Financiere des Professionnels Fonds d investissement inc. Buys New Stake in Associated Banc-Corp $ASB

Key Points

• Financiere des Professionnels Fonds d investissement inc. bought a new stake in Associated Banc-Corp during Q1, purchasing 53,833 shares valued at about $1.39 million.
• Analyst sentiment on ASB is mixed but slightly constructive: six analysts rate it a Buy and six rate it a Hold, with a consensus target price of $31.00.
• Associated Banc recently reported quarterly EPS of $0.70, topping estimates, and declared a $0.24 quarterly dividend for a 3.1% annualized yield.

Financiere des Professionnels Fonds d investissement inc. purchased a new position in shares of Associated Banc-Corp (NYSE:ASB - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 53,833 shares of the bank's stock, valued at approximately $1,392,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in Associated Banc by 3.0% in the fourth quarter. Vanguard Group Inc. now owns 18,538,157 shares of the bank's stock valued at $477,543,000 after buying an additional 545,185 shares in the last quarter. State Street Corp boosted its stake in shares of Associated Banc by 1.7% during the 4th quarter. State Street Corp now owns 8,711,346 shares of the bank's stock worth $224,404,000 after acquiring an additional 147,372 shares in the last quarter. LSV Asset Management grew its position in shares of Associated Banc by 1.1% during the 4th quarter. LSV Asset Management now owns 3,663,163 shares of the bank's stock valued at $94,363,000 after acquiring an additional 38,900 shares during the period. Verition Fund Management LLC grew its position in shares of Associated Banc by 50.6% during the 4th quarter. Verition Fund Management LLC now owns 2,867,172 shares of the bank's stock valued at $73,858,000 after acquiring an additional 963,788 shares during the period. Finally, Goldman Sachs Group Inc. increased its stake in shares of Associated Banc by 38.6% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,841,931 shares of the bank's stock valued at $73,208,000 after purchasing an additional 790,793 shares in the last quarter. Institutional investors and hedge funds own 82.98% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on ASB shares. Zacks Research cut Associated Banc from a "strong-buy" rating to a "hold" rating in a report on Monday, April 6th. Raymond James Financial raised their price objective on Associated Banc from $31.00 to $35.00 and gave the company an "outperform" rating in a report on Wednesday, July 1st. Piper Sandler boosted their price objective on Associated Banc from $29.00 to $30.00 and gave the company a "neutral" rating in a research report on Friday, April 24th. Barclays upped their target price on Associated Banc from $33.00 to $34.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 7th. 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 company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $31.00.

Associated Banc Stock Down 1.6%

ASB opened at $31.27 on Friday. Associated Banc-Corp has a twelve month low of $23.63 and a twelve month high of $31.83. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.84. The company has a 50-day moving average price of $29.14 and a 200 day moving average price of $27.64. The company has a market cap of $5.90 billion, a PE ratio of 10.86, a price-to-earnings-growth ratio of 1.17 and a beta of 0.76.

Associated Banc (NYSE:ASB - Get Free Report) last issued its quarterly earnings results on Thursday, April 23rd. The bank reported $0.70 earnings per share for the quarter, beating analysts' consensus estimates of $0.69 by $0.01. Associated Banc had a net margin of 19.88% and a return on equity of 10.46%. The firm had revenue of $387.21 million for the quarter, compared to analyst estimates of $384.20 million. During the same period last year, the company posted $0.59 EPS. Sell-side analysts expect that Associated Banc-Corp will post 2.91 earnings per share for the current fiscal year.

Associated Banc Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 3.1%. The ex-dividend date was Monday, June 1st. Associated Banc's dividend payout ratio (DPR) is 33.33%.

Insider Transactions at Associated Banc

In related news, EVP Matthew R. Braeger sold 5,000 shares of the stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $28.17, for a total value of $140,850.00. Following the completion of the transaction, the executive vice president directly owned 11,777 shares of the company's stock, valued at approximately $331,758.09. This represents a 29.80% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John B. Williams sold 4,000 shares of the firm's stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $28.18, for a total value of $112,720.00. Following the completion of the transaction, the director owned 67,420 shares in the company, valued at $1,899,895.60. The trade was a 5.60% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 28,299 shares of company stock worth $801,760. 0.71% of the stock is owned by insiders.

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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