Meritage Portfolio Management acquired a new stake in shares of Associated Banc-Corp (NYSE:ASB - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 19,239 shares of the bank's stock, valued at approximately $469,000.
A number of other large investors have also recently added to or reduced their stakes in ASB. Goldman Sachs Group Inc. boosted its stake in Associated Banc by 139.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,748,667 shares of the bank's stock valued at $61,927,000 after acquiring an additional 1,598,951 shares during the last quarter. AQR Capital Management LLC lifted its position in shares of Associated Banc by 200.3% in the 1st quarter. AQR Capital Management LLC now owns 1,930,329 shares of the bank's stock worth $42,853,000 after buying an additional 1,287,458 shares during the last quarter. Nuveen LLC bought a new position in shares of Associated Banc in the 1st quarter worth about $23,510,000. Invesco Ltd. lifted its position in shares of Associated Banc by 83.2% in the 1st quarter. Invesco Ltd. now owns 1,308,946 shares of the bank's stock worth $29,491,000 after buying an additional 594,361 shares during the last quarter. Finally, Leeward Investments LLC MA bought a new position in shares of Associated Banc in the 1st quarter worth about $12,345,000. 82.98% of the stock is currently owned by institutional investors.
Insider Buying and Selling at Associated Banc
In other Associated Banc news, EVP Matthew R. Braeger sold 2,000 shares of Associated Banc stock in a transaction that occurred on Tuesday, September 9th. The shares were sold at an average price of $26.34, for a total value of $52,680.00. Following the completion of the sale, the executive vice president directly owned 13,346 shares in the company, valued at $351,533.64. The trade was a 13.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP John A. Utz sold 13,000 shares of Associated Banc stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $27.24, for a total transaction of $354,120.00. Following the completion of the sale, the executive vice president owned 111,228 shares of the company's stock, valued at $3,029,850.72. This trade represents a 10.46% 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 over the last ninety days. 1.45% of the stock is currently owned by insiders.
Analyst Upgrades and Downgrades
ASB has been the topic of several recent research reports. Piper Sandler lifted their price objective on shares of Associated Banc from $24.00 to $27.00 and gave the company a "neutral" rating in a research report on Friday, July 25th. Barclays lifted their price objective on shares of Associated Banc from $30.00 to $32.00 and gave the stock a "positive" rating in a research note on Wednesday. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Associated Banc in a research note on Wednesday, October 8th. Keefe, Bruyette & Woods lifted their price objective on shares of Associated Banc from $27.00 to $28.00 and gave the stock a "market perform" rating in a research note on Friday, July 25th. Finally, Truist Financial raised their target price on shares of Associated Banc from $26.00 to $27.00 and gave the stock a "hold" rating in a report on Monday, July 28th. Three equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat, Associated Banc presently has an average rating of "Hold" and an average target price of $28.11.
Read Our Latest Stock Report on ASB
Associated Banc Stock Performance
ASB stock opened at $24.68 on Monday. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.91 and a current ratio of 0.92. The stock has a market cap of $4.09 billion, a P/E ratio of 32.05, a P/E/G ratio of 0.99 and a beta of 0.82. The firm has a 50 day simple moving average of $25.78 and a 200 day simple moving average of $24.11. Associated Banc-Corp has a 52 week low of $18.32 and a 52 week high of $28.18.
Associated Banc (NYSE:ASB - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The bank reported $0.65 EPS for the quarter, topping the consensus estimate of $0.62 by $0.03. The business had revenue of $366.98 million during the quarter, compared to analysts' expectations of $362.78 million. Associated Banc had a net margin of 5.79% and a return on equity of 8.86%. During the same period last year, the company posted $0.52 earnings per share. Research analysts anticipate that Associated Banc-Corp will post 2.43 earnings per share for the current fiscal year.
Associated Banc Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd were paid a $0.23 dividend. The ex-dividend date was Tuesday, September 2nd. This represents a $0.92 dividend on an annualized basis and a yield of 3.7%. Associated Banc's payout ratio is 119.48%.
About Associated Banc
(
Free Report)
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.
Further Reading
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