Pzena Investment Management LLC Decreases Holdings in Associated Banc-Corp $ASB

Key Points

• Pzena Investment Management reduced its stake in Associated Banc-Corp by 4.1% in the fourth quarter, selling 74,442 shares and ending with 1.75 million shares worth about $45 million.
• Other institutional investors were active too: firms like First Trust Advisors, Goldman Sachs, Balyasny, American Century, and Vanguard all increased their positions, and institutions now own 82.98% of the stock.
• Associated Banc reported solid shareholder-friendly moves, including quarterly EPS of $0.70, a $100 million share buyback authorization, and a quarterly dividend of $0.24 per share for a 3.4% yield.

Pzena Investment Management LLC cut its holdings in shares of Associated Banc-Corp (NYSE:ASB - Free Report) by 4.1% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,745,153 shares of the bank's stock after selling 74,442 shares during the quarter. Pzena Investment Management LLC owned 1.05% of Associated Banc worth $44,955,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in ASB. First Trust Advisors LP raised its stake in shares of Associated Banc by 679.4% during the third quarter. First Trust Advisors LP now owns 2,223,694 shares of the bank's stock worth $57,171,000 after acquiring an additional 1,938,393 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Associated Banc by 139.1% during the first quarter. Goldman Sachs Group Inc. now owns 2,748,667 shares of the bank's stock worth $61,927,000 after acquiring an additional 1,598,951 shares in the last quarter. Balyasny Asset Management L.P. raised its stake in shares of Associated Banc by 4,883.7% during the third quarter. Balyasny Asset Management L.P. now owns 1,385,666 shares of the bank's stock worth $35,625,000 after acquiring an additional 1,357,862 shares in the last quarter. American Century Companies Inc. raised its stake in shares of Associated Banc by 32.5% during the third quarter. American Century Companies Inc. now owns 2,629,549 shares of the bank's stock worth $67,606,000 after acquiring an additional 645,676 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in shares of Associated Banc by 3.0% in the fourth quarter. Vanguard Group Inc. now owns 18,538,157 shares of the bank's stock worth $477,543,000 after buying an additional 545,185 shares during the period. 82.98% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Associated Banc

In other news, Director John B. Williams sold 4,000 shares of the business's stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $28.18, for a total transaction of $112,720.00. Following the sale, the director owned 67,420 shares in the company, valued at approximately $1,899,895.60. The trade was a 5.60% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.71% of the company's stock.

Analyst Ratings Changes

ASB has been the topic of several analyst reports. Royal Bank Of Canada lifted their target price on shares of Associated Banc from $29.00 to $30.00 and gave the stock a "sector perform" rating in a research note on Friday, January 23rd. Wall Street Zen downgraded shares of Associated Banc from a "buy" rating to a "hold" rating in a research note on Saturday, May 2nd. Weiss Ratings raised shares of Associated Banc from a "hold (c+)" rating to a "buy (b)" rating in a research note on Tuesday, February 17th. Robert W. Baird lifted their target price on shares of Associated Banc from $29.00 to $30.00 and gave the stock a "neutral" rating in a research note on Friday, April 24th. Finally, Piper Sandler lifted their target price on shares of Associated Banc from $29.00 to $30.00 and gave the stock a "neutral" rating in a research note on Friday, April 24th. Six investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, Associated Banc has a consensus rating of "Moderate Buy" and a consensus price target of $30.30.

Associated Banc Stock Up 0.3%

Shares of Associated Banc stock opened at $28.08 on Friday. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.84. The company's fifty day simple moving average is $26.78 and its two-hundred day simple moving average is $26.63. The company has a market cap of $4.66 billion, a P/E ratio of 9.75, a PEG ratio of 1.62 and a beta of 0.79. Associated Banc-Corp has a 12-month low of $22.40 and a 12-month high of $29.51.

Associated Banc (NYSE:ASB - Get Free Report) last issued 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 business had revenue of $387.21 million for the quarter, compared to the consensus estimate of $384.20 million. Associated Banc had a net margin of 19.88% and a return on equity of 10.46%. During the same period in the previous year, the firm earned $0.59 EPS. Research analysts anticipate that Associated Banc-Corp will post 2.92 EPS for the current year.

Associated Banc announced that its Board of Directors has approved a share buyback plan on Tuesday, January 27th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the bank to reacquire up to 2.2% of its stock through open market purchases. Stock buyback plans are often an indication that the company's management believes its stock is undervalued.

Associated Banc Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 1st will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date of this dividend is Monday, June 1st. Associated Banc's payout ratio is presently 33.33%.

Associated Banc Profile

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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