Pzena Investment Management LLC Buys 177,829 Shares of Associated Banc-Corp $ASB

Key Points

• Pzena Investment Management increased its stake in Associated Banc-Corp by 10.2% in the first quarter, buying 177,829 more shares and bringing its total holdings to 1,922,982 shares worth about $49.7 million.
• Insider selling was also notable, with EVP John A. Utz and EVP Matthew R. Braeger each selling 5,000 shares in June; insiders have sold 28,299 shares worth $801,760 over the last 90 days.
• Associated Banc reported quarterly EPS of $0.70, topping estimates, and recently paid a $0.24 quarterly dividend, implying a 3.1% yield.

Pzena Investment Management LLC lifted its stake in shares of Associated Banc-Corp (NYSE:ASB - Free Report) by 10.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,922,982 shares of the bank's stock after purchasing an additional 177,829 shares during the period. Pzena Investment Management LLC owned 1.16% of Associated Banc worth $49,728,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Associated Banc by 6.0% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 97,570 shares of the bank's stock worth $2,198,000 after buying an additional 5,531 shares during the last quarter. Millennium Management LLC lifted its position in shares of Associated Banc by 90.4% during the 1st quarter. Millennium Management LLC now owns 287,890 shares of the bank's stock valued at $6,486,000 after buying an additional 136,648 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in Associated Banc by 139.1% during the first quarter. Goldman Sachs Group Inc. now owns 2,748,667 shares of the bank's stock valued at $61,927,000 after purchasing an additional 1,598,951 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings 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 purchased a new position in Associated Banc in the 2nd quarter valued at approximately $328,000. Institutional investors own 82.98% of the company's stock.

Insider Buying and Selling

In other news, EVP John A. Utz sold 5,000 shares of the stock in a transaction that occurred 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 completion of the sale, the executive vice president owned 118,156 shares of the company's stock, valued at approximately $3,405,255.92. This represents a 4.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Matthew R. Braeger sold 5,000 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the executive vice president owned 11,777 shares in the company, valued at $331,758.09. This represents a 29.80% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 28,299 shares of company stock valued at $801,760 in the last 90 days. 0.71% of the stock is owned by insiders.

Associated Banc Stock Performance

Associated Banc stock opened at $31.16 on Thursday. The firm has a fifty day simple moving average of $28.52 and a two-hundred day simple moving average of $27.30. 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 twelve month low of $23.63 and a twelve month high of $31.36. The company has a market capitalization of $5.88 billion, a PE ratio of 10.82, a P/E/G ratio of 1.78 and a beta of 0.77.

Associated Banc (NYSE:ASB - Get Free Report) last announced its quarterly earnings data on Thursday, April 23rd. The bank reported $0.70 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.69 by $0.01. The firm had revenue of $387.21 million for the quarter, compared to analysts' expectations of $384.20 million. Associated Banc had a return on equity of 10.46% and a net margin of 19.88%.During the same period last year, the firm earned $0.59 earnings per share. Research analysts expect that Associated Banc-Corp will post 2.92 EPS for the current year.

Associated Banc Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 3.1%. The ex-dividend date was Monday, June 1st. Associated Banc's dividend payout ratio (DPR) is presently 33.33%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on ASB shares. Raymond James Financial increased their target price on Associated Banc from $31.00 to $35.00 and gave the stock an "outperform" rating in a research report on Wednesday. Piper Sandler lifted their price target on Associated Banc from $29.00 to $30.00 and gave the company a "neutral" rating in a research report on Friday, April 24th. Wall Street Zen cut Associated Banc from a "buy" rating to a "hold" rating in a report on Saturday, May 2nd. Stephens upgraded Associated Banc from an "equal weight" rating to an "overweight" rating and cut their target price for the stock from $30.00 to $29.00 in a research note on Friday, March 27th. Finally, Barclays raised shares of Associated Banc from an "equal weight" rating to an "overweight" rating and boosted their price objective for the company from $30.00 to $33.00 in a research note on Tuesday, April 7th. Six research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $30.70.

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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