Associated Banc-Corp (NYSE:ASB) Shares Sold by Pzena Investment Management LLC

Pzena Investment Management LLC lessened its stake in Associated Banc-Corp (NYSE:ASB - Free Report) by 0.6% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 1,787,866 shares of the bank's stock after selling 10,941 shares during the period. Pzena Investment Management LLC owned about 1.08% of Associated Banc worth $40,281,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Hancock Whitney Corp lifted its position in Associated Banc by 0.7% in the fourth quarter. Hancock Whitney Corp now owns 58,001 shares of the bank's stock valued at $1,386,000 after acquiring an additional 401 shares during the last quarter. NewEdge Advisors LLC increased its stake in shares of Associated Banc by 13.1% during the fourth quarter. NewEdge Advisors LLC now owns 3,518 shares of the bank's stock worth $84,000 after acquiring an additional 408 shares during the period. Oregon Public Employees Retirement Fund increased its stake in shares of Associated Banc by 1.5% during the first quarter. Oregon Public Employees Retirement Fund now owns 33,238 shares of the bank's stock worth $749,000 after acquiring an additional 500 shares during the period. GAMMA Investing LLC increased its stake in shares of Associated Banc by 11.6% during the first quarter. GAMMA Investing LLC now owns 5,251 shares of the bank's stock worth $118,000 after acquiring an additional 547 shares during the period. Finally, Mariner LLC grew its position in Associated Banc by 3.3% during the fourth quarter. Mariner LLC now owns 17,882 shares of the bank's stock worth $427,000 after buying an additional 566 shares during the period. Hedge funds and other institutional investors own 82.98% of the company's stock.

Insider Activity at Associated Banc

In other Associated Banc news, CEO Andrew J. Harmening purchased 12,910 shares of the firm's stock in a transaction dated Friday, May 9th. The stock was acquired at an average cost of $23.25 per share, with a total value of $300,157.50. Following the acquisition, the chief executive officer owned 319,269 shares of the company's stock, valued at approximately $7,423,004.25. This represents a 4.21% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 1.45% of the company's stock.

Associated Banc Trading Up 1.3%

NYSE:ASB traded up $0.34 during trading hours on Thursday, reaching $25.71. 2,013,353 shares of the company were exchanged, compared to its average volume of 1,566,342. The stock has a 50 day simple moving average of $24.09 and a 200 day simple moving average of $23.43. Associated Banc-Corp has a 52-week low of $18.32 and a 52-week high of $28.18. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.87 and a quick ratio of 0.87. The firm has a market cap of $4.26 billion, a price-to-earnings ratio of 29.89, a PEG ratio of 0.95 and a beta of 0.80.

Associated Banc (NYSE:ASB - Get Free Report) last issued its earnings results on Thursday, April 24th. The bank reported $0.59 EPS for the quarter, beating analysts' consensus estimates of $0.57 by $0.02. Associated Banc had a net margin of 6.02% and a return on equity of 8.47%. The business had revenue of $348.97 million for the quarter, compared to the consensus estimate of $347.86 million. During the same quarter last year, the firm posted $0.52 EPS. The business's revenue for the quarter was up 6.8% compared to the same quarter last year. As a group, analysts predict that Associated Banc-Corp will post 2.43 EPS for the current year.

Associated Banc Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Monday, June 2nd were issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 3.58%. The ex-dividend date of this dividend was Monday, June 2nd. Associated Banc's dividend payout ratio is currently 106.98%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Keefe, Bruyette & Woods lowered their target price on shares of Associated Banc from $29.00 to $27.00 and set a "market perform" rating on the stock in a research report on Friday, April 25th. Raymond James Financial reaffirmed an "outperform" rating and issued a $27.00 price target on shares of Associated Banc in a report on Monday, April 28th. Stephens reduced their price target on shares of Associated Banc from $28.00 to $26.00 and set an "equal weight" rating on the stock in a report on Friday, April 25th. Wells Fargo & Company upped their price target on shares of Associated Banc from $28.00 to $30.00 and gave the company an "overweight" rating in a report on Thursday, July 10th. Finally, Truist Financial began coverage on shares of Associated Banc in a report on Tuesday, May 13th. They issued a "hold" rating and a $26.00 price target on the stock. One analyst has rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $27.22.

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.