Short Interest in Associated Banc-Corp (NYSE:ASB) Grows By 20.6%

Associated Banc-Corp (NYSE:ASB) was the target of a significant increase in short interest during the month of December. As of December 31st, there was short interest totaling 4,883,428 shares, an increase of 20.6% from the December 15th total of 4,048,872 shares. Based on an average daily volume of 2,018,955 shares, the days-to-cover ratio is presently 2.4 days. Approximately 3.0% of the company’s shares are short sold. Approximately 3.0% of the company’s shares are short sold. Based on an average daily volume of 2,018,955 shares, the days-to-cover ratio is presently 2.4 days.

Analysts Set New Price Targets

ASB has been the subject of a number of recent analyst reports. Wall Street Zen cut shares of Associated Banc from a “buy” rating to a “hold” rating in a research note on Saturday, January 3rd. Raymond James Financial restated an “outperform” rating and issued a $30.00 price objective (up previously from $29.00) on shares of Associated Banc in a research report on Monday, October 27th. Royal Bank Of Canada reissued a “sector perform” rating and set a $29.00 price target on shares of Associated Banc in a report on Monday, January 12th. Barclays lowered their target price on shares of Associated Banc from $32.00 to $30.00 and set an “equal weight” rating on the stock in a research note on Tuesday, November 11th. Finally, UBS Group restated a “buy” rating and issued a $28.00 price objective on shares of Associated Banc in a research report on Tuesday, December 2nd. Three research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $28.50.

Associated Banc Price Performance

ASB traded down $0.13 on Monday, reaching $26.58. 3,448,609 shares of the company’s stock were exchanged, compared to its average volume of 1,804,350. Associated Banc has a twelve month low of $18.32 and a twelve month high of $27.58. The stock has a market cap of $4.41 billion, a PE ratio of 28.27, a P/E/G ratio of 0.74 and a beta of 0.79. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.90 and a quick ratio of 0.90. The stock’s fifty day moving average price is $26.11 and its 200-day moving average price is $25.76.

Associated Banc (NYSE:ASB) last posted its quarterly earnings results on Thursday, October 23rd. The bank reported $0.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.07. Associated Banc had a return on equity of 9.45% and a net margin of 7.23%.The business had revenue of $390.71 million during the quarter, compared to analyst estimates of $377.94 million. During the same period in the prior year, the business earned $0.56 earnings per share. Sell-side analysts expect that Associated Banc will post 2.43 EPS for the current year.

Associated Banc Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 15th. Investors of record on Monday, December 1st were issued a $0.24 dividend. This is an increase from Associated Banc’s previous quarterly dividend of $0.23. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date of this dividend was Monday, December 1st. Associated Banc’s payout ratio is currently 102.13%.

Insider Transactions at Associated Banc

In related news, EVP Patrick Edward Ahern sold 30,489 shares of the business’s stock in a transaction that occurred on Thursday, December 4th. The shares were sold at an average price of $25.70, for a total value of $783,567.30. Following the completion of the transaction, the executive vice president owned 24,055 shares of the company’s stock, valued at $618,213.50. The trade was a 55.90% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP John A. Utz sold 2,135 shares of the company’s stock in a transaction on Tuesday, December 9th. The stock was sold at an average price of $26.41, for a total value of $56,385.35. Following the sale, the executive vice president owned 109,842 shares of the company’s stock, valued at $2,900,927.22. This trade represents a 1.91% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 35,951 shares of company stock worth $925,756 over the last 90 days. Insiders own 1.10% of the company’s stock.

Hedge Funds Weigh In On Associated Banc

Several institutional investors and hedge funds have recently bought and sold shares of ASB. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Associated Banc by 6.0% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 97,570 shares of the bank’s stock valued at $2,198,000 after purchasing an additional 5,531 shares during the period. Millennium Management LLC lifted its holdings in shares of Associated Banc by 90.4% in the 1st quarter. Millennium Management LLC now owns 287,890 shares of the bank’s stock worth $6,486,000 after acquiring an additional 136,648 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in shares of Associated Banc by 139.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,748,667 shares of the bank’s stock worth $61,927,000 after purchasing an additional 1,598,951 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Associated Banc by 13.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 496,392 shares of the bank’s stock valued at $11,184,000 after purchasing an additional 60,758 shares during the period. Finally, Strs Ohio purchased a new position in shares of Associated Banc during the first quarter worth $435,000. 82.98% of the stock is currently owned by institutional investors and hedge funds.

Associated Banc Company 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.