Associated Banc-Corp $ASB Stock Sold by Crescent Grove Advisors LLC

Crescent Grove Advisors LLC reduced its holdings in shares of Associated Banc-Corp (NYSE:ASB) by 62.9% in the third quarter, HoldingsChannel reports. The fund owned 49,009 shares of the bank’s stock after selling 83,024 shares during the period. Crescent Grove Advisors LLC’s holdings in Associated Banc were worth $1,404,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. BlackRock Inc. bought a new stake in shares of Associated Banc in the 2nd quarter worth approximately $715,927,000. Dimensional Fund Advisors LP grew its stake in shares of Associated Banc by 1.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 9,811,228 shares of the bank’s stock worth $253,709,000 after buying an additional 170,080 shares during the last quarter. First Trust Advisors LP increased its position in Associated Banc by 127.6% during the 1st quarter. First Trust Advisors LP now owns 5,971,227 shares of the bank’s stock valued at $154,416,000 after buying an additional 3,347,699 shares in the last quarter. Pzena Investment Management LLC bought a new position in Associated Banc during the 2nd quarter valued at approximately $61,240,000. Finally, Wellington Management Group LLP increased its position in Associated Banc by 17.0% during the 2nd quarter. Wellington Management Group LLP now owns 1,907,826 shares of the bank’s stock valued at $58,704,000 after buying an additional 276,560 shares in the last quarter. Institutional investors own 82.98% of the company’s stock.

Insiders Place Their Bets

In other Associated Banc news, EVP Patrick Ahern sold 1,309 shares of the stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $30.85, for a total transaction of $40,382.65. Following the completion of the transaction, the executive vice president owned 43,743 shares in the company, valued at $1,349,471.55. This trade represents a 2.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Gregory Warsek sold 16,300 shares of the stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $32.01, for a total transaction of $521,763.00. Following the completion of the transaction, the executive vice president directly owned 13,809 shares of the company’s stock, valued at approximately $442,026.09. The trade was a 54.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 78,833 shares of company stock worth $2,502,103. Insiders own 0.71% of the company’s stock.

Wall Street Analyst Weigh In

ASB has been the topic of several analyst reports. Barclays boosted their target price on Associated Banc from $34.00 to $35.00 and gave the stock an “overweight” rating in a report on Monday, October 5th. Piper Sandler reiterated a “neutral” rating and issued a $34.00 price objective on shares of Associated Banc in a research note on Wednesday, August 26th. Truist Financial raised their price objective on shares of Associated Banc from $32.00 to $33.00 and gave the stock a “hold” rating in a report on Tuesday, August 4th. Raymond James Financial boosted their target price on shares of Associated Banc from $31.00 to $35.00 and gave the company an “outperform” rating in a research report on Wednesday, July 1st. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Associated Banc in a research report on Monday, September 21st. Six analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $32.00.

Associated Banc Stock Up 0.3%

Shares of ASB opened at $29.19 on Thursday. The business’s 50 day moving average is $29.88 and its 200 day moving average is $29.41. The company has a market capitalization of $5.51 billion, a PE ratio of 10.20, a price-to-earnings-growth ratio of 1.00 and a beta of 0.80. Associated Banc-Corp has a 12-month low of $23.87 and a 12-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 earnings per share for the quarter, topping analysts’ consensus estimates of $0.72 by $0.01. Associated Banc had a net margin of 19.66% and a return on equity of 10.64%. The firm had revenue of $454.54 million during the quarter, compared to analyst estimates of $438.01 million. During the same quarter in the prior year, the business earned $0.65 earnings per share. Research analysts expect that Associated Banc-Corp will post 2.95 earnings per share for the current fiscal year.

Associated Banc Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st were paid a $0.24 dividend. The ex-dividend date of this dividend was Tuesday, September 1st. This represents a $0.96 dividend on an annualized basis and a yield of 3.3%. Associated Banc’s payout ratio is presently 33.57%.

Associated Banc Company Profile

Associated Banc-Corp is a regional bank holding company headquartered in Green Bay, Wisconsin. Through its principal subsidiary, Associated Bank, it provides banking and financial services to individuals, families, businesses and institutions.

Associated Bank offers commercial and corporate banking, retail banking, mortgage lending, consumer lending, treasury management, investment and wealth management, and institutional services. Its business banking activities include lending, deposit accounts, cash-management solutions and other services designed for small and middle-market companies.

The company primarily serves customers across Wisconsin, Illinois and Minnesota through its branch network and digital banking channels.