Magnetar Financial LLC Takes $2.03 Million Position in Associated Banc-Corp $ASB

Magnetar Financial LLC acquired a new position in Associated Banc-Corp (NYSE:ASB) during the third quarter, HoldingsChannel.com reports. The institutional investor acquired 78,831 shares of the bank’s stock, valued at approximately $2,027,000.

Several other hedge funds have also recently bought and sold shares of ASB. Smartleaf Asset Management LLC boosted its stake in Associated Banc by 46.8% during the 3rd quarter. Smartleaf Asset Management LLC now owns 1,279 shares of the bank’s stock valued at $33,000 after purchasing an additional 408 shares during the period. Quent Capital LLC bought a new stake in shares of Associated Banc during the third quarter valued at approximately $34,000. EverSource Wealth Advisors LLC boosted its position in shares of Associated Banc by 345.5% during the second quarter. EverSource Wealth Advisors LLC now owns 1,350 shares of the bank’s stock worth $33,000 after buying an additional 1,047 shares during the period. First Horizon Corp bought a new position in Associated Banc in the 3rd quarter worth approximately $39,000. Finally, Bessemer Group Inc. increased its position in Associated Banc by 55.5% in the 3rd quarter. Bessemer Group Inc. now owns 2,074 shares of the bank’s stock valued at $54,000 after acquiring an additional 740 shares during the period. 82.98% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have recently issued reports on ASB shares. Zacks Research raised Associated Banc from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, February 25th. Keefe, Bruyette & Woods boosted their price target on shares of Associated Banc from $29.00 to $30.00 and gave the stock a “market perform” rating in a research report on Friday, January 23rd. Piper Sandler increased their price objective on shares of Associated Banc from $27.00 to $30.00 and gave the company a “neutral” rating in a report on Friday, January 23rd. Wall Street Zen raised Associated Banc from a “hold” rating to a “buy” rating in a report on Saturday, February 14th. Finally, Royal Bank Of Canada lifted their price target on Associated Banc from $29.00 to $30.00 and gave the company a “sector perform” rating in a research report on Friday, January 23rd. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $29.20.

Insider Activity at Associated Banc

In related news, EVP Patrick Edward Ahern sold 14,731 shares of the company’s stock in a transaction on Tuesday, February 10th. The shares were sold at an average price of $29.03, for a total value of $427,640.93. Following the completion of the sale, the executive vice president directly owned 39,401 shares in the company, valued at approximately $1,143,811.03. This represents a 27.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Eileen A. Kamerick sold 6,600 shares of the firm’s stock in a transaction dated Thursday, February 19th. The shares were sold at an average price of $28.02, for a total value of $184,932.00. Following the transaction, the director owned 49,264 shares in the company, valued at approximately $1,380,377.28. This trade represents a 11.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 23,656 shares of company stock valued at $677,789. Insiders own 1.45% of the company’s stock.

Associated Banc Stock Performance

Shares of ASB opened at $24.70 on Friday. Associated Banc-Corp has a one year low of $18.32 and a one year high of $29.51. The company has a 50-day moving average of $27.04 and a two-hundred day moving average of $26.30. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.90 and a quick ratio of 0.90. The stock has a market cap of $4.10 billion, a price-to-earnings ratio of 8.92, a PEG ratio of 1.13 and a beta of 0.80.

Associated Banc (NYSE:ASB) last posted its quarterly earnings results on Thursday, January 22nd. The bank reported $0.80 EPS for the quarter, topping the consensus estimate of $0.69 by $0.11. The business had revenue of $393.52 million during the quarter, compared to analysts’ expectations of $382.06 million. Associated Banc had a net margin of 19.31% and a return on equity of 10.25%. During the same period last year, the company posted $0.72 earnings per share. On average, equities research analysts expect that Associated Banc-Corp will post 2.43 earnings per share for the current year.

Associated Banc Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 16th. Stockholders of record on Monday, March 2nd will be paid a dividend of $0.24 per share. The ex-dividend date is Monday, March 2nd. This represents a $0.96 annualized dividend and a dividend yield of 3.9%. Associated Banc’s dividend payout ratio is 34.66%.

Associated Banc declared that its board has initiated a share repurchase plan on Tuesday, January 27th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the bank to repurchase up to 2.2% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Associated Banc 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.