JPMorgan Chase & Co. Acquires 194,307 Shares of Associated Banc-Corp $ASB

JPMorgan Chase & Co. increased its holdings in Associated Banc-Corp (NYSE:ASB) by 24.6% in the third quarter, HoldingsChannel.com reports. The fund owned 984,537 shares of the bank’s stock after acquiring an additional 194,307 shares during the period. JPMorgan Chase & Co.’s holdings in Associated Banc were worth $25,312,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in ASB. Goldman Sachs Group Inc. increased its position in Associated Banc by 139.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,748,667 shares of the bank’s stock valued at $61,927,000 after purchasing an additional 1,598,951 shares during the period. American Century Companies Inc. lifted its position 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 period. First Trust Advisors LP boosted its stake in shares of Associated Banc by 679.4% during the 3rd quarter. First Trust Advisors LP now owns 2,223,694 shares of the bank’s stock valued at $57,171,000 after purchasing an additional 1,938,393 shares in the last quarter. Norges Bank bought a new stake in shares of Associated Banc during the 2nd quarter valued at about $48,373,000. Finally, Verition Fund Management LLC increased its position in shares of Associated Banc by 5.8% during the third quarter. Verition Fund Management LLC now owns 1,903,384 shares of the bank’s stock valued at $48,936,000 after buying an additional 105,186 shares during the period. Institutional investors own 82.98% of the company’s stock.

Insider Buying and Selling

In related news, EVP Patrick Edward Ahern sold 14,731 shares of the company’s 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. This represents a 27.21% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director John B. Williams sold 2,325 shares of the firm’s stock in a transaction that occurred on Tuesday, February 3rd. The shares were sold at an average price of $28.05, for a total value of $65,216.25. Following the transaction, the director directly owned 70,959 shares of the company’s stock, valued at approximately $1,990,399.95. This trade represents a 3.17% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 23,656 shares of company stock worth $677,789 in the last 90 days. Insiders own 0.71% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. Royal Bank Of Canada increased their price target on shares of Associated Banc from $29.00 to $30.00 and gave the stock a “sector perform” rating in a research note on Friday, January 23rd. Piper Sandler lifted their price objective on Associated Banc from $27.00 to $30.00 and gave the company a “neutral” rating in a research report on Friday, January 23rd. UBS Group reiterated a “buy” rating and set a $28.00 target price on shares of Associated Banc in a report on Tuesday, December 2nd. Keefe, Bruyette & Woods increased their target price on Associated Banc from $29.00 to $30.00 and gave the stock a “market perform” rating in a research report on Friday, January 23rd. Finally, Zacks Research upgraded Associated Banc from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, February 25th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat, Associated Banc has a consensus rating of “Moderate Buy” and an average target price of $28.90.

Associated Banc Trading Up 1.4%

Shares of NYSE ASB opened at $24.77 on Tuesday. Associated Banc-Corp has a 1 year low of $18.32 and a 1 year high of $29.51. The stock has a market cap of $4.09 billion, a P/E ratio of 8.94, a price-to-earnings-growth ratio of 1.11 and a beta of 0.80. The firm has a 50-day moving average of $26.78 and a 200 day moving average of $26.18. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.90 and a quick ratio of 0.90.

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

Associated Banc declared that its Board of Directors has initiated a share buyback program on Tuesday, January 27th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the bank to buy up to 2.2% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

Associated Banc Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 16th. Stockholders of record on Monday, March 2nd were given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date of this dividend was Monday, March 2nd. Associated Banc’s payout ratio is currently 34.66%.

About Associated Banc

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.