First Trust Advisors LP Reduces Holdings in Associated Banc Corp (NYSE:ASB)
First Trust Advisors LP decreased its position in shares of Associated Banc Corp (NYSE:ASB) by 38.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 625,292 shares of the bank’s stock after selling 391,034 shares during the period. First Trust Advisors LP owned about 0.40% of Associated Banc worth $7,997,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently added to or reduced their stakes in ASB. Strs Ohio purchased a new stake in Associated Banc during the 4th quarter worth $912,000. CWM LLC increased its stake in Associated Banc by 5.8% during the 4th quarter. CWM LLC now owns 12,150 shares of the bank’s stock worth $268,000 after buying an additional 663 shares during the period. First Mercantile Trust Co. increased its stake in Associated Banc by 24.8% during the 4th quarter. First Mercantile Trust Co. now owns 11,559 shares of the bank’s stock worth $255,000 after buying an additional 2,299 shares during the period. US Bancorp DE increased its position in shares of Associated Banc by 5.0% in the 4th quarter. US Bancorp DE now owns 97,610 shares of the bank’s stock worth $2,151,000 after purchasing an additional 4,667 shares during the last quarter. Finally, Principal Financial Group Inc. increased its position in shares of Associated Banc by 11.5% in the 4th quarter. Principal Financial Group Inc. now owns 877,376 shares of the bank’s stock worth $19,338,000 after purchasing an additional 90,440 shares during the last quarter. 73.58% of the stock is currently owned by hedge funds and other institutional investors.
NYSE ASB opened at $13.05 on Friday. Associated Banc Corp has a one year low of $10.23 and a one year high of $22.60. The company has a 50-day simple moving average of $12.94 and a 200-day simple moving average of $17.92. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.94 and a current ratio of 0.96. The firm has a market capitalization of $2.05 billion, a PE ratio of 7.77, a price-to-earnings-growth ratio of 2.04 and a beta of 1.27.
The firm also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 1st will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 5.52%. The ex-dividend date is Friday, May 29th. Associated Banc’s dividend payout ratio (DPR) is presently 36.55%.
Several equities research analysts have recently weighed in on the stock. ValuEngine downgraded shares of Associated Banc from a “hold” rating to a “sell” rating in a research report on Thursday, April 30th. Raymond James raised shares of Associated Banc from an “underperform” rating to a “market perform” rating in a research report on Thursday, February 20th. TheStreet downgraded shares of Associated Banc from a “b-” rating to a “c+” rating in a research report on Thursday, February 27th. Cfra dropped their target price on shares of Associated Banc from $22.00 to $14.00 and set a “hold” rating for the company in a research report on Friday, May 15th. Finally, Wells Fargo & Co raised shares of Associated Banc from an “underweight” rating to an “equal weight” rating and set a $15.00 target price for the company in a research report on Monday, March 30th. Three investment analysts have rated the stock with a sell rating and seven have given a hold rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $17.71.
In other news, Director William R. Hutchinson bought 5,000 shares of Associated Banc stock in a transaction on Monday, March 9th. The stock was purchased at an average cost of $13.00 per share, with a total value of $65,000.00. Following the purchase, the director now directly owns 99,097 shares of the company’s stock, valued at approximately $1,288,261. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders bought a total of 27,000 shares of company stock valued at $432,170 over the last ninety days. Company insiders own 2.38% of the company’s stock.
About Associated Banc
Associated Banc-Corp, a bank holding company, provides various banking and nonbanking products to individuals and businesses in Wisconsin, Illinois, and Minnesota. Its Corporate and Commercial Specialty segment offers deposit and cash management solutions, such as commercial checking and interest-bearing deposit products, cash vault and night depository services, liquidity solutions, payables and receivables solutions, and information services; and lending solutions, including commercial loans and lines of credit, commercial real estate financing, construction loans, letters of credit, leasing, asset based lending, and loan syndications.
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