Rafferty Asset Management LLC Sells 21,752 Shares of Associated Banc-Corp $ASB

Key Points

• Rafferty Asset Management LLC decreased its holdings in Associated Banc-Corp (NYSE:ASB) by 8.0% during Q1, owning 250,707 shares worth approximately $5.6 million after selling 21,752 shares.
• Associated Banc-Corp announced a quarterly dividend of $0.23 per share, which will be paid on September 15th, resulting in a 3.4% dividend yield.
• The stock's market cap is approximately $4.48 billion, with a current share price of $27.04 and a consensus price target of $27.78 from analysts.

Rafferty Asset Management LLC lessened its stake in Associated Banc-Corp (NYSE:ASB - Free Report) by 8.0% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 250,707 shares of the bank's stock after selling 21,752 shares during the period. Rafferty Asset Management LLC owned 0.15% of Associated Banc worth $5,648,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Mariner LLC boosted its position in shares of Associated Banc by 3.3% during the 4th quarter. Mariner LLC now owns 17,882 shares of the bank's stock valued at $427,000 after purchasing an additional 566 shares in the last quarter. NewEdge Advisors LLC boosted its position in shares of Associated Banc by 13.1% during the 4th quarter. NewEdge Advisors LLC now owns 3,518 shares of the bank's stock valued at $84,000 after purchasing an additional 408 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Associated Banc by 15.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 112,441 shares of the bank's stock valued at $2,688,000 after purchasing an additional 15,377 shares in the last quarter. Quarry LP boosted its position in shares of Associated Banc by 154.3% during the 4th quarter. Quarry LP now owns 1,073 shares of the bank's stock valued at $26,000 after purchasing an additional 651 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its position in shares of Associated Banc by 2.8% during the 4th quarter. The Manufacturers Life Insurance Company now owns 173,712 shares of the bank's stock valued at $4,152,000 after purchasing an additional 4,764 shares in the last quarter. Institutional investors own 82.98% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on ASB. Truist Financial raised their price objective on shares of Associated Banc from $26.00 to $27.00 and gave the company a "hold" rating in a research report on Monday, July 28th. Royal Bank Of Canada raised their target price 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. Keefe, Bruyette & Woods raised their target price 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. Robert W. Baird raised their target price 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. Finally, Wells Fargo & Company raised their target price on shares of Associated Banc from $28.00 to $30.00 and gave the stock an "overweight" rating in a report on Thursday, July 10th. Two research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $27.78.

Insider Activity

In other news, EVP John A. Utz sold 13,000 shares of the firm's stock in a transaction on 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 trade represents a 10.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 1.10% of the company's stock.

Associated Banc Stock Down 0.6%

ASB traded down $0.15 during midday trading on Wednesday, hitting $26.18. 155,029 shares of the company's stock traded hands, compared to its average volume of 1,516,642. The company has a market cap of $4.34 billion, a PE ratio of 34.04, a price-to-earnings-growth ratio of 1.04 and a beta of 0.84. The stock's fifty day simple moving average is $25.36 and its 200-day simple moving average is $23.57. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.92 and a quick ratio of 0.91. Associated Banc-Corp has a one year low of $18.32 and a one year high of $28.18.

Associated Banc (NYSE:ASB - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The bank reported $0.65 earnings per share for the quarter, beating the consensus estimate 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 analyst estimates of $362.78 million. During the same quarter last year, the firm earned $0.52 earnings per share. As a group, equities analysts anticipate that Associated Banc-Corp will post 2.43 earnings per share for the current fiscal year.

Associated Banc Dividend Announcement

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

About Associated Banc

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.