Intech Investment Management LLC Buys 32,660 Shares of Associated Banc-Corp $ASB

Key Points

• Intech Investment Management LLC increased its stake in Associated Banc-Corp by 41.3%, acquiring an additional 32,660 shares, bringing their total ownership to 111,733 shares valued at approximately $2.5 million.
• Insider executives sold a total of 18,342 shares worth around $494,360 in the past 90 days, indicating a potential shift in management's view on the company's stock.
• Associated Banc announced a quarterly dividend of $0.23, resulting in an annualized yield of 3.6%, despite a current dividend payout ratio of over 119%.

Intech Investment Management LLC boosted its stake in Associated Banc-Corp (NYSE:ASB - Free Report) by 41.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 111,733 shares of the bank's stock after purchasing an additional 32,660 shares during the quarter. Intech Investment Management LLC owned about 0.07% of Associated Banc worth $2,517,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also added to or reduced their stakes in ASB. Versant Capital Management Inc grew its stake in shares of Associated Banc by 385.5% during the 1st 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. Quarry LP grew its holdings in Associated Banc by 77.7% in the first quarter. Quarry LP now owns 1,907 shares of the bank's stock valued at $43,000 after purchasing an additional 834 shares during the period. Northwestern Mutual Wealth Management Co. boosted its stake in Associated Banc by 17.9% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 3,688 shares of the bank's stock worth $83,000 after buying an additional 559 shares during the last quarter. Farther Finance Advisors LLC increased its holdings in Associated Banc by 38.0% during the 1st quarter. Farther Finance Advisors LLC now owns 4,072 shares of the bank's stock worth $90,000 after purchasing an additional 1,122 shares during the period. Finally, GAMMA Investing LLC boosted its position in shares of Associated Banc by 11.6% in the 1st quarter. GAMMA Investing LLC now owns 5,251 shares of the bank's stock valued at $118,000 after purchasing an additional 547 shares during the period. Institutional investors own 82.98% of the company's stock.

Insider Buying and Selling

In other Associated Banc news, EVP John A. Utz sold 13,000 shares of the stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $27.24, for a total value of $354,120.00. Following the completion of the sale, the executive vice president directly owned 111,228 shares in the company, valued at $3,029,850.72. This represents a 10.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Patrick Edward Ahern sold 3,342 shares of the stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $26.20, for a total value of $87,560.40. Following the transaction, the executive vice president directly owned 41,472 shares of the company's stock, valued at $1,086,566.40. This trade represents a 7.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,342 shares of company stock worth $494,360 in the last 90 days. 1.45% of the stock is owned by company insiders.

Associated Banc Stock Down 1.0%

ASB traded down $0.28 on Friday, reaching $26.28. The company's stock had a trading volume of 2,498,484 shares, compared to its average volume of 1,277,991. The company has a market capitalization of $4.36 billion, a price-to-earnings ratio of 34.12, a P/E/G ratio of 1.02 and a beta of 0.84. Associated Banc-Corp has a fifty-two week low of $18.32 and a fifty-two week high of $28.18. The stock has a 50 day moving average of $25.63 and a two-hundred day moving average of $23.73. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.98.

Associated Banc (NYSE:ASB - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The bank reported $0.65 EPS for the quarter, topping analysts' consensus estimates of $0.62 by $0.03. Associated Banc had a return on equity of 8.86% and a net margin of 5.79%.The firm had revenue of $366.98 million during the quarter, compared to analysts' expectations of $362.78 million. During the same quarter last year, the business posted $0.52 EPS. As a group, analysts forecast that Associated Banc-Corp will post 2.43 EPS for the current fiscal year.

Associated Banc Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Tuesday, September 2nd were given a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 3.5%. The ex-dividend date was Tuesday, September 2nd. Associated Banc's dividend payout ratio (DPR) is 119.48%.

Wall Street Analysts Forecast Growth

ASB has been the topic of several analyst reports. Piper Sandler raised their price objective on Associated Banc from $24.00 to $27.00 and gave the stock a "neutral" rating in a report on Friday, July 25th. Royal Bank Of Canada raised their target price on Associated Banc from $26.00 to $27.00 and gave the stock a "sector perform" rating in a research report on Friday, July 25th. Robert W. Baird upped their price target on shares of Associated Banc from $27.00 to $28.00 and gave the company a "neutral" rating in a report on Friday, July 25th. Keefe, Bruyette & Woods increased their price objective on Associated Banc from $27.00 to $28.00 and gave the company a "market perform" rating in a research report on Friday, July 25th. Finally, Truist Financial increased their price objective on shares of Associated Banc from $26.00 to $27.00 and gave the stock a "hold" rating in a research note on Monday, July 28th. Two analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $27.78.

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.