Associated Banc-Corp (NYSE:ASB) Shares Sold by Hennessy Advisors Inc.

Hennessy Advisors Inc. lowered its position in Associated Banc-Corp (NYSE:ASB - Free Report) by 19.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 125,000 shares of the bank's stock after selling 30,000 shares during the quarter. Hennessy Advisors Inc. owned about 0.08% of Associated Banc worth $2,816,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Quarry LP boosted its holdings in Associated Banc by 154.3% during the 4th quarter. Quarry LP now owns 1,073 shares of the bank's stock valued at $26,000 after acquiring an additional 651 shares during the period. Covestor Ltd lifted its position in shares of Associated Banc by 221.0% during the fourth quarter. Covestor Ltd now owns 1,499 shares of the bank's stock worth $36,000 after purchasing an additional 1,032 shares during the last quarter. Versant Capital Management Inc boosted its stake in shares of Associated Banc by 385.5% during the first quarter. Versant Capital Management Inc now owns 1,612 shares of the bank's stock valued at $36,000 after purchasing an additional 1,280 shares during the period. Smartleaf Asset Management LLC grew its holdings in shares of Associated Banc by 49.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,747 shares of the bank's stock worth $42,000 after purchasing an additional 579 shares during the last quarter. Finally, NewEdge Advisors LLC grew its holdings in shares of Associated Banc by 13.1% in the fourth quarter. NewEdge Advisors LLC now owns 3,518 shares of the bank's stock worth $84,000 after purchasing an additional 408 shares during the last quarter. Institutional investors own 82.98% of the company's stock.

Insider Activity at Associated Banc

In other Associated Banc news, CEO Andrew J. Harmening purchased 12,910 shares of the stock in a transaction on Friday, May 9th. The shares were bought at an average cost of $23.25 per share, with a total value of $300,157.50. Following the completion of the acquisition, the chief executive officer now owns 319,269 shares in the company, valued at $7,423,004.25. This trade represents a 4.21% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.10% of the stock is owned by insiders.

Associated Banc Stock Up 1.1%

Shares of ASB traded up $0.24 during mid-day trading on Wednesday, hitting $22.87. 512,165 shares of the company traded hands, compared to its average volume of 1,540,389. The company has a market capitalization of $3.79 billion, a PE ratio of 26.56, a price-to-earnings-growth ratio of 1.01 and a beta of 0.79. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.58. The business has a 50 day moving average of $22.53 and a 200 day moving average of $23.46. Associated Banc-Corp has a 1-year low of $18.32 and a 1-year high of $28.18.

Associated Banc (NYSE:ASB - Get Free Report) last posted its quarterly earnings data on Thursday, April 24th. The bank reported $0.59 EPS for the quarter, topping the consensus estimate of $0.57 by $0.02. Associated Banc had a net margin of 6.02% and a return on equity of 8.47%. The business had revenue of $348.97 million during the quarter, compared to the consensus estimate of $347.86 million. During the same period in the previous year, the firm posted $0.52 earnings per share. The business's revenue for the quarter was up 6.8% compared to the same quarter last year. Equities research analysts anticipate that Associated Banc-Corp will post 2.43 EPS for the current year.

Associated Banc Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Monday, June 2nd were issued a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 4.02%. The ex-dividend date was Monday, June 2nd. Associated Banc's dividend payout ratio (DPR) is 106.98%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on ASB shares. Barclays decreased their price target on shares of Associated Banc from $28.00 to $25.00 and set an "equal weight" rating for the company in a research note on Tuesday, April 8th. Wells Fargo & Company raised Associated Banc from an "equal weight" rating to an "overweight" rating and decreased their target price for the company from $27.00 to $26.00 in a research report on Wednesday, April 9th. Keefe, Bruyette & Woods dropped their price target on Associated Banc from $29.00 to $27.00 and set a "market perform" rating on the stock in a research report on Friday, April 25th. Truist Financial began coverage on Associated Banc in a research note on Tuesday, May 13th. They set a "hold" rating and a $26.00 price target on the stock. Finally, Raymond James Financial restated an "outperform" rating and issued a $27.00 price objective on shares of Associated Banc in a report on Monday, April 28th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $26.00.

Associated Banc Profile

Associated Banc-Corp, a bank holding company, provides various banking and nonbanking products to individuals and businesses in Wisconsin, Illinois, and Minnesota. The company offers lending solutions, including commercial loans and lines of credit, commercial real estate financing, construction loans, letters of credit, leasing, asset based lending and equipment finance, loan syndications products, residential mortgages, home equity loans and lines of credit, personal and installment loans, auto finance and business loans, and business lines of credit.