Bank of America Corp DE Sells 72,104 Shares of Associated Banc-Corp $ASB

Key Points

• Bank of America reduced its Associated Banc-Corp stake by 6.9%, selling 72,104 shares and retaining 969,366 shares valued at approximately $25.1 million. Institutional investors collectively own 82.98% of the company.
• Associated Banc reported quarterly EPS of $0.73, narrowly beating estimates, while revenue of $454.5 million exceeded forecasts. The company also declared a quarterly dividend of $0.24, representing a 3.0% annualized yield.
• Company insiders sold 101,823 shares worth about $3.15 million during the quarter. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $31.60.

Bank of America Corp DE cut its holdings in Associated Banc-Corp (NYSE:ASB - Free Report) by 6.9% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 969,366 shares of the bank's stock after selling 72,104 shares during the period. Bank of America Corp DE owned about 0.58% of Associated Banc worth $25,068,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Edgestream Partners L.P. lifted its stake in shares of Associated Banc by 4.6% in the 1st quarter. Edgestream Partners L.P. now owns 323,401 shares of the bank's stock valued at $8,363,000 after purchasing an additional 14,183 shares during the last quarter. Amundi purchased a new stake in Associated Banc during the 1st quarter valued at $218,000. California State Teachers Retirement System lifted its position in Associated Banc by 39.1% in the first quarter. California State Teachers Retirement System now owns 218,246 shares of the bank's stock worth $5,644,000 after buying an additional 61,314 shares during the last quarter. Royal Bank of Canada lifted its position in Associated Banc by 49.8% in the first quarter. Royal Bank of Canada now owns 168,661 shares of the bank's stock worth $4,362,000 after buying an additional 56,083 shares during the last quarter. Finally, Rhino Investment Partners Inc lifted its position in Associated Banc by 35.8% in the first quarter. Rhino Investment Partners Inc now owns 824,104 shares of the bank's stock worth $21,311,000 after buying an additional 217,344 shares during the last quarter. Institutional investors own 82.98% of the company's stock.

Insider Transactions at Associated Banc

In related news, EVP Gregory Warsek sold 16,300 shares of the company's stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $32.01, for a total transaction of $521,763.00. Following the completion of the sale, the executive vice president directly owned 13,809 shares in the company, valued at $442,026.09. This represents a 54.14% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Randall J. Erickson sold 43,561 shares of the firm's stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $32.04, for a total value of $1,395,694.44. Following the sale, the executive vice president directly owned 56,091 shares in the company, valued at approximately $1,797,155.64. The trade was a 43.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 101,823 shares of company stock worth $3,150,761. Company insiders own 0.71% of the company's stock.

Associated Banc Trading Down 0.8%

Shares of NYSE ASB opened at $32.06 on Tuesday. 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 business has a fifty day simple moving average of $30.63 and a two-hundred day simple moving average of $28.37. The firm has a market cap of $6.05 billion, a PE ratio of 11.21, a price-to-earnings-growth ratio of 1.10 and a beta of 0.77. Associated Banc-Corp has a twelve month low of $23.86 and a twelve month high of $32.46.

Associated Banc (NYSE:ASB - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The bank reported $0.73 earnings per share for the quarter, topping analysts' consensus estimates of $0.72 by $0.01. The company had revenue of $454.54 million during the quarter, compared to analyst estimates of $438.01 million. Associated Banc had a net margin of 19.66% and a return on equity of 10.64%. During the same period in the prior year, the firm earned $0.65 earnings per share. Analysts expect that Associated Banc-Corp will post 2.92 earnings per share for the current fiscal year.

Associated Banc Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be issued a $0.24 dividend. The ex-dividend date is Tuesday, September 1st. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.0%. Associated Banc's dividend payout ratio (DPR) is currently 33.57%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on ASB shares. Weiss Ratings restated a "buy (b)" rating on shares of Associated Banc in a report on Wednesday, June 24th. Barclays increased their price objective 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. Keefe, Bruyette & Woods raised their price objective on shares of Associated Banc from $30.00 to $31.00 and gave the stock a "market perform" rating in a research note on Friday, April 24th. Truist Financial boosted their target price on Associated Banc from $32.00 to $33.00 and gave the company a "hold" rating in a research report on Tuesday, August 4th. Finally, Robert W. Baird increased their price target on Associated Banc from $29.00 to $30.00 and gave the stock a "neutral" rating in a report on Friday, April 24th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $31.60.

Associated Banc 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.

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