AlphaQuest LLC Invests $5.01 Million in Associated Banc-Corp $ASB

AlphaQuest LLC acquired a new stake in Associated Banc-Corp (NYSE:ASB) in the third quarter, Holdings Channel.com reports. The fund acquired 194,911 shares of the bank’s stock, valued at approximately $5,011,000. Associated Banc makes up approximately 0.3% of AlphaQuest LLC’s portfolio, making the stock its 9th largest position.

Other hedge funds have also recently bought and sold shares of the company. Geode Capital Management LLC boosted its holdings in Associated Banc by 1.6% during the 2nd quarter. Geode Capital Management LLC now owns 4,151,111 shares of the bank’s stock valued at $101,256,000 after acquiring an additional 67,219 shares during the period. Goldman Sachs Group Inc. lifted its position in shares of Associated Banc by 139.1% during the first quarter. Goldman Sachs Group Inc. now owns 2,748,667 shares of the bank’s stock worth $61,927,000 after purchasing an additional 1,598,951 shares in the last quarter. American Century Companies Inc. lifted its position in shares of Associated Banc by 7.7% during the second quarter. American Century Companies Inc. now owns 1,983,873 shares of the bank’s stock worth $48,387,000 after purchasing an additional 141,946 shares in the last quarter. Norges Bank purchased a new position in shares of Associated Banc in the second quarter valued at approximately $48,373,000. Finally, Pzena Investment Management LLC grew its holdings in shares of Associated Banc by 4.0% in the second quarter. Pzena Investment Management LLC now owns 1,859,542 shares of the bank’s stock valued at $45,354,000 after purchasing an additional 71,676 shares in the last quarter. Institutional investors and hedge funds own 82.98% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on ASB shares. Piper Sandler increased their target price on shares of Associated Banc from $27.00 to $30.00 and gave the stock a “neutral” rating in a report on Friday, January 23rd. Truist Financial upped their price objective on Associated Banc from $29.00 to $30.00 and gave the stock a “hold” rating in a research report on Monday. UBS Group reiterated a “buy” rating and issued a $28.00 target price on shares of Associated Banc in a report on Tuesday, December 2nd. Barclays lowered their target price on Associated Banc from $32.00 to $30.00 and set an “equal weight” rating for the company in a research note on Tuesday, November 11th. Finally, Raymond James Financial reaffirmed an “outperform” rating and issued a $30.00 price target (up previously from $29.00) on shares of Associated Banc in a research 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 MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $29.20.

Insider Buying and Selling at Associated Banc

In related news, EVP Patrick Edward Ahern sold 30,489 shares of the stock in a transaction on Thursday, December 4th. The shares were sold at an average price of $25.70, for a total value of $783,567.30. Following the transaction, the executive vice president directly owned 24,055 shares of the company’s stock, valued at $618,213.50. This trade represents a 55.90% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP John A. Utz sold 2,135 shares of Associated Banc 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 sale, the executive vice president owned 109,842 shares in the company, valued at $2,900,927.22. This represents a 1.91% 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 sold 35,951 shares of company stock valued at $925,756. Company insiders own 1.45% of the company’s stock.

Associated Banc Stock Performance

NYSE:ASB opened at $27.33 on Friday. Associated Banc-Corp has a 12 month low of $18.32 and a 12 month high of $28.02. 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 firm has a market capitalization of $4.53 billion, a PE ratio of 9.86, a price-to-earnings-growth ratio of 1.23 and a beta of 0.79. The business’s fifty day moving average price is $26.42 and its 200 day moving average price is $25.83.

Associated Banc (NYSE:ASB) last released its quarterly earnings data 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. Associated Banc had a return on equity of 10.25% and a net margin of 19.31%.The business had revenue of $393.52 million during the quarter, compared to analysts’ expectations of $382.06 million. During the same period in the prior year, the firm posted $0.72 EPS. On average, sell-side analysts anticipate that Associated Banc-Corp will post 2.43 earnings per share for the current fiscal year.

Associated Banc Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Monday, March 2nd will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 3.5%. The ex-dividend date is Monday, March 2nd. Associated Banc’s dividend payout ratio is currently 34.66%.

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

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.