Canada Pension Plan Investment Board Takes $1.34 Million Position in Associated Banc-Corp $ASB

Key Points

• Canada Pension Plan Investment Board acquired 43,600 shares of Associated Banc-Corp, worth approximately $1.34 million. Institutional investors collectively own 82.98% of the company.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $32.00; several firms recently raised their targets to between $33 and $36.
• Associated Banc exceeded quarterly earnings and revenue expectations, reporting $0.73 in EPS and $454.54 million in revenue. The company also declared a quarterly dividend of $0.24 per share, equivalent to a 3.1% annual yield.

Canada Pension Plan Investment Board acquired a new stake in Associated Banc-Corp (NYSE:ASB - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 43,600 shares of the bank's stock, valued at approximately $1,342,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of ASB. IAG Wealth Partners LLC grew its holdings in shares of Associated Banc by 4,250.0% during the first quarter. IAG Wealth Partners LLC now owns 1,218 shares of the bank's stock worth $31,000 after purchasing an additional 1,190 shares during the last quarter. Eurizon Capital SGR S.p.A. purchased a new position in Associated Banc in the 4th quarter valued at $33,000. EverSource Wealth Advisors LLC increased its stake in shares of Associated Banc by 345.5% during the second quarter. EverSource Wealth Advisors LLC now owns 1,350 shares of the bank's stock worth $33,000 after acquiring an additional 1,047 shares during the period. CIBC Private Wealth Group LLC acquired a new stake in shares of Associated Banc in the 3rd quarter valued at approximately $51,000. Finally, Global Retirement Partners LLC acquired a new stake in shares of Associated Banc in the 4th quarter valued at approximately $56,000. Institutional investors and hedge funds own 82.98% of the company's stock.

Analyst Ratings Changes

Several analysts have weighed in on ASB shares. Barclays upped their target price on Associated Banc from $33.00 to $34.00 and gave the company an "overweight" rating in a report on Tuesday, July 7th. Raymond James Financial boosted their price objective on shares of Associated Banc from $31.00 to $35.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 1st. Truist Financial increased their price objective on shares of Associated Banc from $32.00 to $33.00 and gave the company a "hold" rating in a research note on Tuesday, August 4th. Wells Fargo & Company raised their target price on shares of Associated Banc from $32.00 to $36.00 and gave the company an "overweight" rating in a report on Monday, August 10th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Associated Banc in a research report on Wednesday, June 24th. One research 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 data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $32.00.

Associated Banc Stock Performance

NYSE ASB opened at $30.58 on Tuesday. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.93 and a quick ratio of 0.93. Associated Banc-Corp has a 1-year low of $23.86 and a 1-year high of $32.46. The firm has a market capitalization of $5.78 billion, a P/E ratio of 10.69, a P/E/G ratio of 1.04 and a beta of 0.77. The business's 50-day simple moving average is $31.00 and its 200-day simple moving average is $28.56.

Associated Banc (NYSE:ASB - Get Free Report) last posted its earnings results on Thursday, July 23rd. The bank reported $0.73 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.72 by $0.01. Associated Banc had a net margin of 19.66% and a return on equity of 10.64%. The firm had revenue of $454.54 million during the quarter, compared to the consensus estimate of $438.01 million. During the same quarter in the prior year, the company earned $0.65 EPS. Equities analysts predict that Associated Banc-Corp will post 2.94 EPS for the current year.

Associated Banc Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend is Tuesday, September 1st. Associated Banc's dividend payout ratio is 33.57%.

Insiders Place Their Bets

In other Associated Banc news, EVP Gregory Warsek sold 16,300 shares of the business's stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $32.01, for a total value of $521,763.00. Following the transaction, the executive vice president owned 13,809 shares in the company, valued at $442,026.09. The trade was a 54.14% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Randall J. Erickson sold 43,561 shares of the 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 completion of the transaction, the executive vice president directly owned 56,091 shares of the company's stock, valued at $1,797,155.64. This represents a 43.71% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 87,524 shares of company stock valued at $2,746,671. Company insiders own 0.71% of the company's stock.

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.

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