that Associated Banc-Corp will post 2.91 EPS for the current fiscal year.

Associated Banc Dividend Announcement

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

Associated Banc 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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