Pzena Investment Management LLC Boosts Stock Position in Associated Banc-Corp $ASB

Pzena Investment Management LLC increased its holdings in Associated Banc-Corp (NYSE:ASB) by 10.2% during the 1st quarter, Holdings Channel reports. The firm owned 1,922,982 shares of the bank’s stock after buying an additional 177,829 shares during the period. Pzena Investment Management LLC’s holdings in Associated Banc were worth $49,728,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Eurizon Capital SGR S.p.A. bought a new position in Associated Banc during the 4th quarter valued at approximately $33,000. EverSource Wealth Advisors LLC raised its holdings in shares of Associated Banc by 345.5% during the second quarter. EverSource Wealth Advisors LLC now owns 1,350 shares of the bank’s stock valued at $33,000 after acquiring an additional 1,047 shares in the last quarter. CIBC Private Wealth Group LLC purchased a new stake in Associated Banc in the third quarter worth $51,000. Hoese & Co LLP purchased a new stake in Associated Banc in the fourth quarter worth $52,000. Finally, Global Retirement Partners LLC purchased a new stake in Associated Banc in the fourth quarter worth $56,000. Hedge funds and other institutional investors own 82.98% of the company’s stock.

Associated Banc Price Performance

ASB stock opened at $31.16 on Thursday. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.90 and a current ratio of 0.90. The firm has a 50 day moving average price of $28.52 and a 200-day moving average price of $27.30. Associated Banc-Corp has a 52-week low of $23.63 and a 52-week high of $31.36. The firm has a market capitalization of $5.88 billion, a price-to-earnings ratio of 10.82, a PEG ratio of 1.78 and a beta of 0.77.

Associated Banc (NYSE:ASB) last posted its quarterly earnings results on Thursday, April 23rd. The bank reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.01. Associated Banc had a return on equity of 10.46% and a net margin of 19.88%.The company had revenue of $387.21 million for the quarter, compared to the consensus estimate of $384.20 million. During the same quarter in the prior year, the business posted $0.59 EPS. Equities research analysts forecast that Associated Banc-Corp will post 2.92 EPS for the current fiscal year.

Associated Banc Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend was Monday, June 1st. Associated Banc’s dividend payout ratio is currently 33.33%.

Analyst Upgrades and Downgrades

ASB has been the topic of a number of research analyst reports. Raymond James Financial boosted their price objective on shares of Associated Banc from $31.00 to $35.00 and gave the company an “outperform” rating in a research report on Wednesday. Weiss Ratings reiterated a “buy (b)” rating on shares of Associated Banc in a research report on Wednesday, June 24th. Truist Financial increased their price target on shares of Associated Banc from $27.00 to $30.00 and gave the stock a “hold” rating in a research note on Monday, April 27th. Wells Fargo & Company raised their price objective on shares of Associated Banc from $30.00 to $31.00 and gave the stock an “overweight” rating in a report on Monday, March 30th. Finally, Keefe, Bruyette & Woods lifted their price objective on Associated Banc from $30.00 to $31.00 and gave the company a “market perform” rating in a research report on Friday, April 24th. Six research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, Associated Banc presently has an average rating of “Moderate Buy” and a consensus price target of $30.70.

Insider Buying and Selling

In related news, EVP John A. Utz sold 5,000 shares of the company’s stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $28.82, for a total value of $144,100.00. Following the transaction, the executive vice president owned 118,156 shares in the company, valued at $3,405,255.92. The trade was a 4.06% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director John B. Williams sold 4,000 shares of the stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $28.18, for a total transaction of $112,720.00. Following the sale, the director directly owned 67,420 shares in the company, valued at $1,899,895.60. This trade represents a 5.60% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 28,299 shares of company stock valued at $801,760. Insiders own 0.71% 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.