Magnetar Financial LLC Invests $2.03 Million in Associated Banc-Corp $ASB

Magnetar Financial LLC purchased a new stake in shares of Associated Banc-Corp (NYSE:ASB) in the third quarter, according to its most recent disclosure with the SEC. The firm purchased 78,831 shares of the bank’s stock, valued at approximately $2,027,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Smartleaf Asset Management LLC boosted its position in Associated Banc by 46.8% in the 3rd quarter. Smartleaf Asset Management LLC now owns 1,279 shares of the bank’s stock valued at $33,000 after buying an additional 408 shares during the last quarter. Quent Capital LLC acquired a new position in shares of Associated Banc in the third quarter worth about $34,000. EverSource Wealth Advisors LLC lifted its stake in shares of Associated Banc by 345.5% in the second quarter. EverSource Wealth Advisors LLC now owns 1,350 shares of the bank’s stock worth $33,000 after acquiring an additional 1,047 shares in the last quarter. First Horizon Corp purchased a new position in Associated Banc in the third quarter valued at about $39,000. Finally, Bessemer Group Inc. grew its stake in Associated Banc by 55.5% during the 3rd quarter. Bessemer Group Inc. now owns 2,074 shares of the bank’s stock valued at $54,000 after purchasing an additional 740 shares in the last quarter. Hedge funds and other institutional investors own 82.98% of the company’s stock.

Insider Activity at Associated Banc

In other news, Director Eileen A. Kamerick sold 6,600 shares of the company’s stock in a transaction that occurred on Thursday, February 19th. The stock was sold at an average price of $28.02, for a total transaction of $184,932.00. Following the completion of the transaction, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Patrick Edward Ahern sold 14,731 shares of the stock in a transaction that occurred on Tuesday, February 10th. The stock was sold at an average price of $29.03, for a total value of $427,640.93. Following the sale, the executive vice president owned 39,401 shares in the company, valued at $1,143,811.03. The trade was a 27.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 23,656 shares of company stock valued at $677,789 in the last quarter. Insiders own 1.45% of the company’s stock.

Associated Banc Price Performance

Shares of NYSE ASB opened at $24.70 on Friday. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.81. The company has a market capitalization of $4.10 billion, a price-to-earnings ratio of 8.92, a price-to-earnings-growth ratio of 1.13 and a beta of 0.80. Associated Banc-Corp has a twelve month low of $18.32 and a twelve month high of $29.51. The business has a 50 day simple moving average of $27.04 and a 200-day simple moving average of $26.30.

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

Associated Banc announced that its Board of Directors has authorized a stock buyback program on Tuesday, January 27th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the bank to repurchase up to 2.2% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Associated Banc Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 16th. Investors of record on Monday, March 2nd will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date of this dividend is Monday, March 2nd. Associated Banc’s dividend payout ratio is currently 34.66%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on ASB. Royal Bank Of Canada upped their target price on Associated Banc from $29.00 to $30.00 and gave the company a “sector perform” rating in a research report on Friday, January 23rd. UBS Group restated a “buy” rating and issued a $28.00 price target on shares of Associated Banc in a research note on Tuesday, December 2nd. Truist Financial upped their price target on shares of Associated Banc from $29.00 to $30.00 and gave the company a “hold” rating in a report on Monday, January 26th. Wall Street Zen raised shares of Associated Banc from a “hold” rating to a “buy” rating in a report on Saturday, February 14th. Finally, Piper Sandler boosted their target price on shares of Associated Banc from $27.00 to $30.00 and gave the stock a “neutral” rating in a research report on Friday, January 23rd. One 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 stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $29.20.

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.