JPMorgan Chase & Co. Purchases 194,307 Shares of Associated Banc-Corp $ASB

JPMorgan Chase & Co. lifted its position in Associated Banc-Corp (NYSE:ASB) by 24.6% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 984,537 shares of the bank’s stock after purchasing an additional 194,307 shares during the quarter. JPMorgan Chase & Co. owned 0.59% of Associated Banc worth $25,312,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the company. Smartleaf Asset Management LLC raised its holdings in shares of Associated Banc by 46.8% during the 3rd quarter. Smartleaf Asset Management LLC now owns 1,279 shares of the bank’s stock valued at $33,000 after buying an additional 408 shares in the last quarter. Quent Capital LLC purchased a new stake in Associated Banc in the third quarter worth approximately $34,000. EverSource Wealth Advisors LLC boosted its stake in Associated Banc by 345.5% in the second quarter. EverSource Wealth Advisors LLC now owns 1,350 shares of the bank’s stock worth $33,000 after buying an additional 1,047 shares in the last quarter. First Horizon Corp bought a new position in Associated Banc during the third quarter valued at approximately $39,000. Finally, CIBC Private Wealth Group LLC bought a new position in Associated Banc during the third quarter valued at approximately $51,000. 82.98% of the stock is currently owned by institutional investors.

Associated Banc Stock Performance

NYSE:ASB opened at $24.77 on Tuesday. The firm has a market cap of $4.09 billion, a PE ratio of 8.94, a price-to-earnings-growth ratio of 1.11 and a beta of 0.80. Associated Banc-Corp has a fifty-two week low of $18.32 and a fifty-two week high of $29.51. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.90 and a current ratio of 0.90. The business has a 50 day moving average price of $26.78 and a 200-day moving average price of $26.18.

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

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

Associated Banc Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 16th. Shareholders of record on Monday, March 2nd were given a $0.24 dividend. The ex-dividend date was Monday, March 2nd. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.9%. Associated Banc’s payout ratio is presently 34.66%.

Insider Buying and Selling at Associated Banc

In related news, EVP Patrick Edward Ahern sold 14,731 shares of the firm’s stock in a transaction dated Tuesday, February 10th. The stock was sold at an average price of $29.03, for a total value of $427,640.93. Following the sale, the executive vice president directly owned 39,401 shares of the company’s stock, valued at $1,143,811.03. This trade represents a 27.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director John B. Williams sold 2,325 shares of the business’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 transaction, the director owned 70,959 shares in the company, valued at approximately $1,990,399.95. This represents a 3.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 23,656 shares of company stock worth $677,789. 0.71% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Weiss Ratings upgraded shares of Associated Banc from a “hold (c+)” rating to a “buy (b)” rating in a report on Tuesday, February 17th. Piper Sandler increased their target price on shares of Associated Banc from $27.00 to $30.00 and gave the company a “neutral” rating in a report on Friday, January 23rd. Keefe, Bruyette & Woods lifted their target price on shares of Associated Banc from $29.00 to $30.00 and gave the stock a “market perform” rating in a research report on Friday, January 23rd. Zacks Research raised shares of Associated Banc from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, February 25th. Finally, UBS Group restated a “buy” rating and set a $28.00 price target on shares of Associated Banc in a research report on Tuesday, December 2nd. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat, Associated Banc currently has an average rating of “Moderate Buy” and an average price target of $28.90.

Associated Banc Company 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.