Verition Fund Management LLC Purchases 963,788 Shares of Associated Banc-Corp $ASB

Key Points

• Verition Fund Management boosted its stake in Associated Banc-Corp by 50.6% in the fourth quarter, buying 963,788 additional shares and bringing its total holdings to 2.87 million shares worth about $73.9 million.
• Associated Banc recently reported better-than-expected quarterly earnings of $0.70 per share and revenue of $387.21 million, and analysts now expect full-year EPS of 2.92.
• The bank declared a quarterly dividend of $0.24 per share, equal to an annualized yield of about 3.2%, while analysts currently rate the stock a “Moderate Buy” with an average target price of $30.30.

Verition Fund Management LLC increased its position in shares of Associated Banc-Corp (NYSE:ASB - Free Report) by 50.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,867,172 shares of the bank's stock after buying an additional 963,788 shares during the period. Associated Banc comprises approximately 0.3% of Verition Fund Management LLC's holdings, making the stock its 20th largest holding. Verition Fund Management LLC owned about 1.73% of Associated Banc worth $73,858,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the business. Eurizon Capital SGR S.p.A. bought a new position in shares of Associated Banc during the fourth quarter valued at approximately $33,000. Smartleaf Asset Management LLC increased its holdings in shares of Associated Banc by 46.8% in the 3rd quarter. Smartleaf Asset Management LLC now owns 1,279 shares of the bank's stock valued at $33,000 after acquiring an additional 408 shares during the period. EverSource Wealth Advisors LLC raised its position 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 bought a new stake in Associated Banc during the third quarter valued at about $51,000. Finally, Hoese & Co LLP bought a new stake in Associated Banc during the fourth quarter valued at about $52,000. Hedge funds and other institutional investors own 82.98% of the company's stock.

Associated Banc Trading Up 0.0%

Shares of NYSE:ASB opened at $29.57 on Monday. The business has a 50-day moving average price of $27.78 and a 200-day moving average price of $26.95. The stock has a market cap of $5.58 billion, a price-to-earnings ratio of 10.27, a PEG ratio of 1.71 and a beta of 0.77. Associated Banc-Corp has a 52-week low of $22.48 and a 52-week high of $29.63. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.84.

Associated Banc (NYSE:ASB - Get Free Report) last issued its quarterly earnings results on Thursday, April 23rd. The bank reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.01. Associated Banc had a net margin of 19.88% and a return on equity of 10.46%. The company had revenue of $387.21 million for the quarter, compared to the consensus estimate of $384.20 million. During the same quarter in the prior year, the company earned $0.59 EPS. Equities analysts predict that Associated Banc-Corp will post 2.92 EPS for the current year.

Associated Banc Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 1st will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend is Monday, June 1st. Associated Banc's dividend payout ratio is presently 33.33%.

Analysts Set New Price Targets

Several research firms have issued reports on ASB. Truist Financial lifted their price target on shares of Associated Banc from $27.00 to $30.00 and gave the stock a "hold" rating in a report on Monday, April 27th. Wells Fargo & Company raised their price objective on Associated Banc from $30.00 to $31.00 and gave the stock an "overweight" rating in a research report on Monday, March 30th. Keefe, Bruyette & Woods upped their target price on Associated Banc from $30.00 to $31.00 and gave the company a "market perform" rating in a research report on Friday, April 24th. Wall Street Zen downgraded Associated Banc from a "buy" rating to a "hold" rating in a report on Saturday, May 2nd. Finally, Stephens upgraded Associated Banc from an "equal weight" rating to an "overweight" rating and dropped their price target for the stock from $30.00 to $29.00 in a research note on Friday, March 27th. Six analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $30.30.

Insider Activity at Associated Banc

In related news, EVP Matthew R. Braeger sold 5,000 shares of the company's stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $28.17, for a total transaction of $140,850.00. Following the completion of the transaction, the executive vice president owned 11,777 shares in the company, valued at $331,758.09. This represents a 29.80% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Dennis Deloye sold 14,299 shares of the firm's stock in a transaction dated 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 transaction, the executive vice president directly owned 21,385 shares in the company, valued at $604,340.10. This represents a 40.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 28,299 shares of company stock worth $801,760 in the last quarter. 0.71% of the stock is 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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