Bank of America Corp DE Acquires New Shares in Associated Banc-Corp $ASB

Key Points

• Bank of America acquired 1.13 million shares of Associated Banc-Corp in the second quarter, valued at approximately $34.7 million and representing about 0.60% of the company. Institutional investors collectively own 82.98% of ASB.
• Associated Banc reported quarterly EPS of $0.73, narrowly exceeding estimates, while revenue of $454.5 million also topped expectations. The bank declared a quarterly dividend of $0.24 per share, representing a 3.3% annualized yield.
• ASB shares opened at $29.03, down 1.1%, while analysts maintained a consensus “Moderate Buy” rating with an average price target of $32.00. Company insiders sold 78,833 shares worth roughly $2.5 million over the prior 90 days.

Bank of America Corp DE purchased a new position in shares of Associated Banc-Corp (NYSE:ASB - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 1,127,787 shares of the bank's stock, valued at approximately $34,702,000. Bank of America Corp DE owned about 0.60% of Associated Banc as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also modified their holdings of ASB. State of Michigan Retirement System grew its stake in shares of Associated Banc by 1.8% in the first quarter. State of Michigan Retirement System now owns 39,378 shares of the bank's stock worth $1,018,000 after purchasing an additional 700 shares in the last quarter. Parallel Advisors LLC raised its stake in shares of Associated Banc by 27.7% during the first quarter. Parallel Advisors LLC now owns 3,305 shares of the bank's stock valued at $85,000 after purchasing an additional 717 shares in the last quarter. Harbour Investments Inc. raised its stake in shares of Associated Banc by 2.6% during the fourth quarter. Harbour Investments Inc. now owns 39,046 shares of the bank's stock valued at $1,006,000 after purchasing an additional 984 shares in the last quarter. Fisher Asset Management LLC lifted its holdings in Associated Banc by 0.3% in the fourth quarter. Fisher Asset Management LLC now owns 358,120 shares of the bank's stock worth $9,225,000 after purchasing an additional 1,120 shares during the period. Finally, Oregon Public Employees Retirement Fund lifted its holdings in Associated Banc by 3.5% in the first quarter. Oregon Public Employees Retirement Fund now owns 33,584 shares of the bank's stock worth $868,000 after purchasing an additional 1,146 shares during the period. Institutional investors and hedge funds own 82.98% of the company's stock.

Associated Banc Stock Down 1.1%

ASB stock opened at $29.03 on Wednesday. Associated Banc-Corp has a 12-month low of $23.86 and a 12-month high of $32.46. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.95. The company has a market cap of $5.48 billion, a price-to-earnings ratio of 10.15, a PEG ratio of 0.99 and a beta of 0.76. The company has a 50 day moving average of $30.85 and a two-hundred day moving average of $28.85.

Associated Banc (NYSE:ASB - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The bank reported $0.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.01. The business had revenue of $454.54 million during the quarter, compared to analyst estimates of $438.01 million. Associated Banc had a return on equity of 10.64% and a net margin of 19.66%.During the same period in the previous year, the company earned $0.65 EPS. On average, equities analysts anticipate that Associated Banc-Corp will post 2.94 earnings per share for the current fiscal year.

Associated Banc Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st were paid a dividend of $0.24 per share. The ex-dividend date was Tuesday, September 1st. This represents a $0.96 annualized dividend and a dividend yield of 3.3%. Associated Banc's dividend payout ratio is 33.57%.

Insider Buying and Selling at Associated Banc

In related news, EVP Patrick Ahern sold 1,309 shares of the company's stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $30.85, for a total value of $40,382.65. Following the completion of the sale, the executive vice president directly owned 43,743 shares in the company, valued at approximately $1,349,471.55. This represents a 2.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Derek S. Meyer sold 10,000 shares of the stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $30.74, for a total transaction of $307,400.00. Following the transaction, the executive vice president directly owned 61,662 shares in the company, valued at $1,895,489.88. The trade was a 13.95% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 78,833 shares of company stock worth $2,502,103 in the last ninety days. Company insiders own 0.71% of the company's stock.

Analyst Upgrades and Downgrades

ASB has been the topic of a number of research reports. Raymond James Financial boosted their price objective on Associated Banc from $31.00 to $35.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 1st. Piper Sandler reaffirmed a "neutral" rating and set a $34.00 target price on shares of Associated Banc in a research note on Wednesday, August 26th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Associated Banc in a report on Wednesday, June 24th. Barclays boosted their price target on shares of Associated Banc from $33.00 to $34.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 7th. Finally, Truist Financial upped their price target on shares of Associated Banc from $32.00 to $33.00 and gave the company a "hold" rating in a report on Tuesday, August 4th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $32.00.

Associated Banc Company Profile

Associated Banc-Corp NYSE: ASB is a bank holding company headquartered in Green Bay, Wisconsin. Its primary subsidiary, Associated Bank, provides banking and financial services to individuals, families, businesses, and institutions.

The company offers consumer and commercial deposit accounts, lending, mortgage banking, treasury management, investment and wealth management, and other financial services. Its commercial banking activities include business loans, equipment financing, commercial real estate lending, and specialized services for middle-market companies and other organizations.

Associated Bank primarily serves customers across Wisconsin, Illinois, and Minnesota through its branch network and digital banking platforms.

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