Vanguard Group Inc. Acquires 545,185 Shares of Associated Banc-Corp $ASB

Key Points

• Vanguard increased its stake in Associated Banc‑Corp by 3.0% in Q4, acquiring 545,185 shares and now owns 18,538,157 shares (an 11.17% stake) valued at $477,543,000.
• The company declared a quarterly dividend of $0.24 (annualized $0.96) for a yield of 3.4% and its board authorized a $100.00 million share buyback plan (up to 2.2% of outstanding shares).
• Associated Banc slightly beat quarterly estimates with EPS of $0.70 vs. $0.69 and revenue of $387.21M; the stock trades near $28.39 with a market cap of $4.71B and a P/E of 9.86.

Vanguard Group Inc. grew its holdings in Associated Banc-Corp (NYSE:ASB - Free Report) by 3.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 18,538,157 shares of the bank's stock after acquiring an additional 545,185 shares during the quarter. Vanguard Group Inc. owned 11.17% of Associated Banc worth $477,543,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the business. Goldman Sachs Group Inc. increased its stake in Associated Banc by 139.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,748,667 shares of the bank's stock worth $61,927,000 after purchasing an additional 1,598,951 shares in the last quarter. American Century Companies Inc. lifted its stake in Associated Banc by 32.5% in the third quarter. American Century Companies Inc. now owns 2,629,549 shares of the bank's stock valued at $67,606,000 after buying an additional 645,676 shares in the last quarter. First Trust Advisors LP boosted its holdings in shares of Associated Banc by 679.4% in the third quarter. First Trust Advisors LP now owns 2,223,694 shares of the bank's stock valued at $57,171,000 after buying an additional 1,938,393 shares during the period. Verition Fund Management LLC boosted its holdings in shares of Associated Banc by 5.8% in the third quarter. Verition Fund Management LLC now owns 1,903,384 shares of the bank's stock valued at $48,936,000 after buying an additional 105,186 shares during the period. Finally, Balyasny Asset Management L.P. increased its position in shares of Associated Banc by 4,883.7% during the third quarter. Balyasny Asset Management L.P. now owns 1,385,666 shares of the bank's stock worth $35,625,000 after acquiring an additional 1,357,862 shares in the last quarter. Institutional investors and hedge funds own 82.98% of the company's stock.

Associated Banc Trading Up 1.8%

Shares of NYSE:ASB opened at $28.39 on Wednesday. The company's 50-day moving average price is $26.43 and its two-hundred day moving average price is $26.39. Associated Banc-Corp has a one year low of $22.40 and a one year high of $29.51. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.90 and a quick ratio of 0.90. The stock has a market capitalization of $4.71 billion, a PE ratio of 9.86, a price-to-earnings-growth ratio of 1.41 and a beta of 0.79.

Associated Banc (NYSE:ASB - Get Free Report) last announced its quarterly earnings data on Thursday, April 23rd. The bank reported $0.70 earnings per share for the quarter, beating 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 company had revenue of $387.21 million during the quarter, compared to analysts' expectations of $384.20 million. During the same quarter last year, the company earned $0.59 EPS. On average, equities analysts forecast 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 will be paid on Monday, June 15th. Shareholders of record on Monday, June 1st will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date is Monday, June 1st. Associated Banc's dividend payout ratio (DPR) is currently 33.33%.

Associated Banc announced that its Board of Directors has initiated a share buyback plan on Tuesday, January 27th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the bank to purchase up to 2.2% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's board believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on ASB shares. Keefe, Bruyette & Woods boosted their price objective on shares of Associated Banc from $30.00 to $31.00 and gave the company a "market perform" rating in a research report on Friday, April 24th. Truist Financial increased their target price on Associated Banc from $27.00 to $30.00 and gave the stock a "hold" rating in a report on Monday, April 27th. Wall Street Zen lowered Associated Banc from a "buy" rating to a "hold" rating in a report on Saturday. Stephens raised Associated Banc from an "equal weight" rating to an "overweight" rating and reduced their price objective for the stock from $30.00 to $29.00 in a research report on Friday, March 27th. Finally, Weiss Ratings upgraded Associated Banc from a "hold (c+)" rating to a "buy (b)" rating in a report on Tuesday, February 17th. Six analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $30.30.

Insiders Place Their Bets

In other news, EVP Patrick Edward Ahern sold 14,731 shares of the company's stock in a transaction that occurred on Tuesday, February 10th. The stock was sold at an average price of $29.03, for a total transaction of $427,640.93. Following the sale, the executive vice president owned 39,401 shares in the company, valued at $1,143,811.03. This represents a 27.21% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director John B. Williams sold 4,000 shares of the firm's stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $28.18, for a total transaction of $112,720.00. Following the completion of the transaction, the director directly owned 67,420 shares of the company's stock, valued at $1,899,895.60. This represents a 5.60% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 25,331 shares of company stock valued at $725,293 in the last 90 days. 0.71% of the stock is currently owned by insiders.

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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