Heartland Advisors Inc. Purchases 59,184 Shares of Associated Banc-Corp $ASB

Heartland Advisors Inc. raised its position in Associated Banc-Corp (NYSE:ASB) by 7.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 877,828 shares of the bank’s stock after purchasing an additional 59,184 shares during the quarter. Associated Banc accounts for approximately 1.2% of Heartland Advisors Inc.’s holdings, making the stock its 11th largest holding. Heartland Advisors Inc. owned 0.53% of Associated Banc worth $22,569,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of ASB. Jackson Creek Investment Advisors LLC acquired a new stake in shares of Associated Banc in the third quarter valued at about $1,769,000. Y Intercept Hong Kong Ltd bought a new position in Associated Banc in the third quarter valued at approximately $1,289,000. Thrivent Financial for Lutherans increased its position in shares of Associated Banc by 19.4% during the 3rd quarter. Thrivent Financial for Lutherans now owns 250,285 shares of the bank’s stock worth $6,435,000 after purchasing an additional 40,631 shares during the last quarter. AlphaQuest LLC bought a new stake in shares of Associated Banc during the 3rd quarter worth approximately $5,011,000. Finally, Leeward Investments LLC MA boosted its holdings in shares of Associated Banc by 39.7% in the 2nd quarter. Leeward Investments LLC MA now owns 765,504 shares of the bank’s stock valued at $18,671,000 after buying an additional 217,546 shares during the last quarter. 82.98% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

ASB has been the subject of a number of analyst reports. Barclays decreased their price objective on shares of Associated Banc from $32.00 to $30.00 and set an “equal weight” rating for the company in a research report on Tuesday, November 11th. UBS Group reiterated a “buy” rating and set a $28.00 price target on shares of Associated Banc in a report on Tuesday, December 2nd. Piper Sandler boosted their price target on Associated Banc from $27.00 to $30.00 and gave the stock a “neutral” rating in a research report on Friday, January 23rd. Truist Financial raised their price objective on Associated Banc from $29.00 to $30.00 and gave the company a “hold” rating in a research report on Monday, January 26th. Finally, Raymond James Financial reissued an “outperform” rating and set a $30.00 target price (up from $29.00) on shares of Associated Banc in a report on Monday, October 27th. Three equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $29.20.

Associated Banc Price Performance

Associated Banc stock opened at $27.85 on Tuesday. The firm has a market cap of $4.62 billion, a PE ratio of 10.05, a price-to-earnings-growth ratio of 1.27 and a beta of 0.80. 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’s fifty day moving average price is $26.97 and its two-hundred day moving average price is $26.08. Associated Banc-Corp has a one year low of $18.32 and a one year high of $29.51.

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

Associated Banc Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, March 16th. Stockholders of record on Monday, March 2nd will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend is Monday, March 2nd. Associated Banc’s dividend payout ratio is 34.66%.

Associated Banc declared that its board has initiated a share buyback program on Tuesday, January 27th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the bank to repurchase up to 2.2% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In other news, EVP John A. Utz sold 2,135 shares of the business’s stock in a transaction on Tuesday, December 9th. The stock was sold at an average price of $26.41, for a total transaction of $56,385.35. Following the completion of the transaction, the executive vice president owned 109,842 shares of the company’s stock, valued at approximately $2,900,927.22. The trade was a 1.91% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John B. Williams sold 2,325 shares of the firm’s stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $28.05, for a total value of $65,216.25. Following the completion of the sale, the director directly owned 70,959 shares in the company, valued at $1,990,399.95. This trade represents a 3.17% 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 have sold 53,007 shares of company stock worth $1,418,613. Corporate insiders own 1.10% of the company’s stock.

About Associated Banc

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.