Pzena Investment Management LLC Invests $61.24 Million in Associated Banc-Corp $ASB

Key Points

• Pzena Investment Management initiated a $61.24 million position in Associated Banc, acquiring 1.99 million shares and representing approximately 1.05% of the company. Institutional investors and hedge funds collectively own 82.98% of the stock.
• Associated Banc reported quarterly EPS of $0.73, slightly above analyst estimates, while revenue of $454.54 million also exceeded expectations. Shares were trading near their 52-week high at $32.06.
• The bank declared a quarterly dividend of $0.24 per share, equivalent to an annualized $0.96 payout and a 3.0% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $31.60.

Pzena Investment Management LLC bought a new position in Associated Banc-Corp (NYSE:ASB - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 1,990,243 shares of the bank's stock, valued at approximately $61,240,000. Pzena Investment Management LLC owned approximately 1.05% of Associated Banc at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. California State Teachers Retirement System grew its position in Associated Banc by 0.3% in the second quarter. California State Teachers Retirement System now owns 154,933 shares of the bank's stock worth $3,779,000 after buying an additional 394 shares during the last quarter. LPL Financial LLC increased its holdings in shares of Associated Banc by 2.3% in the fourth quarter. LPL Financial LLC now owns 19,079 shares of the bank's stock valued at $491,000 after buying an additional 426 shares in the last quarter. Tidal Investments LLC lifted its position in shares of Associated Banc by 2.0% during the 2nd quarter. Tidal Investments LLC now owns 27,354 shares of the bank's stock valued at $667,000 after acquiring an additional 549 shares during the last quarter. Quadrant Capital Group LLC lifted its position in shares of Associated Banc by 1.8% during the 4th quarter. Quadrant Capital Group LLC now owns 34,801 shares of the bank's stock valued at $896,000 after acquiring an additional 619 shares during the last quarter. Finally, State of Michigan Retirement System boosted its stake in shares of Associated Banc by 1.8% during the 1st quarter. State of Michigan Retirement System now owns 39,378 shares of the bank's stock worth $1,018,000 after acquiring an additional 700 shares in the last quarter. 82.98% of the stock is owned by institutional investors and hedge funds.

Associated Banc Trading Down 0.8%

Associated Banc stock opened at $32.06 on Tuesday. Associated Banc-Corp has a 52 week low of $23.86 and a 52 week high of $32.46. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.93 and a current ratio of 0.93. The firm has a market capitalization of $6.05 billion, a price-to-earnings ratio of 11.21, a P/E/G ratio of 1.10 and a beta of 0.77. The company has a 50 day moving average price of $30.63 and a 200 day moving average price of $28.37.

Associated Banc (NYSE:ASB - Get Free Report) last announced its earnings results on Thursday, July 23rd. The bank reported $0.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.01. The company had revenue of $454.54 million for the quarter, compared to the consensus estimate of $438.01 million. Associated Banc had a net margin of 19.66% and a return on equity of 10.64%. During the same period in the previous year, the business earned $0.65 EPS. Research analysts forecast that Associated Banc-Corp will post 2.92 EPS for the current year.

Associated Banc Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be issued a dividend of $0.24 per share. The ex-dividend date is Tuesday, September 1st. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.0%. Associated Banc's payout ratio is currently 33.57%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on ASB shares. Raymond James Financial lifted their target price on Associated Banc from $31.00 to $35.00 and gave the stock an "outperform" rating in a report on Wednesday, July 1st. Piper Sandler upped their target price on Associated Banc from $29.00 to $30.00 and gave the company a "neutral" rating in a report on Friday, April 24th. Wall Street Zen downgraded Associated Banc from a "buy" rating to a "hold" rating in a report on Saturday, May 2nd. Barclays increased their price target on Associated Banc from $33.00 to $34.00 and gave the company an "overweight" rating in a research report on Tuesday, July 7th. Finally, Keefe, Bruyette & Woods lifted their price target on Associated Banc from $30.00 to $31.00 and gave the stock a "market perform" rating in a research note on Friday, April 24th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, Associated Banc presently has a consensus rating of "Moderate Buy" and a consensus price target of $31.60.

Insider Buying and Selling at Associated Banc

In other Associated Banc news, EVP Gregory Warsek sold 16,300 shares of the firm's stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $32.01, for a total transaction of $521,763.00. Following the completion of the sale, the executive vice president directly owned 13,809 shares in the company, valued at approximately $442,026.09. This trade represents a 54.14% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Randall J. Erickson sold 43,561 shares of the company's stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $32.04, for a total value of $1,395,694.44. Following the completion of the transaction, the executive vice president owned 56,091 shares in the company, valued at $1,797,155.64. This represents a 43.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 101,823 shares of company stock valued at $3,150,761 in the last ninety days. Company insiders own 0.71% of the company's stock.

Associated Banc Company 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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