Associated Banc-Corp (NYSE:ASB) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC reduced its stake in Associated Banc-Corp (NYSE:ASB - Free Report) by 1.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,992,247 shares of the bank's stock after selling 19,633 shares during the period. Allspring Global Investments Holdings LLC owned 1.20% of Associated Banc worth $44,188,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of ASB. Wellington Management Group LLP purchased a new position in shares of Associated Banc during the fourth quarter worth approximately $37,662,000. Norges Bank purchased a new position in shares of Associated Banc during the fourth quarter worth approximately $36,144,000. Vanguard Group Inc. grew its position in shares of Associated Banc by 8.7% during the fourth quarter. Vanguard Group Inc. now owns 18,066,871 shares of the bank's stock worth $431,798,000 after acquiring an additional 1,444,068 shares during the last quarter. FMR LLC grew its position in shares of Associated Banc by 9.4% during the fourth quarter. FMR LLC now owns 14,838,422 shares of the bank's stock worth $354,638,000 after acquiring an additional 1,272,441 shares during the last quarter. Finally, Balyasny Asset Management L.P. grew its position in shares of Associated Banc by 263.7% during the fourth quarter. Balyasny Asset Management L.P. now owns 1,597,950 shares of the bank's stock worth $38,191,000 after acquiring an additional 1,158,576 shares during the last quarter. 82.98% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on ASB. Truist Financial began coverage on shares of Associated Banc in a research report on Tuesday, May 13th. They set a "hold" rating and a $26.00 target price on the stock. Barclays lowered their price objective on shares of Associated Banc from $28.00 to $25.00 and set an "equal weight" rating on the stock in a research report on Tuesday, April 8th. Keefe, Bruyette & Woods lowered their price objective on shares of Associated Banc from $29.00 to $27.00 and set a "market perform" rating on the stock in a research report on Friday, April 25th. Wells Fargo & Company upgraded shares of Associated Banc from an "equal weight" rating to an "overweight" rating and lowered their price objective for the company from $27.00 to $26.00 in a research report on Wednesday, April 9th. Finally, Stephens lowered their price objective on shares of Associated Banc from $28.00 to $26.00 and set an "equal weight" rating on the stock in a research report on Friday, April 25th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $26.00.

Associated Banc Price Performance

Associated Banc stock traded up $0.72 during midday trading on Tuesday, reaching $25.11. The company's stock had a trading volume of 1,396,567 shares, compared to its average volume of 1,542,835. Associated Banc-Corp has a fifty-two week low of $18.32 and a fifty-two week high of $28.18. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.87 and a current ratio of 0.87. The stock's 50 day simple moving average is $23.25 and its 200 day simple moving average is $23.30. The firm has a market capitalization of $4.16 billion, a PE ratio of 29.20, a P/E/G ratio of 1.07 and a beta of 0.79.

Associated Banc (NYSE:ASB - Get Free Report) last released its earnings results on Thursday, April 24th. The bank reported $0.59 EPS for the quarter, beating analysts' consensus estimates of $0.57 by $0.02. Associated Banc had a return on equity of 8.47% and a net margin of 6.02%. The company had revenue of $348.97 million during the quarter, compared to the consensus estimate of $347.86 million. During the same quarter last year, the company earned $0.52 earnings per share. Associated Banc's quarterly revenue was up 6.8% compared to the same quarter last year. On average, equities research analysts forecast that Associated Banc-Corp will post 2.43 earnings per share for the current year.

Associated Banc Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Monday, June 2nd were issued a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 3.66%. The ex-dividend date of this dividend was Monday, June 2nd. Associated Banc's dividend payout ratio (DPR) is currently 106.98%.

Insider Buying and Selling

In other news, CEO Andrew J. Harmening purchased 12,910 shares of the business's stock in a transaction dated Friday, May 9th. The stock was acquired at an average price of $23.25 per share, with a total value of $300,157.50. Following the purchase, the chief executive officer directly owned 319,269 shares of the company's stock, valued at $7,423,004.25. This represents a 4.21% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 1.10% of the company's stock.

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.