Peregrine Capital Management LLC Acquires Shares of 192,350 Associated Banc-Corp $ASB

Key Points

• Peregrine Capital Management opened a new position in Associated Banc-Corp, buying 192,350 shares worth about $4.97 million in the first quarter. The stake represented roughly 0.12% of the bank.
• Wall Street sentiment on ASB is mixed but generally positive, with a consensus rating of Moderate Buy and an average target price of $30.70. Analysts recently adjusted price targets, while one firm downgraded the stock to hold.
• Associated Banc reported quarterly earnings of $0.70 per share, slightly beating estimates, and also paid a quarterly dividend of $0.24 per share for a 3.1% annualized yield. The stock was trading near its 12-month high at $31.16.

Peregrine Capital Management LLC bought a new position in Associated Banc-Corp (NYSE:ASB - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 192,350 shares of the bank's stock, valued at approximately $4,974,000. Peregrine Capital Management LLC owned about 0.12% of Associated Banc at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of ASB. JPMorgan Chase & Co. raised its position in Associated Banc by 24.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 984,537 shares of the bank's stock worth $25,312,000 after purchasing an additional 194,307 shares during the last quarter. Associated Banc Corp boosted its position in Associated Banc by 7.5% in the 4th quarter. Associated Banc Corp now owns 2,631,339 shares of the bank's stock valued at $67,783,000 after buying an additional 182,623 shares during the last quarter. First Trust Advisors LP boosted its position in Associated Banc by 679.4% in the 3rd quarter. First Trust Advisors LP now owns 2,223,694 shares of the bank's stock valued at $57,171,000 after buying an additional 1,938,393 shares during the last quarter. Vanguard Group Inc. boosted its position in Associated Banc by 3.0% in the 4th quarter. Vanguard Group Inc. now owns 18,538,157 shares of the bank's stock valued at $477,543,000 after buying an additional 545,185 shares during the last quarter. Finally, American Century Companies Inc. increased its stake in shares of Associated Banc by 32.5% in the 3rd quarter. American Century Companies Inc. now owns 2,629,549 shares of the bank's stock valued at $67,606,000 after buying an additional 645,676 shares during the period. 82.98% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ASB has been the subject of a number of recent research reports. Keefe, Bruyette & Woods boosted their target price on Associated Banc from $30.00 to $31.00 and gave the stock a "market perform" rating in a research report on Friday, April 24th. Wells Fargo & Company lifted their price objective on Associated Banc from $30.00 to $31.00 and gave the stock an "overweight" rating in a research report on Monday, March 30th. Truist Financial boosted their price objective on Associated Banc from $27.00 to $30.00 and gave the stock a "hold" rating in a report on Monday, April 27th. Wall Street Zen downgraded shares of Associated Banc from a "buy" rating to a "hold" rating in a research report on Saturday, May 2nd. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Associated Banc in a research note on Wednesday, June 24th. Six equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $30.70.

Insider Activity

In related news, 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 transaction of $140,850.00. Following the sale, the executive vice president owned 11,777 shares of the company's stock, valued at approximately $331,758.09. This trade represents a 29.80% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director John B. Williams sold 4,000 shares of Associated Banc stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $28.18, for a total value of $112,720.00. Following the transaction, the director owned 67,420 shares in the company, valued at $1,899,895.60. This trade represents a 5.60% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 28,299 shares of company stock worth $801,760 in the last 90 days. Corporate insiders own 0.71% of the company's stock.

Associated Banc Stock Up 1.3%

Shares of Associated Banc stock opened at $31.16 on Thursday. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.84. Associated Banc-Corp has a 12 month low of $23.63 and a 12 month high of $31.36. The business has a fifty day simple moving average of $28.52 and a 200 day simple moving average of $27.30. The stock has a market cap of $5.88 billion, a PE ratio of 10.82, a price-to-earnings-growth ratio of 1.78 and a beta of 0.77.

Associated Banc (NYSE:ASB - Get Free Report) last released its earnings results on Thursday, April 23rd. The bank reported $0.70 earnings per share for the quarter, beating 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 firm had revenue of $387.21 million for the quarter, compared to analyst estimates of $384.20 million. During the same quarter in the prior year, the firm posted $0.59 earnings per share. Research analysts predict that Associated Banc-Corp will post 2.92 EPS for the current year.

Associated Banc Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend was Monday, June 1st. Associated Banc's dividend payout ratio is presently 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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