Seven Grand Managers LLC Takes $3.59 Million Position in Associated Banc-Corp (NYSE:ASB)

Seven Grand Managers LLC bought a new position in shares of Associated Banc-Corp (NYSE:ASB - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 150,000 shares of the bank's stock, valued at approximately $3,585,000. Associated Banc comprises approximately 1.6% of Seven Grand Managers LLC's investment portfolio, making the stock its 24th largest holding. Seven Grand Managers LLC owned approximately 0.10% of Associated Banc as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ASB. Wellington Management Group LLP acquired a new stake in Associated Banc during the 4th quarter worth about $37,662,000. Norges Bank purchased a new stake in shares of Associated Banc in the fourth quarter worth about $36,144,000. Vanguard Group Inc. grew its holdings in Associated Banc by 8.7% during the fourth quarter. Vanguard Group Inc. now owns 18,066,871 shares of the bank's stock worth $431,798,000 after acquiring an additional 1,444,068 shares during the period. FMR LLC raised its position in Associated Banc by 9.4% during the fourth quarter. FMR LLC now owns 14,838,422 shares of the bank's stock valued at $354,638,000 after acquiring an additional 1,272,441 shares in the last quarter. Finally, Balyasny Asset Management L.P. lifted its holdings in Associated Banc by 263.7% in the fourth quarter. Balyasny Asset Management L.P. now owns 1,597,950 shares of the bank's stock valued at $38,191,000 after acquiring an additional 1,158,576 shares during the period. 82.98% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ASB has been the topic of a number of analyst reports. Barclays dropped their price objective on shares of Associated Banc from $28.00 to $25.00 and set an "equal weight" rating on the stock in a research note on Tuesday, April 8th. Wells Fargo & Company raised shares of Associated Banc from an "equal weight" rating to an "overweight" rating and lowered their price target for the stock from $27.00 to $26.00 in a report on Wednesday, April 9th. Truist Financial initiated coverage on shares of Associated Banc in a report on Tuesday. They issued a "hold" rating and a $26.00 price objective for the company. Raymond James reissued an "outperform" rating and set a $27.00 target price on shares of Associated Banc in a research note on Monday, April 28th. Finally, Robert W. Baird cut their price target on Associated Banc from $28.00 to $26.00 and set a "neutral" rating for the company in a research note on Friday, January 24th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, Associated Banc presently has an average rating of "Hold" and an average target price of $26.00.

Associated Banc Trading Down 0.3%

Shares of Associated Banc stock opened at $24.30 on Friday. Associated Banc-Corp has a twelve month low of $18.32 and a twelve month high of $28.18. The firm's 50-day moving average price is $21.74 and its 200 day moving average price is $23.92. The company has a current ratio of 0.88, a quick ratio of 0.86 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $4.03 billion, a PE ratio of 30.76, a P/E/G ratio of 1.52 and a beta of 0.79.

Associated Banc (NYSE:ASB - Get Free Report) last issued its quarterly earnings results on Thursday, April 24th. The bank reported $0.59 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.57 by $0.02. Associated Banc had a return on equity of 8.24% and a net margin of 5.15%. The firm had revenue of $348.97 million for the quarter, compared to analyst estimates of $347.86 million. During the same period in the previous year, the company posted $0.52 earnings per share. The business's revenue was up 6.8% on a year-over-year basis. On average, sell-side analysts predict that Associated Banc-Corp will post 2.43 EPS for the current fiscal year.

Associated Banc Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Monday, June 2nd will be issued a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.79%. The ex-dividend date of this dividend is Monday, June 2nd. Associated Banc's payout ratio is 106.98%.

Insider Activity

In related news, CEO Andrew J. Harmening bought 12,910 shares of the stock in a transaction dated Friday, May 9th. The shares were acquired at an average cost of $23.25 per share, for a total transaction of $300,157.50. Following the acquisition, the chief executive officer now directly owns 319,269 shares in the company, valued at approximately $7,423,004.25. This trade represents a 4.21% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Eileen A. Kamerick sold 7,000 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $24.71, for a total value of $172,970.00. Following the completion of the sale, the director now directly owns 49,495 shares of the company's stock, valued at approximately $1,223,021.45. This represents a 12.39% decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.45% of the company's stock.

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.

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