Heartland Advisors Inc. Invests $25.72 Million in Associated Banc-Corp $ASB

Heartland Advisors Inc. acquired a new stake in Associated Banc-Corp (NYSE:ASB) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 835,979 shares of the bank’s stock, valued at approximately $25,723,000. Associated Banc accounts for about 1.1% of Heartland Advisors Inc.’s investment portfolio, making the stock its 10th biggest holding. Heartland Advisors Inc. owned 0.44% of Associated Banc at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in ASB. California State Teachers Retirement System increased 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 worth $3,779,000 after buying an additional 394 shares during the period. LPL Financial LLC grew its stake in shares of Associated Banc by 2.3% in the fourth quarter. LPL Financial LLC now owns 19,079 shares of the bank’s stock worth $491,000 after acquiring an additional 426 shares in the last quarter. Tidal Investments LLC grew its stake in shares of Associated Banc by 2.0% in the second quarter. Tidal Investments LLC now owns 27,354 shares of the bank’s stock worth $667,000 after acquiring an additional 549 shares in the last quarter. Quadrant Capital Group LLC increased its position in shares of Associated Banc by 1.8% during the fourth quarter. Quadrant Capital Group LLC now owns 34,801 shares of the bank’s stock worth $896,000 after acquiring an additional 619 shares during the period. Finally, State of Michigan Retirement System increased its position in shares of Associated Banc by 1.8% during the first quarter. State of Michigan Retirement System now owns 39,378 shares of the bank’s stock worth $1,018,000 after acquiring an additional 700 shares during the period. Institutional investors and hedge funds own 82.98% of the company’s stock.

Insider Buying and Selling at Associated Banc

In other news, EVP Derek S. Meyer sold 10,000 shares of the stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $30.74, for a total value of $307,400.00. Following the transaction, the executive vice president owned 61,662 shares in the company, valued at approximately $1,895,489.88. This represents a 13.95% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Dennis Deloye sold 14,299 shares of the firm’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $28.26, for a total value of $404,089.74. Following the sale, the executive vice president directly owned 21,385 shares in the company, valued at $604,340.10. This trade represents a 40.07% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 101,823 shares of company stock worth $3,150,761. Corporate insiders own 0.71% of the company’s stock.

Associated Banc Price Performance

Shares of ASB opened at $30.86 on Friday. The firm has a market capitalization of $5.83 billion, a price-to-earnings ratio of 10.79, a PEG ratio of 1.04 and a beta of 0.77. The firm’s fifty day simple moving average is $30.80 and its 200-day simple moving average is $28.47. Associated Banc-Corp has a twelve month low of $23.86 and a twelve month high of $32.46. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.95.

Associated Banc (NYSE:ASB) last issued its earnings results on Thursday, July 23rd. The bank reported $0.73 EPS for the quarter, topping analysts’ consensus estimates of $0.72 by $0.01. The firm had revenue of $454.54 million during the quarter, compared to the consensus estimate of $438.01 million. Associated Banc had a net margin of 19.66% and a return on equity of 10.64%. During the same quarter in the previous year, the firm posted $0.65 earnings per share. Equities analysts forecast that Associated Banc-Corp will post 2.92 EPS for the current fiscal year.

Associated Banc Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Raymond James Financial lifted their target price on Associated Banc from $31.00 to $35.00 and gave the company an “outperform” rating in a report on Wednesday, July 1st. Piper Sandler upped their price target on Associated Banc from $29.00 to $30.00 and gave the stock a “neutral” rating in a report on Friday, April 24th. Robert W. Baird increased their price target on Associated Banc from $29.00 to $30.00 and gave the company a “neutral” rating in a research report on Friday, April 24th. Truist Financial lifted their price objective on Associated Banc from $32.00 to $33.00 and gave the company a “hold” rating in a research note on Tuesday, August 4th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Associated Banc in a research report on Wednesday, June 24th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $31.60.

About Associated Banc

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.