Interval Partners LP Trims Stake in Associated Banc-Corp $ASB

Key Points

• Interval Partners LP reduced its stake in Associated Banc-Corp by 23.3%, owning 490,625 shares after selling 149,328 shares during the first quarter.
• Several institutional investors increased their positions in Associated Banc, with Versant Capital Management Inc raising its stake by 385.5% during the same period.
• Associated Banc-Corp declared a quarterly dividend of $0.23 per share, translating to a 3.4% dividend yield, with a payout ratio of 119.48%.

Interval Partners LP trimmed its position in Associated Banc-Corp (NYSE:ASB - Free Report) by 23.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 490,625 shares of the bank's stock after selling 149,328 shares during the period. Interval Partners LP owned 0.30% of Associated Banc worth $11,054,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the company. Versant Capital Management Inc lifted its holdings in shares of Associated Banc by 385.5% during the 1st quarter. Versant Capital Management Inc now owns 1,612 shares of the bank's stock worth $36,000 after acquiring an additional 1,280 shares during the last quarter. Quarry LP lifted its holdings in shares of Associated Banc by 77.7% during the 1st quarter. Quarry LP now owns 1,907 shares of the bank's stock worth $43,000 after acquiring an additional 834 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Associated Banc by 17.9% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 3,688 shares of the bank's stock worth $83,000 after acquiring an additional 559 shares during the last quarter. Farther Finance Advisors LLC lifted its holdings in shares of Associated Banc by 38.0% during the 1st quarter. Farther Finance Advisors LLC now owns 4,072 shares of the bank's stock worth $90,000 after acquiring an additional 1,122 shares during the last quarter. Finally, GAMMA Investing LLC lifted its holdings in shares of Associated Banc by 11.6% during the 1st quarter. GAMMA Investing LLC now owns 5,251 shares of the bank's stock worth $118,000 after acquiring an additional 547 shares during the last quarter. 82.98% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on ASB. Robert W. Baird lifted their price objective on shares of Associated Banc from $27.00 to $28.00 and gave the stock a "neutral" rating in a report on Friday, July 25th. Keefe, Bruyette & Woods lifted their price objective on shares of Associated Banc from $27.00 to $28.00 and gave the stock a "market perform" rating in a report on Friday, July 25th. Royal Bank Of Canada lifted their price objective on shares of Associated Banc from $26.00 to $27.00 and gave the stock a "sector perform" rating in a report on Friday, July 25th. Barclays lifted their price objective on shares of Associated Banc from $28.00 to $30.00 and gave the stock an "equal weight" rating in a report on Monday, July 28th. Finally, Piper Sandler boosted their price target on shares of Associated Banc from $24.00 to $27.00 and gave the stock a "neutral" rating in a research note on Friday, July 25th. Two equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $27.78.

Insiders Place Their Bets

In other Associated Banc news, EVP John A. Utz sold 13,000 shares of the company's stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $27.24, for a total value of $354,120.00. Following the sale, the executive vice president owned 111,228 shares in the company, valued at approximately $3,029,850.72. This represents a 10.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.10% of the company's stock.

Associated Banc Trading Up 1.1%

Shares of ASB stock traded up $0.29 during mid-day trading on Wednesday, reaching $26.47. The stock had a trading volume of 215,660 shares, compared to its average volume of 1,514,160. The stock's 50-day moving average price is $25.56 and its two-hundred day moving average price is $23.62. Associated Banc-Corp has a 52-week low of $18.32 and a 52-week high of $28.18. The firm has a market capitalization of $4.39 billion, a PE ratio of 34.40, a price-to-earnings-growth ratio of 1.02 and a beta of 0.84. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.98.

Associated Banc (NYSE:ASB - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The bank reported $0.65 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.62 by $0.03. Associated Banc had a net margin of 5.79% and a return on equity of 8.86%. The firm had revenue of $366.98 million for the quarter, compared to analysts' expectations of $362.78 million. During the same quarter in the previous year, the company earned $0.52 earnings per share. Equities analysts expect that Associated Banc-Corp will post 2.43 earnings per share for the current fiscal year.

Associated Banc Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be issued a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date is Tuesday, September 2nd. Associated Banc's dividend payout ratio is 119.48%.

Associated Banc Profile

Associated Banc-Corp, a bank holding company, provides various banking and nonbanking products to individuals and businesses in Wisconsin, Illinois, and Minnesota. The company offers lending solutions, including commercial loans and lines of credit, commercial real estate financing, construction loans, letters of credit, leasing, asset based lending and equipment finance, loan syndications products, residential mortgages, home equity loans and lines of credit, personal and installment loans, auto finance and business loans, and business lines of credit.