Rockefeller Capital Management L.P. Grows Position in Associated Banc-Corp $ASB

Key Points

• Rockefeller Capital Management massively increased its stake in Associated Banc-Corp, raising holdings by 20,284.4% in the fourth quarter to 104,572 shares worth about $2.7 million.
• Associated Banc recently reported better-than-expected quarterly results, posting $0.70 EPS versus $0.69 expected and revenue of $387.21 million versus $384.20 million expected.
• The bank also paid a quarterly dividend of $0.24 per share, which annualizes to $0.96 and implies a 3.1% yield at the time of the article.

Rockefeller Capital Management L.P. increased its holdings in shares of Associated Banc-Corp (NYSE:ASB - Free Report) by 20,284.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 104,572 shares of the bank's stock after purchasing an additional 104,059 shares during the quarter. Rockefeller Capital Management L.P. owned 0.06% of Associated Banc worth $2,694,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of ASB. Caitong International Asset Management Co. Ltd increased its position in shares of Associated Banc by 18,083.9% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 5,637 shares of the bank's stock valued at $145,000 after acquiring an additional 5,606 shares during the last quarter. Mercer Global Advisors Inc. ADV raised its stake in shares of Associated Banc by 29.8% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 15,501 shares of the bank's stock valued at $399,000 after acquiring an additional 3,560 shares during the period. XTX Topco Ltd acquired a new position in shares of Associated Banc in the 4th quarter worth approximately $1,717,000. Voloridge Investment Management LLC lifted its holdings in shares of Associated Banc by 327.4% in the 4th quarter. Voloridge Investment Management LLC now owns 807,808 shares of the bank's stock worth $20,809,000 after acquiring an additional 618,789 shares during the last quarter. Finally, SummitTX Capital L.P. purchased a new position in shares of Associated Banc during the 4th quarter worth approximately $387,000. Institutional investors and hedge funds own 82.98% of the company's stock.

Associated Banc Stock Down 0.3%

Shares of NYSE ASB opened at $31.24 on Monday. The stock has a market cap of $5.89 billion, a P/E ratio of 10.85, a PEG ratio of 1.81 and a beta of 0.77. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.84. Associated Banc-Corp has a 12-month low of $23.63 and a 12-month high of $31.34. The business's fifty day simple moving average is $28.34 and its 200-day simple moving average is $27.22.

Associated Banc (NYSE:ASB - Get Free Report) last released its earnings results on Thursday, April 23rd. The bank reported $0.70 EPS for the quarter, topping the consensus estimate of $0.69 by $0.01. Associated Banc had a return on equity of 10.46% and a net margin of 19.88%.The firm had revenue of $387.21 million during the quarter, compared to analysts' expectations of $384.20 million. During the same period in the previous year, the firm posted $0.59 EPS. As a group, equities analysts predict that Associated Banc-Corp will post 2.92 EPS for the current fiscal year.

Associated Banc Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were given a dividend of $0.24 per share. The ex-dividend date of this dividend was Monday, June 1st. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.1%. Associated Banc's payout ratio is currently 33.33%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on ASB. Wells Fargo & Company lifted their target price on shares of Associated Banc from $30.00 to $31.00 and gave the company an "overweight" rating in a report on Monday, March 30th. Robert W. Baird raised their price target on Associated Banc from $29.00 to $30.00 and gave the stock a "neutral" rating in a research report on Friday, April 24th. Barclays raised Associated Banc from an "equal weight" rating to an "overweight" rating and lifted their price objective for the company from $30.00 to $33.00 in a research note on Tuesday, April 7th. Weiss Ratings reissued a "buy (b)" rating on shares of Associated Banc in a research note on Wednesday. Finally, Raymond James Financial restated an "outperform" rating and set a $31.00 target price on shares of Associated Banc in a report on Monday, April 27th. Six research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Associated Banc has an average rating of "Moderate Buy" and an average target price of $30.30.

Insider Buying and Selling

In other Associated Banc news, EVP John A. Utz sold 5,000 shares of the business's stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $28.82, for a total transaction of $144,100.00. Following the completion of the transaction, the executive vice president owned 118,156 shares in the company, valued at $3,405,255.92. The trade was a 4.06% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Dennis Deloye sold 14,299 shares of the stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $28.26, for a total transaction of $404,089.74. Following the completion of the sale, the executive vice president directly owned 21,385 shares in the company, valued at approximately $604,340.10. This represents a 40.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 28,299 shares of company stock valued at $801,760. Corporate insiders own 0.71% of the company's stock.

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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