Point72 Asset Management L.P. Boosts Stake in Associated Banc-Corp (NYSE:ASB)

Point72 Asset Management L.P. boosted its holdings in Associated Banc-Corp (NYSE:ASB - Free Report) by 83.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 852,400 shares of the bank's stock after purchasing an additional 386,904 shares during the quarter. Point72 Asset Management L.P. owned about 0.56% of Associated Banc worth $20,372,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Wellington Management Group LLP acquired a new stake in shares of Associated Banc during the 4th quarter worth approximately $37,662,000. Norges Bank acquired a new stake in Associated Banc in the fourth quarter worth $36,144,000. Vanguard Group Inc. increased its stake in Associated Banc by 8.7% in the fourth 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 in the last quarter. FMR LLC raised its holdings in shares of Associated Banc by 9.4% during the fourth quarter. FMR LLC now owns 14,838,422 shares of the bank's stock valued at $354,638,000 after purchasing an additional 1,272,441 shares during the period. Finally, Balyasny Asset Management L.P. boosted its position in shares of Associated Banc by 263.7% during the 4th quarter. Balyasny Asset Management L.P. now owns 1,597,950 shares of the bank's stock worth $38,191,000 after purchasing an additional 1,158,576 shares in the last quarter. 82.98% of the stock is owned by institutional investors and hedge funds.

Associated Banc Stock Performance

Associated Banc stock traded down $0.19 during mid-day trading on Friday, reaching $22.89. 200,239 shares of the company's stock were exchanged, compared to its average volume of 1,537,199. The business's fifty day simple moving average is $21.95 and its 200 day simple moving average is $23.92. The company has a quick ratio of 0.86, a current ratio of 0.88 and a debt-to-equity ratio of 0.61. Associated Banc-Corp has a one year low of $18.32 and a one year high of $28.18. The firm has a market capitalization of $3.80 billion, a PE ratio of 29.00, a P/E/G ratio of 1.52 and a beta of 0.79.

Associated Banc (NYSE:ASB - Get Free Report) last announced its quarterly earnings data on Thursday, April 24th. The bank reported $0.59 EPS for the quarter, topping the consensus estimate of $0.57 by $0.02. The business had revenue of $348.97 million for the quarter, compared to analyst estimates of $347.86 million. Associated Banc had a net margin of 5.15% and a return on equity of 8.24%. The company's revenue for the quarter was up 6.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.52 earnings per share. On average, sell-side analysts expect that Associated Banc-Corp will post 2.43 earnings per share for the current year.

Associated Banc Dividend Announcement

The firm also recently announced 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. The ex-dividend date of this dividend is Monday, June 2nd. This represents a $0.92 dividend on an annualized basis and a yield of 4.02%. Associated Banc's dividend payout ratio is presently 106.98%.

Wall Street Analyst Weigh In

ASB has been the subject of a number of research analyst reports. Robert W. Baird decreased their target price on Associated Banc from $28.00 to $26.00 and set a "neutral" rating for the company in a research report on Friday, January 24th. Truist Financial started coverage on Associated Banc in a report on Tuesday, May 13th. They set a "hold" rating and a $26.00 price objective for the company. Wells Fargo & Company upgraded Associated Banc from an "equal weight" rating to an "overweight" rating and cut their target price for the stock from $27.00 to $26.00 in a report on Wednesday, April 9th. Barclays reduced their price target on shares of Associated Banc from $28.00 to $25.00 and set an "equal weight" rating for the company in a research report on Tuesday, April 8th. Finally, Stephens decreased their price target on shares of Associated Banc from $28.00 to $26.00 and set an "equal weight" rating for the company in a research note on Friday, April 25th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $26.00.

Insider Transactions at Associated Banc

In other news, Director Eileen A. Kamerick sold 7,000 shares of the firm's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $24.71, for a total value of $172,970.00. Following the completion of the transaction, the director now directly owns 49,495 shares of the company's stock, valued at $1,223,021.45. This trade represents a 12.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Andrew J. Harmening bought 12,910 shares of the business's stock in a transaction on Friday, May 9th. The stock was bought at an average price of $23.25 per share, with a total value of $300,157.50. Following the purchase, the chief executive officer now owns 319,269 shares in the company, valued at $7,423,004.25. This trade represents a 4.21% increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 1.45% of the company's stock.

Associated Banc Company Profile

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.