Associated Banc-Corp $ASB Shares Sold by Rhino Investment Partners Inc

Key Points

• Rhino Investment Partners reduced its position in Associated Banc-Corp by 21.8% in Q3, selling 202,679 shares and retaining 727,947 shares (~0.44% of the company) valued at $18.72 million, making ASB Rhino's sixth-largest holding.
• Company insiders have been net sellers recently: EVP Patrick Ahern sold 14,731 shares at $29.03 and Director John B. Williams sold 2,325 shares, with insiders offloading 23,656 shares worth $677,789 over the past 90 days (insiders own 1.45%).
• Associated Banc beat quarterly EPS estimates ($0.80 vs. $0.69), announced a $100 million buyback (about 2.2% of shares) and a $0.24 quarterly dividend (3.9% yield), while analysts' average price target sits at $29.20 with a "Moderate Buy" consensus.

Rhino Investment Partners Inc reduced its position in shares of Associated Banc-Corp (NYSE:ASB - Free Report) by 21.8% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 727,947 shares of the bank's stock after selling 202,679 shares during the period. Associated Banc accounts for approximately 5.9% of Rhino Investment Partners Inc's holdings, making the stock its 6th biggest position. Rhino Investment Partners Inc owned about 0.44% of Associated Banc worth $18,716,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of ASB. Jackson Creek Investment Advisors LLC bought a new stake in Associated Banc during the third quarter valued at about $1,769,000. JPMorgan Chase & Co. increased its stake in shares of Associated Banc by 24.6% in the third quarter. JPMorgan Chase & Co. now owns 984,537 shares of the bank's stock worth $25,312,000 after purchasing an additional 194,307 shares during the period. Y Intercept Hong Kong Ltd acquired a new position in shares of Associated Banc during the 3rd quarter worth about $1,289,000. Skandinaviska Enskilda Banken AB publ lifted its position in shares of Associated Banc by 50.6% during the 3rd quarter. Skandinaviska Enskilda Banken AB publ now owns 125,433 shares of the bank's stock worth $3,225,000 after purchasing an additional 42,133 shares during the last quarter. Finally, Thrivent Financial for Lutherans boosted its stake in Associated Banc by 19.4% during the 3rd quarter. Thrivent Financial for Lutherans now owns 250,285 shares of the bank's stock valued at $6,435,000 after purchasing an additional 40,631 shares during the period. 82.98% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Associated Banc news, EVP Patrick Edward Ahern sold 14,731 shares of Associated Banc stock in a transaction on Tuesday, February 10th. The shares were sold at an average price of $29.03, for a total transaction of $427,640.93. Following the sale, the executive vice president owned 39,401 shares in the company, valued at $1,143,811.03. The trade was a 27.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director John B. Williams sold 2,325 shares of the business's stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $28.05, for a total transaction of $65,216.25. Following the completion of the sale, the director directly owned 70,959 shares in the company, valued at $1,990,399.95. This trade represents a 3.17% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 23,656 shares of company stock valued at $677,789 over the last ninety days. 1.45% of the stock is owned by company insiders.

Associated Banc Trading Down 0.9%

Shares of ASB opened at $24.48 on Friday. The stock's 50-day moving average price is $27.01 and its 200 day moving average price is $26.28. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.81. The firm has a market capitalization of $4.06 billion, a price-to-earnings ratio of 8.84, a P/E/G ratio of 1.13 and a beta of 0.80. Associated Banc-Corp has a 12-month low of $18.32 and a 12-month high of $29.51.

Associated Banc (NYSE:ASB - Get Free Report) last announced its quarterly earnings data on Thursday, January 22nd. The bank reported $0.80 EPS for the quarter, topping analysts' consensus estimates of $0.69 by $0.11. Associated Banc had a return on equity of 10.25% and a net margin of 19.31%.The company had revenue of $393.52 million during the quarter, compared to the consensus estimate of $382.06 million. During the same quarter last year, the company earned $0.72 EPS. As a group, research analysts predict that Associated Banc-Corp will post 2.43 earnings per share for the current year.

Associated Banc declared that its board has initiated a stock buyback program on Tuesday, January 27th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the bank to buy up to 2.2% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's leadership believes its stock is undervalued.

Associated Banc Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Investors of record on Monday, March 2nd will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 3.9%. The ex-dividend date of this dividend is Monday, March 2nd. Associated Banc's dividend payout ratio (DPR) is 34.66%.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Keefe, Bruyette & Woods raised their target price on Associated Banc from $29.00 to $30.00 and gave the company a "market perform" rating in a report on Friday, January 23rd. Piper Sandler increased their price objective on Associated Banc from $27.00 to $30.00 and gave the company a "neutral" rating in a research report on Friday, January 23rd. Royal Bank Of Canada raised their price objective on shares of Associated Banc from $29.00 to $30.00 and gave the stock a "sector perform" rating in a research note on Friday, January 23rd. Truist Financial boosted their target price on shares of Associated Banc from $29.00 to $30.00 and gave the stock a "hold" rating in a research report on Monday, January 26th. Finally, Zacks Research upgraded shares of Associated Banc from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, February 25th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $29.20.

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.

Want to see what other hedge funds are holding ASB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Associated Banc-Corp (NYSE:ASB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.