Engineers Gate Manager LP Grows Position in Associated Banc-Corp $ASB

Key Points

• Engineers Gate Manager LP increased its Associated Banc-Corp position by 147.5% in the second quarter, bringing its holdings to 116,421 shares valued at approximately $3.6 million. Institutional investors collectively own 82.98% of the company.
• Analysts maintain a “Moderate Buy” consensus on ASB, with a $32.00 average price target; several firms recently raised their targets to between $33 and $36.
• Associated Banc reported quarterly EPS of $0.73, slightly above estimates, and revenue of $454.5 million. The company also declared a quarterly dividend of $0.24 per share, representing a 3.2% annualized yield.

Engineers Gate Manager LP grew its position in Associated Banc-Corp (NYSE:ASB - Free Report) by 147.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 116,421 shares of the bank's stock after purchasing an additional 69,377 shares during the period. Engineers Gate Manager LP owned approximately 0.06% of Associated Banc worth $3,582,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. BlackRock Inc. purchased a new position in Associated Banc in the second quarter valued at approximately $715,927,000. California State Teachers Retirement System grew its stake in Associated Banc by 2,560.2% during the second quarter. California State Teachers Retirement System now owns 5,805,684 shares of the bank's stock worth $188,680,000 after buying an additional 5,587,438 shares during the period. First Trust Advisors LP grew its stake in Associated Banc by 127.6% during the first quarter. First Trust Advisors LP now owns 5,971,227 shares of the bank's stock worth $154,416,000 after buying an additional 3,347,699 shares during the period. Norges Bank acquired a new stake in shares of Associated Banc in the fourth quarter worth $54,660,000. Finally, Pzena Investment Management LLC acquired a new stake in shares of Associated Banc in the second quarter worth $61,240,000. Hedge funds and other institutional investors own 82.98% of the company's stock.

Analysts Set New Price Targets

Several research firms recently weighed in on ASB. Wells Fargo & Company lifted 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. Barclays increased their price target on Associated Banc from $33.00 to $34.00 and gave the company an "overweight" rating in a report on Tuesday, July 7th. Piper Sandler reissued a "neutral" rating and issued a $34.00 price objective on shares of Associated Banc in a research report on Wednesday, August 26th. 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. Finally, Truist Financial upped their target price on Associated Banc from $32.00 to $33.00 and gave the stock a "hold" rating in a research report on Tuesday, August 4th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $32.00.

Insider Activity at Associated Banc

In other news, EVP Nicole M. Kitowski sold 7,663 shares of the firm's stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $30.91, for a total transaction of $236,863.33. Following the completion of the sale, the executive vice president owned 45,327 shares of the company's stock, valued at approximately $1,401,057.57. This trade represents a 14.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Gregory Warsek sold 16,300 shares of Associated Banc 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 owned 13,809 shares of the company's stock, valued at approximately $442,026.09. This trade represents a 54.14% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 78,833 shares of company stock worth $2,502,103 over the last ninety days. Company insiders own 0.71% of the company's stock.

Associated Banc Stock Performance

NYSE:ASB opened at $30.07 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 firm has a 50-day moving average of $30.96 and a two-hundred day moving average of $28.70. The stock has a market cap of $5.68 billion, a P/E ratio of 10.51, a PEG ratio of 1.01 and a beta of 0.76. Associated Banc-Corp has a 1-year low of $23.86 and a 1-year high of $32.46.

Associated Banc (NYSE:ASB - Get Free Report) last announced 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 return on equity of 10.64% and a net margin of 19.66%.The business had revenue of $454.54 million for the quarter, compared to analyst estimates of $438.01 million. During the same period in the previous year, the company earned $0.65 earnings per share. On average, research analysts expect that Associated Banc-Corp will post 2.94 earnings per share for the current fiscal year.

Associated Banc Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be issued a dividend of $0.24 per share. The ex-dividend date is Tuesday, September 1st. This represents a $0.96 annualized dividend and a yield of 3.2%. Associated Banc's payout ratio is currently 33.57%.

Associated Banc 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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