Bank of New York Mellon Corp Buys 7,215 Shares of Associated Banc-Corp $ASB

Bank of New York Mellon Corp increased its stake in shares of Associated Banc-Corp (NYSE:ASB) by 0.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,746,951 shares of the bank’s stock after buying an additional 7,215 shares during the quarter. Bank of New York Mellon Corp owned about 1.05% of Associated Banc worth $42,608,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Teacher Retirement System of Texas acquired a new stake in shares of Associated Banc during the 1st quarter worth $541,000. M&T Bank Corp bought a new stake in Associated Banc during the first quarter worth about $442,000. Cerity Partners LLC lifted its position in Associated Banc by 69.1% during the first quarter. Cerity Partners LLC now owns 26,705 shares of the bank’s stock worth $602,000 after purchasing an additional 10,912 shares during the period. State of Michigan Retirement System grew its stake in Associated Banc by 3.2% during the first quarter. State of Michigan Retirement System now owns 39,278 shares of the bank’s stock worth $885,000 after buying an additional 1,200 shares in the last quarter. Finally, Xponance Inc. increased its holdings in Associated Banc by 3.0% in the 1st quarter. Xponance Inc. now owns 23,554 shares of the bank’s stock valued at $531,000 after buying an additional 690 shares during the period. 82.98% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Keefe, Bruyette & Woods upped their price target on shares of Associated Banc from $27.00 to $28.00 and gave the stock a “market perform” rating in a report on Friday, July 25th. Robert W. Baird upped their target price on Associated Banc from $27.00 to $28.00 and gave the stock a “neutral” rating in a research note on Friday, July 25th. Truist Financial raised their target price on Associated Banc from $26.00 to $27.00 and gave the company a “hold” rating in a report on Monday, July 28th. Barclays lowered their price target on Associated Banc from $32.00 to $30.00 and set an “equal weight” rating for the company in a report on Tuesday. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Associated Banc in a research note on Wednesday, October 8th. Two investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $28.22.

Associated Banc Trading Down 0.0%

NYSE ASB opened at $25.53 on Thursday. The company has a market cap of $4.24 billion, a price-to-earnings ratio of 27.16, a price-to-earnings-growth ratio of 0.98 and a beta of 0.84. Associated Banc-Corp has a twelve month low of $18.32 and a twelve month high of $28.05. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.82. The business’s fifty day moving average is $25.68 and its 200 day moving average is $24.87.

Associated Banc (NYSE:ASB) last issued its earnings results on Thursday, October 23rd. The bank reported $0.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.66 by $0.07. Associated Banc had a return on equity of 9.45% and a net margin of 7.23%.The business had revenue of $386.49 million during the quarter, compared to analysts’ expectations of $377.94 million. During the same quarter in the prior year, the firm earned $0.56 EPS. As a group, sell-side analysts expect that Associated Banc-Corp will post 2.43 EPS for the current fiscal year.

Associated Banc Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Monday, December 1st will be issued a $0.24 dividend. This is a boost from Associated Banc’s previous quarterly dividend of $0.23. The ex-dividend date is Monday, December 1st. This represents a $0.96 dividend on an annualized basis and a yield of 3.8%. Associated Banc’s dividend payout ratio (DPR) is 102.13%.

Insider Buying and Selling

In other news, EVP Matthew R. Braeger sold 2,000 shares of the firm’s stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $26.34, for a total transaction of $52,680.00. Following the completion of the transaction, the executive vice president owned 13,346 shares of the company’s stock, valued at approximately $351,533.64. This trade represents a 13.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP John A. Utz sold 13,000 shares of the business’s stock in a transaction on Friday, August 29th. The stock was sold at an average price of $27.24, for a total transaction of $354,120.00. Following the completion of the sale, the executive vice president directly owned 111,228 shares in the company, valued at approximately $3,029,850.72. This represents a 10.46% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 18,342 shares of company stock worth $494,360 in the last ninety days. Company insiders own 1.10% of the company’s stock.

About Associated Banc

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.