Pzena Investment Management LLC Sells 40,938 Shares of Associated Banc-Corp $ASB

Pzena Investment Management LLC decreased its stake in Associated Banc-Corp (NYSE:ASB) by 2.1% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 1,949,305 shares of the bank’s stock after selling 40,938 shares during the period. Pzena Investment Management LLC’s holdings in Associated Banc were worth $55,848,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. State of Michigan Retirement System lifted its stake in shares of 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 acquiring an additional 700 shares during the period. Baird Financial Group Inc. boosted its holdings in Associated Banc by 7.3% in the second quarter. Baird Financial Group Inc. now owns 10,336 shares of the bank’s stock valued at $318,000 after acquiring an additional 703 shares during the last quarter. Parallel Advisors LLC increased its position in Associated Banc by 27.7% during the 1st quarter. Parallel Advisors LLC now owns 3,305 shares of the bank’s stock valued at $85,000 after purchasing an additional 717 shares during the period. GAMMA Investing LLC increased its position in Associated Banc by 6.3% during the 3rd quarter. GAMMA Investing LLC now owns 14,649 shares of the bank’s stock valued at $420,000 after purchasing an additional 874 shares during the period. Finally, NorthCrest Asset Manangement LLC raised its holdings in Associated Banc by 11.4% during the 3rd quarter. NorthCrest Asset Manangement LLC now owns 8,605 shares of the bank’s stock worth $247,000 after purchasing an additional 881 shares during the last quarter. 82.98% of the stock is currently owned by institutional investors.

Insider Activity at Associated Banc

In other Associated Banc news, EVP Randall J. Erickson sold 43,561 shares of the business’s stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $32.04, for a total transaction of $1,395,694.44. Following the completion of the sale, the executive vice president owned 56,091 shares in the company, 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 the SEC website. Also, EVP Gregory Warsek sold 16,300 shares of Associated Banc stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $32.01, for a total value of $521,763.00. Following the transaction, the executive vice president owned 13,809 shares of the company’s stock, valued at $442,026.09. This trade represents a 54.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 61,170 shares of company stock worth $1,957,840 in the last quarter. Company insiders own 0.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on ASB shares. Barclays boosted their price target on shares of Associated Banc from $35.00 to $37.00 and gave the stock an “overweight” rating in a research report on Tuesday. Piper Sandler increased their price objective on shares of Associated Banc from $34.00 to $35.00 and gave the stock a “neutral” rating in a research report on Friday, October 23rd. Weiss Ratings reissued a “buy (b)” rating on shares of Associated Banc in a research note on Monday, September 21st. Royal Bank Of Canada boosted their target price on shares of Associated Banc from $33.00 to $34.00 and gave the company a “sector perform” rating in a report on Friday, October 23rd. Finally, Truist Financial boosted their target price on shares of Associated Banc from $32.00 to $33.00 and gave the company a “hold” rating in a report on Tuesday, August 4th. Six equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $32.70.

Associated Banc Trading Up 1.5%

Shares of ASB stock opened at $31.39 on Thursday. The company has a market cap of $5.83 billion, a P/E ratio of 10.86, a PEG ratio of 1.04 and a beta of 0.80. The stock has a 50 day simple moving average of $29.70 and a two-hundred day simple moving average of $28.73. 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 fifty-two week low of $23.87 and a fifty-two week high of $32.46.

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

Associated Banc Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Stockholders of record on Tuesday, December 1st will be paid a $0.25 dividend. The ex-dividend date is Tuesday, December 1st. This represents a $1.00 annualized dividend and a dividend yield of 3.2%. This is an increase from Associated Banc’s previous quarterly dividend of $0.24. Associated Banc’s dividend payout ratio (DPR) is presently 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.