Trexquant Investment LP Sells 71,825 Shares of Associated Banc-Corp $ASB

Key Points

• Trexquant Investment LP has reduced its stake in Associated Banc-Corp by 37.6% during the first quarter, now owning approximately 119,111 shares valued at $2.68 million.
• Multiple hedge funds have varied their investments in ASB, with Versant Capital Management significantly increasing its position by 385.5%.
• Associated Banc announced a quarterly dividend of $0.23 per share, reflecting an annualized yield of 3.5%, set to be paid on September 15th.

Trexquant Investment LP decreased its stake in Associated Banc-Corp (NYSE:ASB - Free Report) by 37.6% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 119,111 shares of the bank's stock after selling 71,825 shares during the quarter. Trexquant Investment LP owned approximately 0.07% of Associated Banc worth $2,684,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Oregon Public Employees Retirement Fund boosted its holdings in Associated Banc by 1.5% during the first quarter. Oregon Public Employees Retirement Fund now owns 33,238 shares of the bank's stock valued at $749,000 after acquiring an additional 500 shares during the period. GAMMA Investing LLC raised its position 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 last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Associated Banc by 17.9% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 3,688 shares of the bank's stock valued at $83,000 after buying an additional 559 shares during the last quarter. Rothschild Investment LLC increased its position in shares of Associated Banc by 3.3% during the first quarter. Rothschild Investment LLC now owns 18,760 shares of the bank's stock valued at $423,000 after acquiring an additional 605 shares during the last quarter. Finally, UMB Bank n.a. raised its stake in shares of Associated Banc by 3.7% during the 1st quarter. UMB Bank n.a. now owns 16,787 shares of the bank's stock valued at $378,000 after purchasing an additional 605 shares during the period. Hedge funds and other institutional investors own 82.98% of the company's stock.

Insider Activity

In other news, EVP John A. Utz sold 13,000 shares of Associated Banc stock in a transaction on Friday, August 29th. The shares were sold at an average price of $27.24, for a total transaction of $354,120.00. Following the completion of the sale, the executive vice president directly owned 111,228 shares in the company, valued at approximately $3,029,850.72. The trade was a 10.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 1.10% of the company's stock.

Associated Banc Stock Performance

NYSE ASB traded down $0.09 on Monday, reaching $26.56. The stock had a trading volume of 608,263 shares, compared to its average volume of 1,515,305. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.92 and a quick ratio of 0.91. The company has a market cap of $4.40 billion, a P/E ratio of 34.46, a price-to-earnings-growth ratio of 1.03 and a beta of 0.84. Associated Banc-Corp has a 1-year low of $18.32 and a 1-year high of $28.18. The firm has a fifty day moving average of $25.49 and a two-hundred day moving average of $23.59.

Associated Banc (NYSE:ASB - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The bank reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.03. The firm had revenue of $366.98 million for the quarter, compared to analyst estimates of $362.78 million. Associated Banc had a return on equity of 8.86% and a net margin of 5.79%.During the same period in the previous year, the firm earned $0.52 earnings per share. On average, equities research analysts anticipate 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 will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be given a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend is Tuesday, September 2nd. Associated Banc's payout ratio is 119.48%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. Barclays raised their price objective on Associated Banc from $28.00 to $30.00 and gave the company an "equal weight" rating in a research report on Monday, July 28th. Robert W. Baird boosted their target price on Associated Banc from $27.00 to $28.00 and gave the stock a "neutral" rating in a research note on Friday, July 25th. Wells Fargo & Company boosted their price objective on Associated Banc from $28.00 to $30.00 and gave the stock an "overweight" rating in a research note on Thursday, July 10th. Piper Sandler raised their price target on shares of Associated Banc from $24.00 to $27.00 and gave the company a "neutral" rating in a research report on Friday, July 25th. Finally, Truist Financial raised their target price on shares of Associated Banc from $26.00 to $27.00 and gave the stock a "hold" rating in a research note on Monday, July 28th. Two analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $27.78.

Associated Banc 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.