Verition Fund Management LLC Raises Stock Holdings in Associated Banc-Corp (NYSE:ASB)

Verition Fund Management LLC boosted its holdings in Associated Banc-Corp (NYSE:ASB) by 50.2% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,181,042 shares of the bank’s stock after buying an additional 728,555 shares during the quarter. Associated Banc accounts for approximately 0.4% of Verition Fund Management LLC’s holdings, making the stock its 28th biggest position. Verition Fund Management LLC’s holdings in Associated Banc were worth $46,652,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new stake in shares of Associated Banc during the 4th quarter valued at about $36,722,000. Louisiana State Employees Retirement System bought a new position in shares of Associated Banc during the 4th quarter valued at approximately $892,000. Walleye Capital LLC bought a new position in shares of Associated Banc during the 3rd quarter valued at approximately $7,561,000. LSV Asset Management grew its stake in shares of Associated Banc by 21.0% during the 4th quarter. LSV Asset Management now owns 2,826,597 shares of the bank’s stock valued at $60,461,000 after acquiring an additional 490,321 shares during the period. Finally, AQR Capital Management LLC grew its stake in shares of Associated Banc by 92.2% during the 3rd quarter. AQR Capital Management LLC now owns 1,433,301 shares of the bank’s stock valued at $24,524,000 after acquiring an additional 687,552 shares during the period. Hedge funds and other institutional investors own 82.98% of the company’s stock.

Insider Activity

In related news, EVP John A. Utz sold 2,500 shares of the stock in a transaction on Monday, May 6th. The stock was sold at an average price of $22.18, for a total transaction of $55,450.00. Following the sale, the executive vice president now owns 100,922 shares in the company, valued at approximately $2,238,449.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, EVP Nicole M. Kitowski sold 5,019 shares of the stock in a transaction on Tuesday, April 30th. The stock was sold at an average price of $21.23, for a total transaction of $106,553.37. Following the sale, the executive vice president now owns 37,993 shares in the company, valued at approximately $806,591.39. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP John A. Utz sold 2,500 shares of the stock in a transaction on Monday, May 6th. The shares were sold at an average price of $22.18, for a total value of $55,450.00. Following the sale, the executive vice president now owns 100,922 shares in the company, valued at approximately $2,238,449.96. The disclosure for this sale can be found here. Corporate insiders own 1.45% of the company’s stock.

Analyst Upgrades and Downgrades

ASB has been the subject of a number of recent research reports. Royal Bank of Canada reiterated a “sector perform” rating and set a $23.00 price objective on shares of Associated Banc in a research note on Tuesday, April 9th. StockNews.com upgraded Associated Banc from a “sell” rating to a “hold” rating in a research note on Thursday. Wells Fargo & Company boosted their price objective on Associated Banc from $20.00 to $22.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 10th. Stephens restated an “equal weight” rating and issued a $23.00 price target on shares of Associated Banc in a research note on Friday, April 26th. Finally, Barclays upped their price target on Associated Banc from $22.00 to $24.00 and gave the stock an “equal weight” rating in a research note on Friday, April 26th. Seven investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, Associated Banc presently has an average rating of “Hold” and an average price target of $23.13.

Associated Banc Price Performance

Shares of NYSE ASB traded down $0.05 during midday trading on Friday, reaching $20.58. 794,680 shares of the stock traded hands, compared to its average volume of 829,633. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.86 and a quick ratio of 0.86. The stock has a market capitalization of $3.10 billion, a PE ratio of 20.79, a P/E/G ratio of 2.15 and a beta of 0.96. Associated Banc-Corp has a one year low of $15.16 and a one year high of $22.77. The company’s 50 day moving average is $21.27 and its 200 day moving average is $20.81.

Associated Banc (NYSE:ASB) last posted its earnings results on Tuesday, April 30th. The bank reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.49 by $0.03. The firm had revenue of $322.84 million during the quarter, compared to the consensus estimate of $325.00 million. Associated Banc had a return on equity of 8.31% and a net margin of 6.86%. The company’s quarterly revenue was down 3.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.66 EPS. On average, equities research analysts anticipate that Associated Banc-Corp will post 2.11 earnings per share for the current year.

Associated Banc Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Monday, June 3rd will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Monday, June 3rd. This represents a $0.88 dividend on an annualized basis and a dividend yield of 4.28%. Associated Banc’s dividend payout ratio is currently 88.89%.

Associated Banc Company Profile

Associated Banc-Corp, a bank holding company, provides various banking and nonbanking products to individuals and businesses in Wisconsin, Illinois, and Minnesota. The company offers lending solutions, including commercial loans and lines of credit, commercial real estate financing, construction loans, letters of credit, leasing, asset based lending and equipment finance, loan syndications products, residential mortgages, home equity loans and lines of credit, personal and installment loans, auto finance and business loans, and business lines of credit.