New York State Teachers Retirement System Sells 91,636 Shares of Associated Banc-Corp $ASB

Key Points

• New York State Teachers Retirement System cut its stake in Associated Banc-Corp by 47.8% in the first quarter, selling 91,636 shares and leaving it with 99,949 shares valued at about $2.6 million.
• Analysts remain moderately positive on ASB, with a consensus rating of “Moderate Buy” and an average target price of $30.80 after several recent price-target increases.
• Associated Banc reported better-than-expected earnings of $0.70 per share and continues to pay a quarterly dividend of $0.24 per share, implying a 3.2% annual yield.

New York State Teachers Retirement System lowered its holdings in shares of Associated Banc-Corp (NYSE:ASB - Free Report) by 47.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 99,949 shares of the bank's stock after selling 91,636 shares during the quarter. New York State Teachers Retirement System owned approximately 0.06% of Associated Banc worth $2,585,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ASB. Eurizon Capital SGR S.p.A. purchased a new position in Associated Banc in the 4th quarter worth approximately $33,000. EverSource Wealth Advisors LLC grew its holdings in Associated Banc by 345.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,350 shares of the bank's stock valued at $33,000 after buying an additional 1,047 shares in the last quarter. CIBC Private Wealth Group LLC purchased a new stake in Associated Banc during the 3rd quarter valued at approximately $51,000. Hoese & Co LLP bought a new stake in shares of Associated Banc during the fourth quarter valued at approximately $52,000. Finally, Global Retirement Partners LLC purchased a new position in shares of Associated Banc in the fourth quarter worth $56,000. Institutional investors own 82.98% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on ASB shares. Wells Fargo & Company upped their target price on shares of Associated Banc from $30.00 to $31.00 and gave the stock an "overweight" rating in a research report on Monday, March 30th. Weiss Ratings reiterated a "buy (b)" rating on shares of Associated Banc in a research note on Wednesday, June 24th. Barclays increased their price objective on shares of Associated Banc from $33.00 to $34.00 and gave the company an "overweight" rating in a report on Tuesday. Keefe, Bruyette & Woods raised their price objective on Associated Banc from $30.00 to $31.00 and gave the company a "market perform" rating in a research report on Friday, April 24th. Finally, Truist Financial lifted their target price on Associated Banc from $27.00 to $30.00 and gave the stock a "hold" rating in a report on Monday, April 27th. Six investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $30.80.

Insider Buying and Selling

In related news, EVP John A. Utz sold 5,000 shares of the stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $28.82, for a total transaction of $144,100.00. Following the sale, the executive vice president owned 118,156 shares in the company, valued at approximately $3,405,255.92. This represents a 4.06% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Matthew R. Braeger sold 5,000 shares of the firm's 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 sale, the executive vice president owned 11,777 shares of the company's stock, valued at approximately $331,758.09. This represents a 29.80% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 28,299 shares of company stock worth $801,760. 0.71% of the stock is owned by company insiders.

Associated Banc Stock Up 1.9%

Shares of NYSE:ASB opened at $30.40 on Friday. The company has a market cap of $5.73 billion, a price-to-earnings ratio of 10.56, a PEG ratio of 1.10 and a beta of 0.76. Associated Banc-Corp has a 12 month low of $23.63 and a 12 month high of $31.50. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.84. The company has a 50-day moving average price of $28.83 and a 200 day moving average price of $27.46.

Associated Banc (NYSE:ASB - Get Free Report) last issued its quarterly earnings data on Thursday, April 23rd. The bank reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.01. Associated Banc had a return on equity of 10.46% and a net margin of 19.88%.The company had revenue of $387.21 million for the quarter, compared to analysts' expectations of $384.20 million. During the same period in the previous year, the firm posted $0.59 earnings per share. As a group, equities research analysts predict that Associated Banc-Corp will post 2.91 earnings per share for the current year.

Associated Banc Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were given a dividend of $0.24 per share. The ex-dividend date of this dividend was Monday, June 1st. This represents a $0.96 annualized dividend and a dividend yield of 3.2%. Associated Banc's payout ratio is currently 33.33%.

About Associated Banc

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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