Rhino Investment Partners Inc Has $21.31 Million Position in Associated Banc-Corp $ASB

Rhino Investment Partners Inc lifted its stake in Associated Banc-Corp (NYSE:ASB) by 35.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 824,104 shares of the bank’s stock after acquiring an additional 217,344 shares during the period. Associated Banc makes up 5.9% of Rhino Investment Partners Inc’s portfolio, making the stock its 4th largest holding. Rhino Investment Partners Inc owned approximately 0.50% of Associated Banc worth $21,311,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of ASB. California State Teachers Retirement System raised its stake in Associated Banc by 0.3% during the 2nd quarter. California State Teachers Retirement System now owns 154,933 shares of the bank’s stock valued at $3,779,000 after purchasing an additional 394 shares during the last quarter. LPL Financial LLC grew its position in Associated Banc by 2.3% in the 4th quarter. LPL Financial LLC now owns 19,079 shares of the bank’s stock worth $491,000 after purchasing an additional 426 shares during the last quarter. Tidal Investments LLC increased its holdings in shares of Associated Banc by 2.0% during the 2nd quarter. Tidal Investments LLC now owns 27,354 shares of the bank’s stock worth $667,000 after purchasing an additional 549 shares during the period. Quadrant Capital Group LLC increased its holdings in shares of Associated Banc by 1.8% during the 4th quarter. Quadrant Capital Group LLC now owns 34,801 shares of the bank’s stock worth $896,000 after purchasing an additional 619 shares during the period. Finally, State of Michigan Retirement System increased its holdings in shares of Associated Banc by 1.8% during the 1st quarter. State of Michigan Retirement System now owns 39,378 shares of the bank’s stock worth $1,018,000 after purchasing an additional 700 shares during the period. Institutional investors own 82.98% of the company’s stock.

Associated Banc Price Performance

NYSE:ASB opened at $31.00 on Wednesday. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.93 and a current ratio of 0.93. The company has a 50-day moving average of $29.59 and a 200-day moving average of $27.88. Associated Banc-Corp has a 52 week low of $23.63 and a 52 week high of $31.83. The company has a market capitalization of $5.85 billion, a price-to-earnings ratio of 10.84, a PEG ratio of 1.13 and a beta of 0.76.

Associated Banc (NYSE:ASB) last posted its earnings results on Thursday, July 23rd. The bank reported $0.73 earnings per share for the quarter, beating analysts’ consensus estimates of $0.72 by $0.01. Associated Banc had a net margin of 19.66% and a return on equity of 10.64%. The business had revenue of $450.44 million for the quarter, compared to analysts’ expectations of $438.01 million. During the same quarter in the previous year, the firm posted $0.65 earnings per share. As a group, equities research analysts anticipate that Associated Banc-Corp will post 2.91 earnings per share for the current fiscal year.

Associated Banc Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 3.1%. The ex-dividend date is Tuesday, September 1st. Associated Banc’s dividend payout ratio is currently 33.57%.

Insider Transactions at Associated Banc

In related news, EVP John A. Utz sold 5,000 shares of the business’s stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $28.82, for a total value of $144,100.00. Following the sale, the executive vice president owned 118,156 shares of the company’s stock, valued at $3,405,255.92. The trade was a 4.06% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Dennis Deloye sold 14,299 shares of the company’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $28.26, for a total value of $404,089.74. Following the completion of the sale, the executive vice president owned 21,385 shares in the company, valued at $604,340.10. This trade represents a 40.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 24,299 shares of company stock valued at $689,040. Corporate insiders own 0.71% of the company’s stock.

Wall Street Analysts Forecast Growth

ASB has been the subject of several research reports. Truist Financial increased their target price on shares of Associated Banc from $30.00 to $32.00 and gave the company a “hold” rating in a research note on Friday, July 10th. Raymond James Financial upped their price target on Associated Banc from $31.00 to $35.00 and gave the company an “outperform” rating in a report on Wednesday, July 1st. Wall Street Zen cut Associated Banc from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Barclays lifted their price objective on Associated Banc from $33.00 to $34.00 and gave the stock an “overweight” rating in a report on Tuesday, July 7th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Associated Banc in a research report on Wednesday, June 24th. Six investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $31.00.

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.