Associated Banc-Corp (NYSE:ASB) Shares Sold by Millennium Management LLC

Millennium Management LLC cut its holdings in Associated Banc-Corp (NYSE:ASB - Free Report) by 52.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 151,242 shares of the bank's stock after selling 164,508 shares during the period. Millennium Management LLC owned about 0.10% of Associated Banc worth $3,615,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in ASB. Wellington Management Group LLP purchased a new position in Associated Banc in the fourth quarter worth about $37,662,000. Norges Bank purchased a new position in shares of Associated Banc in the 4th quarter worth approximately $36,144,000. Vanguard Group Inc. increased its position in shares of Associated Banc by 8.7% during the 4th quarter. Vanguard Group Inc. now owns 18,066,871 shares of the bank's stock valued at $431,798,000 after purchasing an additional 1,444,068 shares during the last quarter. FMR LLC raised its holdings in Associated Banc by 9.4% during the 4th quarter. FMR LLC now owns 14,838,422 shares of the bank's stock valued at $354,638,000 after buying an additional 1,272,441 shares during the period. Finally, Balyasny Asset Management L.P. lifted its position in Associated Banc by 263.7% in the fourth quarter. Balyasny Asset Management L.P. now owns 1,597,950 shares of the bank's stock worth $38,191,000 after buying an additional 1,158,576 shares during the last quarter. 82.98% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Associated Banc news, CEO Andrew J. Harmening purchased 12,910 shares of Associated Banc stock in a transaction dated Friday, May 9th. The shares were acquired at an average cost of $23.25 per share, with a total value of $300,157.50. Following the completion of the transaction, the chief executive officer now owns 319,269 shares in the company, valued at approximately $7,423,004.25. This trade represents a 4.21% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 1.45% of the company's stock.

Associated Banc Stock Down 0.8%

Shares of ASB stock traded down $0.19 on Wednesday, hitting $23.14. The stock had a trading volume of 871,709 shares, compared to its average volume of 1,544,648. Associated Banc-Corp has a one year low of $18.32 and a one year high of $28.18. The company has a quick ratio of 0.86, a current ratio of 0.88 and a debt-to-equity ratio of 0.61. The company has a market cap of $3.84 billion, a PE ratio of 29.29, a P/E/G ratio of 1.52 and a beta of 0.79. The business has a 50 day moving average price of $22.02 and a 200 day moving average price of $23.70.

Associated Banc (NYSE:ASB - Get Free Report) last issued its quarterly earnings data on Thursday, April 24th. The bank reported $0.59 EPS for the quarter, topping analysts' consensus estimates of $0.57 by $0.02. The company had revenue of $348.97 million during the quarter, compared to the consensus estimate of $347.86 million. Associated Banc had a net margin of 5.15% and a return on equity of 8.24%. Associated Banc's revenue for the quarter was up 6.8% compared to the same quarter last year. During the same quarter in the previous year, the firm 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 company also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Monday, June 2nd will be given a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 3.98%. The ex-dividend date is Monday, June 2nd. Associated Banc's payout ratio is 106.98%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ASB. Wells Fargo & Company upgraded shares of Associated Banc from an "equal weight" rating to an "overweight" rating and cut their price objective for the company from $27.00 to $26.00 in a research report on Wednesday, April 9th. Keefe, Bruyette & Woods reduced their price target on Associated Banc from $29.00 to $27.00 and set a "market perform" rating on the stock in a report on Friday, April 25th. Raymond James restated an "outperform" rating and set a $27.00 price objective on shares of Associated Banc in a report on Monday, April 28th. Stephens reduced their target price on Associated Banc from $28.00 to $26.00 and set an "equal weight" rating on the stock in a research note on Friday, April 25th. Finally, Barclays lowered their target price 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. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $26.00.

About Associated Banc

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.