One Way Holdings LLC Makes New Investment in Associated Banc-Corp $ASB

Key Points

• One Way Holdings LLC acquired 196,499 shares of Associated Banc-Corp worth approximately $5.63 million, while institutional investors collectively own 82.98% of the stock.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $32.50; the bank also exceeded quarterly earnings and revenue estimates.
• Associated Banc raised its quarterly dividend to $0.25 per share, implying a $1.00 annualized payout and a 3.3% yield.

One Way Holdings LLC bought a new position in shares of Associated Banc-Corp (NYSE:ASB - Free Report) during the third quarter, according to its most recent filing with the SEC. The fund bought 196,499 shares of the bank's stock, valued at approximately $5,630,000. One Way Holdings LLC owned 0.10% of Associated Banc at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ASB. BlackRock Inc. purchased a new stake in Associated Banc during the second quarter worth about $715,927,000. Dimensional Fund Advisors LP raised its position in Associated Banc by 1.8% in the first quarter. Dimensional Fund Advisors LP now owns 9,811,228 shares of the bank's stock worth $253,709,000 after acquiring an additional 170,080 shares during the period. First Trust Advisors LP raised its position in Associated Banc by 127.6% in the first quarter. First Trust Advisors LP now owns 5,971,227 shares of the bank's stock worth $154,416,000 after acquiring an additional 3,347,699 shares during the period. Pzena Investment Management LLC purchased a new position in Associated Banc in the second quarter valued at about $61,240,000. Finally, Wellington Management Group LLP boosted its stake in Associated Banc by 17.0% in the second quarter. Wellington Management Group LLP now owns 1,907,826 shares of the bank's stock valued at $58,704,000 after acquiring an additional 276,560 shares during the last quarter. 82.98% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on ASB. Wells Fargo & Company reduced their target price on shares of Associated Banc from $36.00 to $35.00 and set an "overweight" rating for the company in a research report on Tuesday, September 29th. Truist Financial lifted their price target on shares of Associated Banc from $32.00 to $33.00 and gave the stock a "hold" rating in a report on Tuesday, August 4th. Piper Sandler upped their price objective on Associated Banc from $34.00 to $35.00 and gave the company a "neutral" rating in a research note on Friday, October 23rd. Royal Bank Of Canada upped their price objective on Associated Banc from $33.00 to $34.00 and gave the company a "sector perform" rating in a research note on Friday, October 23rd. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Associated Banc in a report on Monday, September 21st. Six equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $32.50.

Insider Buying and Selling

In other Associated Banc news, EVP Randall J. Erickson sold 43,561 shares of the business's stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $32.04, for a total transaction of $1,395,694.44. Following the sale, the executive vice president owned 56,091 shares of the company's stock, valued at $1,797,155.64. The trade was a 43.71% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Patrick Ahern sold 1,309 shares of the stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $30.85, for a total value of $40,382.65. Following the sale, the executive vice president owned 43,743 shares in the company, valued at approximately $1,349,471.55. This represents a 2.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 61,170 shares of company stock valued at $1,957,840. Company insiders own 0.71% of the company's stock.

Associated Banc Trading Down 0.1%

Shares of Associated Banc stock opened at $30.26 on Monday. Associated Banc-Corp has a 52-week low of $23.87 and a 52-week high of $32.46. The stock's 50-day simple moving average is $29.69 and its 200 day simple moving average is $28.65. The stock has a market capitalization of $5.62 billion, a P/E ratio of 10.47, a P/E/G ratio of 1.02 and a beta of 0.80. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.92 and a current ratio of 0.92.

Associated Banc (NYSE:ASB - Get Free Report) last issued its earnings results on Thursday, October 22nd. The bank reported $0.81 earnings per share for the quarter, topping analysts' consensus estimates of $0.76 by $0.05. The firm had revenue of $468.51 million during the quarter, compared to analyst estimates of $463.69 million. Associated Banc had a net margin of 19.87% and a return on equity of 10.75%. During the same quarter last year, the business earned $0.73 earnings per share. As a group, research analysts anticipate that Associated Banc-Corp will post 2.99 EPS for the current year.

Associated Banc Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Investors of record on Tuesday, December 1st will be issued a $0.25 dividend. This is a boost from Associated Banc's previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Tuesday, December 1st. This represents a $1.00 annualized dividend and a yield of 3.3%. Associated Banc's payout ratio is 34.60%.

Associated Banc Profile

Associated Banc-Corp is a regional bank holding company headquartered in Green Bay, Wisconsin. Through its principal subsidiary, Associated Bank, it provides banking and financial services to individuals, families, businesses and institutions.

Associated Bank offers commercial and corporate banking, retail banking, mortgage lending, consumer lending, treasury management, investment and wealth management, and institutional services. Its business banking activities include lending, deposit accounts, cash-management solutions and other services designed for small and middle-market companies.

The company primarily serves customers across Wisconsin, Illinois and Minnesota through its branch network and digital banking channels.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.