Associated Banc Corp Sells 70,925 Shares of Associated Banc-Corp (NYSE:ASB)

Associated Banc Corp cut its position in shares of Associated Banc-Corp (NYSE:ASB) by 2.6% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,696,266 shares of the bank’s stock after selling 70,925 shares during the quarter. Associated Banc accounts for about 1.7% of Associated Banc Corp’s portfolio, making the stock its 13th biggest holding. Associated Banc Corp owned about 1.78% of Associated Banc worth $58,078,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Charles Schwab Investment Management Inc. grew its stake in shares of Associated Banc by 0.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,137,125 shares of the bank’s stock worth $46,034,000 after acquiring an additional 17,425 shares in the last quarter. Millennium Management LLC boosted its holdings in Associated Banc by 291.3% during the second quarter. Millennium Management LLC now owns 1,563,274 shares of the bank’s stock worth $33,063,000 after purchasing an additional 1,163,807 shares during the last quarter. Point72 Asset Management L.P. grew its position in Associated Banc by 12.0% in the second quarter. Point72 Asset Management L.P. now owns 1,149,355 shares of the bank’s stock valued at $24,309,000 after purchasing an additional 123,271 shares in the last quarter. Victory Capital Management Inc. increased its stake in Associated Banc by 6.2% in the 3rd quarter. Victory Capital Management Inc. now owns 592,472 shares of the bank’s stock valued at $12,762,000 after buying an additional 34,824 shares during the last quarter. Finally, Fisher Asset Management LLC lifted its position in Associated Banc by 14.6% during the 3rd quarter. Fisher Asset Management LLC now owns 509,000 shares of the bank’s stock worth $10,964,000 after buying an additional 65,000 shares in the last quarter. Institutional investors and hedge funds own 82.98% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on ASB. Barclays lifted their target price on Associated Banc from $23.00 to $24.00 and gave the company an “equal weight” rating in a research report on Friday, October 25th. Stephens reaffirmed an “equal weight” rating and set a $24.00 price target on shares of Associated Banc in a research report on Tuesday, July 30th. StockNews.com raised Associated Banc from a “sell” rating to a “hold” rating in a report on Thursday, October 31st. Finally, Royal Bank of Canada boosted their target price on shares of Associated Banc from $24.00 to $25.00 and gave the stock a “sector perform” rating in a report on Friday, October 25th. Ten equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, Associated Banc presently has an average rating of “Hold” and a consensus price target of $23.89.

Associated Banc Stock Performance

Shares of ASB stock traded up $0.34 during trading on Monday, reaching $27.65. 57,109 shares of the company’s stock were exchanged, compared to its average volume of 1,424,212. The firm’s fifty day moving average price is $23.39 and its 200-day moving average price is $22.13. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.65. The stock has a market capitalization of $4.18 billion, a PE ratio of 22.76, a PEG ratio of 1.97 and a beta of 0.91. Associated Banc-Corp has a twelve month low of $17.30 and a twelve month high of $28.18.

Associated Banc (NYSE:ASB) last announced its earnings results on Thursday, October 24th. The bank reported $0.56 earnings per share (EPS) for the quarter, beating 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 company had revenue of $607.54 million during the quarter, compared to analysts’ expectations of $336.52 million. During the same quarter in the previous year, the business posted $0.53 earnings per share. As a group, sell-side analysts anticipate that Associated Banc-Corp will post 2.13 EPS for the current year.

Associated Banc Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 3.33%. The ex-dividend date of this dividend is Monday, December 2nd. This is an increase from Associated Banc’s previous quarterly dividend of $0.22. Associated Banc’s payout ratio is 73.33%.

Insider Transactions at Associated Banc

In other Associated Banc news, EVP David L. Stein sold 29,536 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $27.43, for a total transaction of $810,172.48. Following the sale, the executive vice president now owns 81,021 shares of the company’s stock, valued at approximately $2,222,406.03. The trade was a 26.72 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP John A. Utz sold 19,044 shares of the company’s stock in a transaction dated Wednesday, October 30th. The stock was sold at an average price of $24.19, for a total value of $460,674.36. Following the completion of the transaction, 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 position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 58,641 shares of company stock valued at $1,481,496. 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.