Easterly Investment Partners LLC Takes $1.19 Million Position in Associated Banc-Corp $ASB

Key Points

• Easterly Investment Partners disclosed a new fourth-quarter stake in Associated Banc-Corp, buying 45,991 shares worth about $1.19 million.
• Associated Banc recently posted better-than-expected earnings, reporting $0.70 EPS versus $0.69 estimated, while revenue also topped forecasts at $387.21 million.
• The bank announced a quarterly dividend of $0.24 per share, equal to an annualized yield of about 3.5%, even as some insiders sold shares and analysts kept a mixed but broadly Moderate Buy view.

Easterly Investment Partners LLC acquired a new stake in Associated Banc-Corp (NYSE:ASB - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 45,991 shares of the bank's stock, valued at approximately $1,185,000.

Several other institutional investors and hedge funds have also modified their holdings of ASB. Norges Bank acquired a new position in shares of Associated Banc in the 4th quarter valued at about $54,660,000. First Trust Advisors LP lifted its holdings in shares of Associated Banc by 679.4% in the 3rd quarter. First Trust Advisors LP now owns 2,223,694 shares of the bank's stock valued at $57,171,000 after buying an additional 1,938,393 shares during the period. Goldman Sachs Group Inc. lifted its holdings in shares of Associated Banc by 139.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,748,667 shares of the bank's stock valued at $61,927,000 after buying an additional 1,598,951 shares during the period. Balyasny Asset Management L.P. increased its stake in shares of Associated Banc by 4,883.7% in the 3rd quarter. Balyasny Asset Management L.P. now owns 1,385,666 shares of the bank's stock valued at $35,625,000 after purchasing an additional 1,357,862 shares in the last quarter. Finally, American Century Companies Inc. raised its holdings in Associated Banc by 32.5% in the 3rd quarter. American Century Companies Inc. now owns 2,629,549 shares of the bank's stock worth $67,606,000 after purchasing an additional 645,676 shares during the period. Institutional investors and hedge funds own 82.98% of the company's stock.

Associated Banc Price Performance

ASB stock opened at $27.19 on Tuesday. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.90 and a quick ratio of 0.90. The business has a 50 day simple moving average of $27.24 and a 200-day simple moving average of $26.76. The firm has a market capitalization of $4.51 billion, a PE ratio of 9.44, a price-to-earnings-growth ratio of 1.61 and a beta of 0.79. Associated Banc-Corp has a 1 year low of $22.48 and a 1 year high of $29.51.

Associated Banc (NYSE:ASB - Get Free Report) last released its quarterly earnings data on Thursday, April 23rd. The bank reported $0.70 EPS for the quarter, beating analysts' consensus estimates of $0.69 by $0.01. Associated Banc had a return on equity of 10.46% and a net margin of 19.88%.The firm had revenue of $387.21 million for the quarter, compared to analysts' expectations of $384.20 million. During the same period in the prior year, the firm posted $0.59 earnings per share. Equities research analysts anticipate that Associated Banc-Corp will post 2.92 earnings per share for the current fiscal year.

Associated Banc Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 1st will be issued a $0.24 dividend. The ex-dividend date is Monday, June 1st. This represents a $0.96 dividend on an annualized basis and a yield of 3.5%. Associated Banc's dividend payout ratio is currently 33.33%.

Insider Buying and Selling

In related news, Director John B. Williams sold 4,000 shares of the company's stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $28.18, for a total value of $112,720.00. Following the transaction, the director directly owned 67,420 shares in the company, valued at approximately $1,899,895.60. This represents a 5.60% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Dennis Deloye sold 14,299 shares of the company's stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $28.26, for a total value of $404,089.74. Following the completion of the transaction, the executive vice president owned 21,385 shares in the company, valued at $604,340.10. This represents a 40.07% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.71% of the company's stock.

Analyst Upgrades and Downgrades

ASB has been the subject of several recent research reports. Piper Sandler increased their price objective on Associated Banc from $29.00 to $30.00 and gave the company a "neutral" rating in a research note on Friday, April 24th. Raymond James Financial reissued an "outperform" rating and issued a $31.00 price objective on shares of Associated Banc in a research note on Monday, April 27th. Robert W. Baird upped their price target on 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 upped their price target on Associated Banc from $30.00 to $31.00 and gave the company a "market perform" rating in a research report on Friday, April 24th. Finally, Wall Street Zen lowered Associated Banc from a "buy" rating to a "hold" rating in a research report on Saturday, May 2nd. Six analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $30.30.

About Associated Banc

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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