The Manufacturers Life Insurance Company Invests $4.38 Million in Associated Banc-Corp $ASB

Key Points

• The Manufacturers Life Insurance Company acquired 142,221 shares of Associated Banc-Corp worth approximately $4.38 million, while institutional investors collectively own 82.98% of the stock.
• Analysts maintain a “Moderate Buy” consensus on ASB, with an average price target of $32.00; several firms recently raised their targets to between $33 and $36.
• Associated Banc-Corp exceeded quarterly earnings expectations with $0.73 EPS and $454.54 million in revenue, and declared a quarterly dividend of $0.24 per share, representing a 3.1% yield.

The Manufacturers Life Insurance Company purchased a new stake in shares of Associated Banc-Corp (NYSE:ASB - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 142,221 shares of the bank's stock, valued at approximately $4,376,000. The Manufacturers Life Insurance Company owned about 0.08% of Associated Banc as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. IAG Wealth Partners LLC grew its stake in Associated Banc by 4,250.0% during the first quarter. IAG Wealth Partners LLC now owns 1,218 shares of the bank's stock worth $31,000 after buying an additional 1,190 shares during the last quarter. Eurizon Capital SGR S.p.A. bought a new position in shares of Associated Banc in the fourth quarter valued at approximately $33,000. EverSource Wealth Advisors LLC boosted 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 worth $33,000 after acquiring an additional 1,047 shares in the last quarter. CIBC Private Wealth Group LLC acquired a new position in shares of Associated Banc in the 3rd quarter worth approximately $51,000. Finally, Global Retirement Partners LLC bought a new stake in Associated Banc during the 4th quarter worth approximately $56,000. 82.98% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, EVP Derek S. Meyer sold 10,000 shares of Associated Banc stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $30.74, for a total value of $307,400.00. Following the completion of the sale, the executive vice president directly owned 61,662 shares in the company, valued at $1,895,489.88. This trade represents a 13.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP John A. Utz sold 5,000 shares of Associated Banc stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $28.82, for a total value of $144,100.00. Following the completion of the sale, the executive vice president owned 118,156 shares of the company's stock, valued at approximately $3,405,255.92. The trade was a 4.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 87,524 shares of company stock valued at $2,746,671 over the last 90 days. Corporate insiders own 0.71% of the company's stock.

Analyst Ratings Changes

A number of research firms recently weighed in on ASB. Raymond James Financial raised their price target on Associated Banc from $31.00 to $35.00 and gave the company an "outperform" rating in a report on Wednesday, July 1st. Truist Financial increased their target price on Associated Banc from $32.00 to $33.00 and gave the stock a "hold" rating in a report on Tuesday, August 4th. Barclays raised their target price on Associated Banc from $33.00 to $34.00 and gave the company an "overweight" rating in a research note on Tuesday, July 7th. Piper Sandler reiterated a "neutral" rating and set a $34.00 price target on shares of Associated Banc in a research report on Wednesday, August 26th. Finally, Wells Fargo & Company upped their price target on shares of Associated Banc from $32.00 to $36.00 and gave the stock an "overweight" rating in a research report on Monday, August 10th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $32.00.

Associated Banc Stock Performance

ASB stock opened at $30.58 on Tuesday. The company has a 50 day moving average price of $31.00 and a 200 day moving average price of $28.56. Associated Banc-Corp has a fifty-two week low of $23.86 and a fifty-two week high of $32.46. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.93 and a quick ratio of 0.93. The stock has a market capitalization of $5.78 billion, a PE ratio of 10.69, a price-to-earnings-growth ratio of 1.04 and a beta of 0.77.

Associated Banc (NYSE:ASB - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The bank reported $0.73 EPS for the quarter, beating analysts' consensus estimates of $0.72 by $0.01. The firm had revenue of $454.54 million for the quarter, compared to analyst estimates of $438.01 million. Associated Banc had a return on equity of 10.64% and a net margin of 19.66%.During the same period last year, the company earned $0.65 EPS. Analysts forecast that Associated Banc-Corp will post 2.94 EPS for the current year.

Associated Banc Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend is Tuesday, September 1st. Associated Banc's dividend payout ratio is 33.57%.

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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