Rhino Investment Partners Inc Purchases 217,344 Shares of Associated Banc-Corp $ASB

Rhino Investment Partners Inc raised its position in shares of Associated Banc-Corp (NYSE:ASB) by 35.8% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 824,104 shares of the bank’s stock after acquiring an additional 217,344 shares during the period. Associated Banc comprises about 5.9% of Rhino Investment Partners Inc’s investment portfolio, making the stock its 4th largest holding. Rhino Investment Partners Inc’s holdings in Associated Banc were worth $21,311,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. California State Teachers Retirement System boosted its holdings in shares of Associated Banc by 0.3% in the 2nd quarter. California State Teachers Retirement System now owns 154,933 shares of the bank’s stock worth $3,779,000 after acquiring an additional 394 shares in the last quarter. LPL Financial LLC increased its holdings in Associated Banc by 2.3% during the 4th quarter. LPL Financial LLC now owns 19,079 shares of the bank’s stock valued at $491,000 after purchasing an additional 426 shares in the last quarter. Tidal Investments LLC raised its position in Associated Banc by 2.0% in the 2nd quarter. Tidal Investments LLC now owns 27,354 shares of the bank’s stock valued at $667,000 after purchasing an additional 549 shares during the last quarter. Quadrant Capital Group LLC raised its position in Associated Banc by 1.8% in the 4th quarter. Quadrant Capital Group LLC now owns 34,801 shares of the bank’s stock valued at $896,000 after purchasing an additional 619 shares during the last quarter. Finally, State of Michigan Retirement System boosted its stake in Associated Banc by 1.8% in the first quarter. State of Michigan Retirement System now owns 39,378 shares of the bank’s stock worth $1,018,000 after purchasing an additional 700 shares in the last quarter. Institutional investors own 82.98% of the company’s stock.

Insider Buying and Selling

In other Associated Banc news, EVP Matthew R. Braeger sold 5,000 shares of the company’s stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $28.17, for a total transaction of $140,850.00. Following the transaction, the executive vice president directly owned 11,777 shares in the company, valued at approximately $331,758.09. This represents a 29.80% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Dennis Deloye sold 14,299 shares of the firm’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $28.26, for a total transaction of $404,089.74. Following the completion of the transaction, the executive vice president directly owned 21,385 shares in the company, valued at $604,340.10. This trade represents a 40.07% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 24,299 shares of company stock worth $689,040 over the last three months. 0.71% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on ASB. Piper Sandler increased their target price on Associated Banc from $29.00 to $30.00 and gave the stock a “neutral” rating in a report on Friday, April 24th. Raymond James Financial upped their price target on shares of Associated Banc from $31.00 to $35.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 1st. Zacks Research lowered shares of Associated Banc from a “strong-buy” rating to a “hold” rating in a report on Monday, April 6th. Weiss Ratings restated a “buy (b)” rating on shares of Associated Banc in a research report on Wednesday, June 24th. Finally, Truist Financial boosted their target price on shares of Associated Banc from $30.00 to $32.00 and gave the stock a “hold” rating in a research note on Friday, July 10th. Six research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $31.00.

Associated Banc Stock Up 1.2%

Shares of ASB opened at $31.00 on Wednesday. The business’s fifty day moving average price is $29.59 and its two-hundred day moving average price is $27.88. The firm has a market capitalization of $5.85 billion, a price-to-earnings ratio of 10.84, a PEG ratio of 1.13 and a beta of 0.76. Associated Banc-Corp has a 52 week low of $23.63 and a 52 week high of $31.83. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.93 and a current ratio of 0.93.

Associated Banc (NYSE:ASB) last released 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 return on equity of 10.64% and a net margin of 19.66%.The company had revenue of $450.44 million during the quarter, compared to the consensus estimate of $438.01 million. During the same quarter in the previous year, the company posted $0.65 earnings per share. On average, analysts predict that Associated Banc-Corp will post 2.91 earnings per share for the current year.

Associated Banc Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date is Tuesday, September 1st. Associated Banc’s dividend payout ratio (DPR) is presently 33.57%.

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.