Associated Banc-Corp $ASB Holdings Increased by First Trust Advisors LP

First Trust Advisors LP increased its stake in Associated Banc-Corp (NYSE:ASB) by 679.4% in the 3rd quarter, HoldingsChannel reports. The fund owned 2,223,694 shares of the bank’s stock after acquiring an additional 1,938,393 shares during the period. First Trust Advisors LP’s holdings in Associated Banc were worth $57,171,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Victory Capital Management Inc. boosted its stake in Associated Banc by 1.4% during the 3rd quarter. Victory Capital Management Inc. now owns 450,898 shares of the bank’s stock valued at $11,593,000 after purchasing an additional 6,008 shares in the last quarter. Rafferty Asset Management LLC boosted its position in shares of Associated Banc by 12.7% during the 3rd quarter. Rafferty Asset Management LLC now owns 251,873 shares of the bank’s stock valued at $6,476,000 after purchasing an additional 28,454 shares in the last quarter. American Century Companies Inc. grew its stake in shares of Associated Banc by 32.5% in the 3rd quarter. American Century Companies Inc. now owns 2,629,549 shares of the bank’s stock worth $67,606,000 after purchasing an additional 645,676 shares during the last quarter. Intech Investment Management LLC grew its stake in shares of Associated Banc by 42.5% in the 3rd quarter. Intech Investment Management LLC now owns 131,827 shares of the bank’s stock worth $3,389,000 after purchasing an additional 39,331 shares during the last quarter. Finally, US Bancorp DE raised its holdings in shares of Associated Banc by 0.5% in the 3rd quarter. US Bancorp DE now owns 80,677 shares of the bank’s stock worth $2,074,000 after purchasing an additional 415 shares in the last quarter. Institutional investors and hedge funds own 82.98% of the company’s stock.

Insider Activity at Associated Banc

In related news, EVP Patrick Edward Ahern sold 14,731 shares of the company’s stock in a transaction on Tuesday, February 10th. The stock was sold at an average price of $29.03, for a total transaction of $427,640.93. Following the transaction, the executive vice president directly owned 39,401 shares of the company’s stock, valued at approximately $1,143,811.03. The trade was a 27.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Eileen A. Kamerick sold 6,600 shares of the stock in a transaction dated Thursday, February 19th. The stock was sold at an average price of $28.02, for a total value of $184,932.00. Following the completion of the sale, the director directly owned 49,264 shares of the company’s stock, valued at approximately $1,380,377.28. This represents a 11.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 23,656 shares of company stock valued at $677,789. Company insiders own 1.10% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on ASB shares. Wall Street Zen upgraded shares of Associated Banc from a “hold” rating to a “buy” rating in a report on Saturday, February 14th. Weiss Ratings raised Associated Banc from a “hold (c+)” rating to a “buy (b)” rating in a report on Tuesday, February 17th. Barclays cut their price objective on Associated Banc from $32.00 to $30.00 and set an “equal weight” rating for the company in a research report on Tuesday, November 11th. Zacks Research raised Associated Banc from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, February 25th. Finally, Truist Financial boosted their target price on Associated Banc from $29.00 to $30.00 and gave the stock a “hold” rating in a research report on Monday, January 26th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $29.20.

Associated Banc Stock Up 0.3%

Shares of NYSE:ASB opened at $25.15 on Wednesday. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.90 and a current ratio of 0.90. The company has a market cap of $4.17 billion, a PE ratio of 9.08, a price-to-earnings-growth ratio of 1.14 and a beta of 0.80. Associated Banc-Corp has a 52 week low of $18.32 and a 52 week high of $29.51. The firm has a 50 day simple moving average of $27.08 and a 200 day simple moving average of $26.32.

Associated Banc (NYSE:ASB) last posted its quarterly earnings data on Thursday, January 22nd. The bank reported $0.80 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.11. Associated Banc had a net margin of 19.31% and a return on equity of 10.25%. The firm had revenue of $393.52 million for the quarter, compared to analysts’ expectations of $382.06 million. During the same period in the previous year, the company posted $0.72 EPS. As a group, research analysts expect that Associated Banc-Corp will post 2.43 earnings per share for the current year.

Associated Banc announced that its board has approved a stock repurchase program on Tuesday, January 27th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the bank to repurchase up to 2.2% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its stock is undervalued.

Associated Banc Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 16th. Stockholders of record on Monday, March 2nd will be issued a dividend of $0.24 per share. The ex-dividend date is Monday, March 2nd. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.8%. Associated Banc’s payout ratio is currently 34.66%.

Associated Banc Profile

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.