Ghisallo Capital Management LLC Takes $2.39 Million Position in Associated Banc-Corp (NYSE:ASB)

Ghisallo Capital Management LLC acquired a new position in shares of Associated Banc-Corp (NYSE:ASB) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 100,000 shares of the bank’s stock, valued at approximately $2,390,000. Ghisallo Capital Management LLC owned approximately 0.07% of Associated Banc at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in ASB. Covestor Ltd increased its holdings in shares of Associated Banc by 221.0% during the fourth quarter. Covestor Ltd now owns 1,499 shares of the bank’s stock worth $36,000 after buying an additional 1,032 shares in the last quarter. Smartleaf Asset Management LLC increased its holdings in Associated Banc by 49.6% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,747 shares of the bank’s stock worth $42,000 after purchasing an additional 579 shares in the last quarter. Crews Bank & Trust acquired a new position in Associated Banc in the 4th quarter worth about $56,000. Sugar Maple Asset Management LLC bought a new position in Associated Banc in the fourth quarter valued at about $64,000. Finally, R Squared Ltd acquired a new stake in shares of Associated Banc during the fourth quarter valued at about $67,000. Institutional investors own 82.98% of the company’s stock.

Insiders Place Their Bets

In other Associated Banc news, Director Eileen A. Kamerick sold 7,000 shares of the company’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $24.71, for a total transaction of $172,970.00. Following the transaction, the director now owns 49,495 shares in the company, valued at approximately $1,223,021.45. This represents a 12.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director John B. Williams sold 2,830 shares of the firm’s stock in a transaction on Friday, February 14th. The shares were sold at an average price of $25.09, for a total transaction of $71,004.70. Following the completion of the transaction, the director now directly owns 66,915 shares in the company, valued at $1,678,897.35. This trade represents a 4.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.10% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on ASB shares. Robert W. Baird dropped their price objective on shares of Associated Banc from $28.00 to $26.00 and set a “neutral” rating for the company in a report on Friday, January 24th. Barclays cut their price target on shares of Associated Banc from $28.00 to $25.00 and set an “equal weight” rating on the stock in a report on Tuesday, April 8th. Stephens reduced their price objective on shares of Associated Banc from $28.00 to $26.00 and set an “equal weight” rating on the stock in a research note on Friday. Wells Fargo & Company raised Associated Banc from an “equal weight” rating to an “overweight” rating and lowered their target price for the stock from $27.00 to $26.00 in a research report on Wednesday, April 9th. Finally, Raymond James lowered their price objective on Associated Banc from $30.00 to $28.00 and set an “outperform” rating for the company in a research report on Monday, March 10th. One analyst has rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $26.11.

Associated Banc Price Performance

Associated Banc stock opened at $22.38 on Friday. The stock has a market capitalization of $3.71 billion, a price-to-earnings ratio of 28.33, a PEG ratio of 1.52 and a beta of 0.78. Associated Banc-Corp has a 52-week low of $18.32 and a 52-week high of $28.18. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.86 and a current ratio of 0.88. The stock’s 50 day moving average price is $21.95 and its two-hundred day moving average price is $23.85.

Associated Banc (NYSE:ASB) last posted its quarterly earnings results on Thursday, April 24th. The bank reported $0.59 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.02. Associated Banc had a net margin of 5.15% and a return on equity of 8.24%. The business had revenue of $348.97 million during the quarter, compared to analysts’ expectations of $347.86 million. On average, equities analysts predict that Associated Banc-Corp will post 2.43 earnings per share for the current year.

Associated Banc Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Monday, March 3rd were paid a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 4.11%. The ex-dividend date was Monday, March 3rd. Associated Banc’s dividend payout ratio (DPR) is currently 116.46%.

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.