Associated Banc-Corp $ASB Stake Lowered by ProShare Advisors LLC

ProShare Advisors LLC lowered its stake in shares of Associated Banc-Corp (NYSE:ASB) by 89.5% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 26,967 shares of the bank’s stock after selling 228,776 shares during the period. ProShare Advisors LLC’s holdings in Associated Banc were worth $773,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Vise Technologies Inc. purchased a new position in Associated Banc in the third quarter valued at about $257,000. Signaturefd LLC lifted its position in shares of Associated Banc by 253.1% during the 3rd quarter. Signaturefd LLC now owns 9,130 shares of the bank’s stock valued at $262,000 after acquiring an additional 6,544 shares during the period. Citizens Financial Group Inc. RI lifted its position in shares of Associated Banc by 28.1% during the 3rd quarter. Citizens Financial Group Inc. RI now owns 9,524 shares of the bank’s stock valued at $273,000 after acquiring an additional 2,087 shares during the period. MBL Wealth LLC purchased a new stake in shares of Associated Banc during the 3rd quarter worth approximately $276,000. Finally, Root Financial Partners LLC purchased a new stake in shares of Associated Banc during the 3rd quarter worth approximately $55,000. 82.98% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, EVP Randall Erickson sold 43,561 shares of the business’s stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $32.04, for a total value of $1,395,694.44. Following the completion of the transaction, the executive vice president owned 56,091 shares of the company’s stock, valued at approximately $1,797,155.64. The trade was a 43.71% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Patrick Ahern sold 1,309 shares of the company’s stock in a transaction dated 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 approximately $1,349,471.55. This trade represents a 2.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 61,170 shares of company stock worth $1,957,840. 0.71% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on ASB shares. Barclays upped their price target on Associated Banc from $35.00 to $37.00 and gave the stock an “overweight” rating in a report on Tuesday, November 3rd. Royal Bank Of Canada lifted their price objective on Associated Banc from $33.00 to $34.00 and gave the stock a “sector perform” rating in a report on Friday, October 23rd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Associated Banc in a report on Monday, September 21st. Piper Sandler boosted their target price on Associated Banc from $34.00 to $35.00 and gave the stock a “neutral” rating in a research report on Friday, October 23rd. Finally, Wells Fargo & Company lowered their target price on Associated Banc from $36.00 to $35.00 and set an “overweight” rating on the stock in a report on Tuesday, September 29th. Six investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, Associated Banc has an average rating of “Moderate Buy” and an average target price of $32.70.

Associated Banc Price Performance

Shares of NYSE:ASB opened at $30.39 on Friday. The business’s fifty day moving average price is $29.69 and its two-hundred day moving average price is $28.77. The stock has a market cap of $5.64 billion, a PE ratio of 10.52, a price-to-earnings-growth ratio of 1.13 and a beta of 0.80. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.92 and a current ratio of 0.92. Associated Banc-Corp has a one year low of $23.87 and a one year high of $32.46.

Associated Banc (NYSE:ASB) last released its quarterly earnings results on Thursday, October 22nd. The bank reported $0.81 earnings per share for the quarter, topping analysts’ consensus estimates of $0.76 by $0.05. Associated Banc had a return on equity of 10.75% and a net margin of 19.87%. The company had revenue of $468.51 million during the quarter, compared to analysts’ expectations of $463.69 million. During the same period in the previous year, the firm posted $0.73 earnings per share. On average, analysts forecast that Associated Banc-Corp will post 2.99 EPS for the current fiscal year.

Associated Banc Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Investors of record on Tuesday, December 1st will be given a dividend of $0.25 per share. The ex-dividend date is Tuesday, December 1st. This represents a $1.00 dividend on an annualized basis and a yield of 3.3%. This is a boost from Associated Banc’s previous quarterly dividend of $0.24. Associated Banc’s dividend payout ratio (DPR) is 34.60%.

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.