California State Teachers Retirement System grew its position in Associated Banc-Corp (NYSE:ASB - Free Report) by 39.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 218,246 shares of the bank's stock after buying an additional 61,314 shares during the quarter. California State Teachers Retirement System owned 0.13% of Associated Banc worth $5,644,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also made changes to their positions in ASB. First Trust Advisors LP lifted its position in shares of Associated Banc by 127.6% in the 1st quarter. First Trust Advisors LP now owns 5,971,227 shares of the bank's stock worth $154,416,000 after purchasing an additional 3,347,699 shares during the period. Norges Bank bought a new position in Associated Banc in the fourth quarter worth approximately $54,660,000. Goldman Sachs Group Inc. lifted its holdings in Associated Banc by 139.1% during the first quarter. Goldman Sachs Group Inc. now owns 2,748,667 shares of the bank's stock worth $61,927,000 after buying an additional 1,598,951 shares during the period. Balyasny Asset Management L.P. lifted its holdings in Associated Banc by 4,883.7% during the third quarter. Balyasny Asset Management L.P. now owns 1,385,666 shares of the bank's stock worth $35,625,000 after buying an additional 1,357,862 shares during the period. Finally, Freestone Grove Partners LP bought a new stake in Associated Banc during the 4th quarter valued at $27,819,000. Institutional investors own 82.98% of the company's stock.
Associated Banc Price Performance
NYSE:ASB opened at $31.19 on Friday. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.93 and a quick ratio of 0.93. The company has a 50 day moving average price of $30.03 and a 200-day moving average price of $28.12. Associated Banc-Corp has a 1-year low of $23.66 and a 1-year high of $32.00. The firm has a market cap of $5.89 billion, a price-to-earnings ratio of 10.91, a price-to-earnings-growth ratio of 1.07 and a beta of 0.77.
Associated Banc (NYSE:ASB - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The bank reported $0.73 EPS for the quarter, beating the consensus estimate of $0.72 by $0.01. The company had revenue of $454.54 million for 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 quarter last year, the business earned $0.65 earnings per share. Equities research analysts forecast that Associated Banc-Corp will post 2.91 EPS for the current year.
Associated Banc Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be given a dividend of $0.24 per share. The ex-dividend date is Tuesday, September 1st. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.1%. Associated Banc's dividend payout ratio (DPR) is 33.57%.
Insider Transactions at Associated Banc
In other news, EVP John A. Utz sold 5,000 shares of the stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $28.82, for a total transaction of $144,100.00. Following the transaction, the executive vice president owned 118,156 shares in the company, valued at $3,405,255.92. This trade represents a 4.06% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Derek S. Meyer sold 10,000 shares of the stock in a transaction on Wednesday, July 29th. The shares were 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 approximately $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 41,962 shares of company stock worth $1,233,303 over the last quarter. Company insiders own 0.71% of the company's stock.
Analysts Set New Price Targets
A number of equities research analysts recently weighed in on the company. Wall Street Zen downgraded Associated Banc from a "buy" rating to a "hold" rating in a research report on Saturday, May 2nd. Piper Sandler increased their price target on shares of Associated Banc from $29.00 to $30.00 and gave the company a "neutral" rating in a research report on Friday, April 24th. Keefe, Bruyette & Woods raised their price target on shares of Associated Banc from $30.00 to $31.00 and gave the company a "market perform" rating in a report on Friday, April 24th. Robert W. Baird lifted their price objective on shares of Associated Banc from $29.00 to $30.00 and gave the stock a "neutral" rating in a research report on Friday, April 24th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Associated Banc in a research report on Wednesday, June 24th. Six research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, Associated Banc has an average rating of "Moderate Buy" and an average price target of $31.10.
Check Out Our Latest Stock Report on ASB
Associated Banc Company Profile
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Free Report)
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.
See Also
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).
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