North Star Asset Management Inc. Makes New $3.36 Million Investment in Associated Banc-Corp $ASB

Key Points

• North Star Asset Management acquired 109,116 shares of Associated Banc-Corp worth approximately $3.36 million, joining other institutional investors that have increased their positions. Institutions and hedge funds collectively own 82.98% of ASB.
• Associated Banc exceeded quarterly expectations, reporting $0.73 in EPS versus the $0.72 consensus and revenue of $454.54 million versus $438.01 million expected.
• The bank declared a quarterly dividend of $0.24 per share, or $0.96 annualized, representing a 3.1% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $32.00.

North Star Asset Management Inc. acquired a new stake in shares of Associated Banc-Corp (NYSE:ASB - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 109,116 shares of the bank's stock, valued at approximately $3,357,000. North Star Asset Management Inc. owned about 0.06% of Associated Banc as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of ASB. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Associated Banc by 6.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 97,570 shares of the bank's stock valued at $2,198,000 after acquiring an additional 5,531 shares during the period. Millennium Management LLC grew its position in shares of Associated Banc by 90.4% in the first quarter. Millennium Management LLC now owns 287,890 shares of the bank's stock valued at $6,486,000 after purchasing an additional 136,648 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in shares of Associated Banc by 139.1% in the first quarter. Goldman Sachs Group Inc. now owns 2,748,667 shares of the bank's stock worth $61,927,000 after purchasing an additional 1,598,951 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Associated Banc by 13.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 496,392 shares of the bank's stock worth $11,184,000 after buying an additional 60,758 shares during the period. Finally, Sivia Capital Partners LLC bought a new position in Associated Banc during the second quarter worth $328,000. 82.98% of the stock is currently owned by institutional investors and hedge funds.

Associated Banc Price Performance

Shares of ASB stock opened at $30.82 on Friday. The firm's 50 day moving average price is $30.94 and its two-hundred day moving average price is $28.53. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.93 and a current ratio of 0.93. Associated Banc-Corp has a 52-week low of $23.86 and a 52-week high of $32.46. The stock has a market cap of $5.82 billion, a PE ratio of 10.77, a PEG ratio of 1.05 and a beta of 0.77.

Associated Banc (NYSE:ASB - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The bank reported $0.73 earnings per share for the quarter, beating analysts' consensus estimates of $0.72 by $0.01. Associated Banc had a return on equity of 10.64% and a net margin of 19.66%.The company had revenue of $454.54 million for the quarter, compared to the consensus estimate of $438.01 million. During the same quarter in the prior year, the business posted $0.65 EPS. As a group, analysts forecast that Associated Banc-Corp will post 2.92 EPS for the current year.

Associated Banc Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 3.1%. The ex-dividend date is Tuesday, September 1st. Associated Banc's payout ratio is presently 33.57%.

Analyst Ratings Changes

Several equities analysts recently issued reports on ASB shares. Truist Financial boosted their price target on Associated Banc from $32.00 to $33.00 and gave the company a "hold" rating in a research note on Tuesday, August 4th. Weiss Ratings reiterated a "buy (b)" rating on shares of Associated Banc in a research note on Wednesday, June 24th. Wall Street Zen cut Associated Banc from a "buy" rating to a "hold" rating in a report on Saturday, May 2nd. Barclays boosted their target price on shares of Associated Banc from $33.00 to $34.00 and gave the company an "overweight" rating in a research note on Tuesday, July 7th. Finally, Raymond James Financial increased their price target on Associated Banc from $31.00 to $35.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 1st. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $32.00.

Insider Activity

In other Associated Banc news, EVP Derek S. Meyer sold 10,000 shares of the company's stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $30.74, for a total value of $307,400.00. Following the completion of the sale, the executive vice president owned 61,662 shares of the company's stock, valued at approximately $1,895,489.88. This represents a 13.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Gregory Warsek sold 16,300 shares of the company's stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $32.01, for a total transaction of $521,763.00. Following the completion of the sale, the executive vice president owned 13,809 shares of the company's stock, valued at approximately $442,026.09. This represents a 54.14% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 87,524 shares of company stock valued at $2,746,671. 0.71% of the stock is currently owned by company insiders.

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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