Harmony Asset Management LLC Has $225,000 Stake in Associated Banc-Corp (NYSE:ASB)

Harmony Asset Management LLC trimmed its holdings in shares of Associated Banc-Corp (NYSE:ASB) by 28.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,000 shares of the bank’s stock after selling 4,000 shares during the period. Harmony Asset Management LLC’s holdings in Associated Banc were worth $225,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Hancock Whitney Corp boosted its position in shares of Associated Banc by 0.7% in the 4th quarter. Hancock Whitney Corp now owns 58,001 shares of the bank’s stock worth $1,386,000 after purchasing an additional 401 shares during the last quarter. NewEdge Advisors LLC boosted its position in shares of Associated Banc by 13.1% in the 4th quarter. NewEdge Advisors LLC now owns 3,518 shares of the bank’s stock worth $84,000 after purchasing an additional 408 shares during the last quarter. Oregon Public Employees Retirement Fund boosted its position in shares of Associated Banc by 1.5% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 33,238 shares of the bank’s stock worth $749,000 after purchasing an additional 500 shares during the last quarter. GAMMA Investing LLC boosted its position in shares of Associated Banc by 11.6% in the 1st quarter. GAMMA Investing LLC now owns 5,251 shares of the bank’s stock worth $118,000 after purchasing an additional 547 shares during the last quarter. Finally, Mariner LLC boosted its position in shares of Associated Banc by 3.3% in the 4th quarter. Mariner LLC now owns 17,882 shares of the bank’s stock worth $427,000 after purchasing an additional 566 shares during the last quarter. 82.98% of the stock is owned by institutional investors and hedge funds.

Associated Banc Stock Performance

ASB opened at $25.56 on Friday. The business’s 50-day moving average price is $23.88 and its two-hundred day moving average price is $23.39. Associated Banc-Corp has a 1 year low of $18.32 and a 1 year high of $28.18. The company has a market capitalization of $4.24 billion, a price-to-earnings ratio of 29.72, a P/E/G ratio of 1.14 and a beta of 0.80. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.87 and a quick ratio of 0.87.

Associated Banc (NYSE:ASB) last released its quarterly earnings results on Thursday, April 24th. The bank reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.02. Associated Banc had a return on equity of 8.47% and a net margin of 6.02%. The firm had revenue of $348.97 million for the quarter, compared to the consensus estimate of $347.86 million. During the same quarter last year, the business posted $0.52 EPS. The company’s revenue for the quarter was up 6.8% on a year-over-year basis. Equities analysts expect that Associated Banc-Corp will post 2.43 EPS for the current fiscal year.

Associated Banc Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Monday, June 2nd were paid a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 3.60%. The ex-dividend date was Monday, June 2nd. Associated Banc’s dividend payout ratio is 106.98%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on ASB. Barclays raised their price target on Associated Banc from $25.00 to $28.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Stephens reduced their target price on Associated Banc from $28.00 to $26.00 and set an “equal weight” rating on the stock in a report on Friday, April 25th. Raymond James Financial reiterated an “outperform” rating and set a $27.00 target price on shares of Associated Banc in a report on Monday, April 28th. Truist Financial started coverage on Associated Banc in a report on Tuesday, May 13th. They set a “hold” rating and a $26.00 target price on the stock. Finally, Keefe, Bruyette & Woods reduced their target price on Associated Banc from $29.00 to $27.00 and set a “market perform” rating on the stock in a report on Friday, April 25th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $27.22.

Insider Activity

In related news, CEO Andrew J. Harmening bought 12,910 shares of the stock in a transaction that occurred on Friday, May 9th. The shares were acquired at an average price of $23.25 per share, with a total value of $300,157.50. Following the completion of the transaction, the chief executive officer owned 319,269 shares in the company, valued at $7,423,004.25. The trade was a 4.21% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.45% of the stock is owned by corporate insiders.

Associated Banc Profile

Associated Banc-Corp, a bank holding company, provides various banking and nonbanking products to individuals and businesses in Wisconsin, Illinois, and Minnesota. The company offers lending solutions, including commercial loans and lines of credit, commercial real estate financing, construction loans, letters of credit, leasing, asset based lending and equipment finance, loan syndications products, residential mortgages, home equity loans and lines of credit, personal and installment loans, auto finance and business loans, and business lines of credit.