Strs Ohio Purchases 39,300 Shares of Associated Banc-Corp $ASB

Key Points

• Strs Ohio sharply increased its stake in Associated Banc-Corp, buying 39,300 additional shares in the first quarter and lifting its position by 370.8% to 49,900 shares worth about $1.29 million.
• Associated Banc reported better-than-expected quarterly results, with EPS of $0.70 topping estimates and revenue of $387.21 million slightly ahead of forecasts.
• The bank continues to return capital to shareholders, paying a quarterly dividend of $0.24 per share, or $0.96 annualized, for a yield of about 3.1%.

Strs Ohio increased its position in shares of Associated Banc-Corp (NYSE:ASB - Free Report) by 370.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 49,900 shares of the bank's stock after buying an additional 39,300 shares during the period. Strs Ohio's holdings in Associated Banc were worth $1,290,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in ASB. Eurizon Capital SGR S.p.A. bought a new position in Associated Banc during the 4th quarter worth about $33,000. EverSource Wealth Advisors LLC raised its holdings in shares of Associated Banc by 345.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,350 shares of the bank's stock valued at $33,000 after purchasing an additional 1,047 shares in the last quarter. CIBC Private Wealth Group LLC purchased a new stake in shares of Associated Banc in the 3rd quarter worth approximately $51,000. Hoese & Co LLP bought a new position in shares of Associated Banc during the fourth quarter valued at approximately $52,000. Finally, Global Retirement Partners LLC purchased a new position in Associated Banc during the fourth quarter valued at approximately $56,000. 82.98% of the stock is currently owned by institutional investors.

Associated Banc Trading Up 0.2%

Associated Banc stock opened at $30.71 on Wednesday. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.90 and a current ratio of 0.90. The stock has a market cap of $5.79 billion, a PE ratio of 10.66, a price-to-earnings-growth ratio of 1.77 and a beta of 0.76. The stock has a 50-day moving average of $28.75 and a two-hundred day moving average of $27.41. Associated Banc-Corp has a one year low of $23.63 and a one year high of $31.50.

Associated Banc (NYSE:ASB - Get Free Report) last posted its quarterly earnings data on Thursday, April 23rd. The bank reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.01. The firm 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 quarter in the prior year, the company posted $0.59 earnings per share. On average, research analysts anticipate that Associated Banc-Corp will post 2.92 EPS for the current fiscal year.

Associated Banc Announces Dividend

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

Insider Activity at Associated Banc

In other Associated Banc news, EVP John A. Utz sold 5,000 shares of the firm's stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $28.82, for a total value of $144,100.00. Following the completion of the transaction, the executive vice president owned 118,156 shares of the company's stock, valued at approximately $3,405,255.92. This trade represents a 4.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Dennis Deloye sold 14,299 shares of Associated Banc stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $28.26, for a total transaction of $404,089.74. Following the sale, the executive vice president owned 21,385 shares of the company's stock, valued at $604,340.10. The trade was a 40.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 28,299 shares of company stock worth $801,760. 0.71% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on ASB. Zacks Research downgraded shares of Associated Banc from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 6th. Wall Street Zen downgraded Associated Banc from a "buy" rating to a "hold" rating in a report on Saturday, May 2nd. Weiss Ratings reissued a "buy (b)" rating on shares of Associated Banc in a research report on Wednesday, June 24th. Truist Financial upped their price objective on Associated Banc from $27.00 to $30.00 and gave the stock a "hold" rating in a research note on Monday, April 27th. Finally, Stephens raised Associated Banc from an "equal weight" rating to an "overweight" rating and dropped their price objective for the company from $30.00 to $29.00 in a research report on Friday, March 27th. Six analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $30.80.

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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