Associated Banc-Corp $ASB Shares Sold by Pzena Investment Management LLC

Pzena Investment Management LLC decreased its holdings in shares of Associated Banc-Corp (NYSE:ASB) by 2.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,819,595 shares of the bank’s stock after selling 39,947 shares during the quarter. Pzena Investment Management LLC owned about 1.10% of Associated Banc worth $46,782,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in ASB. California State Teachers Retirement System raised its position in Associated Banc by 0.3% in the second 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 period. Smartleaf Asset Management LLC grew its stake in shares of Associated Banc by 46.8% in the third 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 in the last quarter. Tidal Investments LLC raised 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 valued at $667,000 after buying an additional 549 shares during the period. Rothschild Investment LLC lifted its position in Associated Banc by 3.9% during the 3rd quarter. Rothschild Investment LLC now owns 19,282 shares of the bank’s stock worth $496,000 after acquiring an additional 717 shares in the last quarter. Finally, Arizona State Retirement System boosted its holdings in Associated Banc by 1.5% in the 3rd quarter. Arizona State Retirement System now owns 49,065 shares of the bank’s stock worth $1,261,000 after acquiring an additional 724 shares during the period. 82.98% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. UBS Group reiterated a “buy” rating and set a $28.00 price objective on shares of Associated Banc in a research note on Tuesday, December 2nd. Piper Sandler lifted their price target on shares of Associated Banc from $27.00 to $30.00 and gave the stock a “neutral” rating in a research note on Friday, January 23rd. Wall Street Zen upgraded shares of Associated Banc from a “hold” rating to a “buy” rating in a report on Saturday, February 14th. Weiss Ratings upgraded Associated Banc from a “hold (c+)” rating to a “buy (b)” rating in a research note on Tuesday. Finally, Royal Bank Of Canada lifted their target price on Associated Banc from $29.00 to $30.00 and gave the stock a “sector perform” rating in a research report on Friday, January 23rd. Four analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to MarketBeat.com, Associated Banc currently has a consensus rating of “Hold” and a consensus price target of $29.20.

Associated Banc Stock Up 0.4%

NYSE:ASB opened at $28.34 on Thursday. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.90 and a current ratio of 0.90. The company has a market capitalization of $4.70 billion, a price-to-earnings ratio of 10.23, a price-to-earnings-growth ratio of 1.29 and a beta of 0.81. Associated Banc-Corp has a one year low of $18.32 and a one year high of $29.51. The stock has a 50-day simple moving average of $27.04 and a 200 day simple moving average of $26.12.

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, beating the consensus estimate of $0.69 by $0.11. The firm had revenue of $393.52 million for the quarter, compared to analysts’ expectations of $382.06 million. Associated Banc had a return on equity of 10.25% and a net margin of 19.31%.During the same quarter in the prior year, the firm posted $0.72 earnings per share. Sell-side analysts predict that Associated Banc-Corp will post 2.43 EPS for the current fiscal year.

Associated Banc Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Monday, March 2nd will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date of this dividend is Monday, March 2nd. Associated Banc’s payout ratio is currently 34.66%.

Associated Banc declared that its board has initiated a share buyback plan on Tuesday, January 27th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the bank to reacquire up to 2.2% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at Associated Banc

In related news, EVP Patrick Edward Ahern sold 14,731 shares of the stock in a transaction dated Tuesday, February 10th. The shares were sold at an average price of $29.03, for a total transaction 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John B. Williams sold 2,325 shares of Associated Banc 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 completion of the transaction, the director owned 70,959 shares of the company’s stock, valued at approximately $1,990,399.95. The trade was a 3.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 53,007 shares of company stock worth $1,418,613 over the last 90 days. Insiders own 1.45% of the company’s stock.

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.