ProShare Advisors LLC lowered its holdings in Associated Banc-Corp (NYSE:ASB – Free Report) by 89.5% in the third quarter, Holdings Channel.com reports. The firm owned 26,967 shares of the bank’s stock after selling 228,776 shares during the period. ProShare Advisors LLC’s holdings in Associated Banc were worth $773,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in the business. Vise Technologies Inc. acquired a new position in Associated Banc in the third quarter valued at $257,000. Signaturefd LLC boosted its stake in Associated Banc by 253.1% in the 3rd quarter. Signaturefd LLC now owns 9,130 shares of the bank’s stock worth $262,000 after buying an additional 6,544 shares during the last quarter. Citizens Financial Group Inc. RI boosted its stake in Associated Banc by 28.1% in the 3rd quarter. Citizens Financial Group Inc. RI now owns 9,524 shares of the bank’s stock worth $273,000 after buying an additional 2,087 shares during the last quarter. MBL Wealth LLC acquired a new stake in Associated Banc in the 3rd quarter worth about $276,000. Finally, Root Financial Partners LLC purchased a new stake in Associated Banc in the 3rd quarter valued at about $55,000. 82.98% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of research firms have recently commented on ASB. Truist Financial upped their price objective on shares of Associated Banc from $32.00 to $33.00 and gave the company a “hold” rating in a research note on Tuesday, August 4th. Wells Fargo & Company decreased their target price on shares of Associated Banc from $36.00 to $35.00 and set an “overweight” rating on the stock in a research report on Tuesday, September 29th. Barclays raised their target price on shares of Associated Banc from $35.00 to $37.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 3rd. Royal Bank Of Canada boosted their target price on shares of Associated Banc from $33.00 to $34.00 and gave the company a “sector perform” rating in a report on Friday, October 23rd. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Associated Banc in a research report on Monday, September 21st. Six research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $32.70.
Get Our Latest Analysis on ASB
Insider Activity
In other news, EVP Randall Erickson sold 43,561 shares of the business’s stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $32.04, for a total transaction of $1,395,694.44. Following the completion of the sale, the executive vice president owned 56,091 shares in the company, valued at approximately $1,797,155.64. The trade was a 43.71% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Gregory Warsek sold 16,300 shares of the stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $32.01, for a total transaction of $521,763.00. Following the sale, the executive vice president directly owned 13,809 shares of the company’s stock, valued at approximately $442,026.09. This trade represents a 54.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 61,170 shares of company stock valued at $1,957,840 in the last three months. Corporate insiders own 0.71% of the company’s stock.
Associated Banc Trading Down 0.5%
Shares of ASB opened at $30.39 on Friday. Associated Banc-Corp has a twelve month low of $23.87 and a twelve month high of $32.46. The firm has a market capitalization of $5.64 billion, a P/E ratio of 10.52, a price-to-earnings-growth ratio of 1.13 and a beta of 0.80. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.86. The stock’s fifty day simple moving average is $29.69 and its 200 day simple moving average is $28.77.
Associated Banc (NYSE:ASB – Get Free Report) last posted its quarterly earnings results on Thursday, October 22nd. The bank reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.76 by $0.05. The firm had revenue of $468.51 million during the quarter, compared to the consensus estimate of $463.69 million. Associated Banc had a return on equity of 10.75% and a net margin of 19.87%. During the same quarter in the previous year, the business earned $0.73 earnings per share. On average, equities research analysts forecast that Associated Banc-Corp will post 2.99 earnings per share for the current year.
Associated Banc Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Stockholders of record on Tuesday, December 1st will be paid a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, December 1st. This represents a $1.00 annualized dividend and a dividend yield of 3.3%. This is an increase from Associated Banc’s previous quarterly dividend of $0.24. Associated Banc’s dividend payout ratio is presently 34.60%.
Associated Banc Profile
Associated Banc-Corp is a regional bank holding company headquartered in Green Bay, Wisconsin. Through its principal subsidiary, Associated Bank, it provides banking and financial services to individuals, families, businesses and institutions.
Associated Bank offers commercial and corporate banking, retail banking, mortgage lending, consumer lending, treasury management, investment and wealth management, and institutional services. Its business banking activities include lending, deposit accounts, cash-management solutions and other services designed for small and middle-market companies.
The company primarily serves customers across Wisconsin, Illinois and Minnesota through its branch network and digital banking channels.
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