Associated Banc-Corp $ASB Shares Acquired by Allianz Asset Management GmbH

Allianz Asset Management GmbH lifted its holdings in shares of Associated Banc-Corp (NYSE:ASB) by 31.2% during the third quarter, HoldingsChannel.com reports. The fund owned 87,966 shares of the bank’s stock after purchasing an additional 20,930 shares during the quarter. Allianz Asset Management GmbH’s holdings in Associated Banc were worth $2,262,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Hantz Financial Services Inc. boosted its stake in Associated Banc by 2,033.9% during the 2nd quarter. Hantz Financial Services Inc. now owns 1,195 shares of the bank’s stock worth $29,000 after purchasing an additional 1,139 shares during the period. Quent Capital LLC acquired a new position in Associated Banc in the third quarter valued at $34,000. EverSource Wealth Advisors LLC raised its holdings in shares of Associated Banc by 345.5% in the second quarter. EverSource Wealth Advisors LLC now owns 1,350 shares of the bank’s stock valued at $33,000 after buying an additional 1,047 shares during the last quarter. Bayforest Capital Ltd purchased a new stake in shares of Associated Banc in the second quarter valued at about $34,000. Finally, First Horizon Corp acquired a new stake in shares of Associated Banc during the third quarter worth about $39,000. Hedge funds and other institutional investors own 82.98% of the company’s stock.

Insiders Place Their Bets

In other Associated Banc news, EVP John A. Utz sold 2,135 shares of the company’s stock in a transaction on Tuesday, December 9th. The stock was sold at an average price of $26.41, for a total value of $56,385.35. Following the sale, the executive vice president owned 109,842 shares of the company’s stock, valued at approximately $2,900,927.22. This represents a 1.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John B. Williams sold 2,325 shares of the firm’s stock in a transaction on 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 transaction, the director owned 70,959 shares of the company’s stock, valued at approximately $1,990,399.95. This represents a 3.17% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 53,007 shares of company stock worth $1,418,613. 1.45% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

ASB has been the topic of several recent research reports. Truist Financial boosted their price target on Associated Banc from $29.00 to $30.00 and gave the company a “hold” rating in a research report on Monday, January 26th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Associated Banc in a research note on Monday, December 29th. Raymond James Financial reissued an “outperform” rating and issued a $30.00 target price (up previously from $29.00) on shares of Associated Banc in a report on Monday, October 27th. Barclays decreased their price target on Associated Banc from $32.00 to $30.00 and set an “equal weight” rating for the company in a report on Tuesday, November 11th. Finally, UBS Group reissued a “buy” rating and issued a $28.00 price objective on shares of Associated Banc in a research note on Tuesday, December 2nd. Three research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $29.20.

Associated Banc Stock Down 2.6%

ASB stock opened at $27.54 on Friday. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.81. The company’s 50-day moving average price is $26.90 and its 200 day moving average price is $26.02. Associated Banc-Corp has a 52 week low of $18.32 and a 52 week high of $29.51. The company has a market cap of $4.57 billion, a P/E ratio of 9.94, a P/E/G ratio of 1.30 and a beta of 0.81.

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

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

Associated Banc Announces Dividend

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

Associated Banc Profile

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.