Burney Co. Has $1.14 Million Stake in Associated Banc-Corp (NYSE:ASB)

Burney Co. reduced its position in Associated Banc-Corp (NYSE:ASB) by 7.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 47,552 shares of the bank’s stock after selling 3,980 shares during the quarter. Burney Co.’s holdings in Associated Banc were worth $1,136,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Thrivent Financial for Lutherans increased its stake in Associated Banc by 221.6% in the third quarter. Thrivent Financial for Lutherans now owns 163,003 shares of the bank’s stock valued at $3,511,000 after acquiring an additional 112,323 shares during the last quarter. State Street Corp increased its stake in shares of Associated Banc by 3.3% in the 3rd quarter. State Street Corp now owns 8,230,340 shares of the bank’s stock valued at $177,282,000 after purchasing an additional 261,877 shares during the last quarter. Harbor Capital Advisors Inc. raised its holdings in shares of Associated Banc by 11,595.3% during the 4th quarter. Harbor Capital Advisors Inc. now owns 76,370 shares of the bank’s stock worth $1,825,000 after buying an additional 75,717 shares in the last quarter. BNP Paribas Financial Markets lifted its position in shares of Associated Banc by 114.6% during the 3rd quarter. BNP Paribas Financial Markets now owns 96,752 shares of the bank’s stock worth $2,084,000 after buying an additional 51,672 shares during the last quarter. Finally, Intech Investment Management LLC boosted its stake in Associated Banc by 117.6% in the third quarter. Intech Investment Management LLC now owns 42,697 shares of the bank’s stock valued at $920,000 after buying an additional 23,076 shares in the last quarter. 82.98% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. StockNews.com raised shares of Associated Banc from a “sell” rating to a “hold” rating in a report on Thursday, October 31st. Barclays increased their price objective on shares of Associated Banc from $27.00 to $28.00 and gave the company an “equal weight” rating in a research note on Thursday, December 19th. Piper Sandler upped their price target on shares of Associated Banc from $26.00 to $28.00 and gave the stock a “neutral” rating in a report on Thursday, December 5th. Wells Fargo & Company raised their price objective on Associated Banc from $24.00 to $26.00 and gave the company an “equal weight” rating in a report on Tuesday, December 3rd. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $28.00 target price on shares of Associated Banc in a report on Thursday, December 5th. Ten analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, Associated Banc has an average rating of “Hold” and an average price target of $26.00.

Associated Banc Price Performance

Associated Banc stock opened at $25.03 on Friday. The stock’s 50 day moving average is $25.43 and its 200 day moving average is $23.21. Associated Banc-Corp has a one year low of $19.40 and a one year high of $28.18. The firm has a market cap of $3.79 billion, a P/E ratio of 20.85, a P/E/G ratio of 1.88 and a beta of 0.94. The company has a debt-to-equity ratio of 0.65, a current ratio of 0.88 and a quick ratio of 0.88.

Associated Banc (NYSE:ASB) last issued its quarterly earnings results on Thursday, October 24th. The bank reported $0.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.50 by $0.06. Associated Banc had a net margin of 8.15% and a return on equity of 8.18%. The firm had revenue of $607.54 million for the quarter, compared to the consensus estimate of $336.52 million. During the same quarter in the previous year, the company earned $0.53 EPS. As a group, research analysts expect that Associated Banc-Corp will post 2.15 EPS for the current year.

Associated Banc Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 2nd were given a $0.23 dividend. The ex-dividend date of this dividend was Monday, December 2nd. This is a positive change from Associated Banc’s previous quarterly dividend of $0.22. This represents a $0.92 annualized dividend and a dividend yield of 3.68%. Associated Banc’s dividend payout ratio (DPR) is 76.67%.

Insider Activity

In other Associated Banc news, EVP John A. Utz sold 19,044 shares of Associated Banc stock in a transaction on Wednesday, October 30th. The shares were sold at an average price of $24.19, for a total value of $460,674.36. Following the completion of the sale, the executive vice president now directly owns 100,204 shares of the company’s stock, valued at approximately $2,423,934.76. The trade was a 15.97 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP David L. Stein sold 29,536 shares of the stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $27.43, for a total transaction of $810,172.48. Following the transaction, the executive vice president now directly owns 81,021 shares in the company, valued at $2,222,406.03. This trade represents a 26.72 % decrease in their position. The disclosure for this sale can be found here. 1.45% of the stock is owned by company insiders.

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.