Associated Banc-Corp (NYSE:ASB) Stake Trimmed by Pzena Investment Management LLC

Pzena Investment Management LLC lessened its stake in shares of Associated Banc-Corp (NYSE:ASBFree Report) by 4.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,826,786 shares of the bank’s stock after selling 120,968 shares during the period. Pzena Investment Management LLC owned about 1.87% of Associated Banc worth $60,465,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. First Command Advisory Services Inc. purchased a new stake in shares of Associated Banc in the 3rd quarter valued at approximately $29,000. Quadrant Capital Group LLC boosted its position in shares of Associated Banc by 183.2% in the fourth quarter. Quadrant Capital Group LLC now owns 2,860 shares of the bank’s stock worth $61,000 after buying an additional 1,850 shares during the period. Mitsubishi UFJ Trust & Banking Corp acquired a new position in Associated Banc during the third quarter valued at $82,000. GAMMA Investing LLC purchased a new stake in Associated Banc in the 4th quarter worth about $84,000. Finally, BKM Wealth Management LLC purchased a new stake in Associated Banc in the 4th quarter worth about $92,000. 82.98% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, EVP John A. Utz sold 2,500 shares of the company’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $22.18, for a total value of $55,450.00. Following the completion of the transaction, the executive vice president now directly owns 100,922 shares in the company, valued at $2,238,449.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP John A. Utz sold 2,500 shares of the company’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $22.18, for a total value of $55,450.00. Following the sale, the executive vice president now directly owns 100,922 shares in the company, valued at approximately $2,238,449.96. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP John A. Utz sold 14,010 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $21.20, for a total value of $297,012.00. Following the transaction, the executive vice president now owns 89,880 shares of the company’s stock, valued at approximately $1,905,456. The disclosure for this sale can be found here. Insiders have sold a total of 26,529 shares of company stock valued at $564,115 over the last three months. 1.45% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on ASB. Royal Bank of Canada reissued a “sector perform” rating and issued a $23.00 price target on shares of Associated Banc in a research report on Tuesday, April 9th. Barclays upped their price target on shares of Associated Banc from $22.00 to $24.00 and gave the stock an “equal weight” rating in a research note on Friday, April 26th. Raymond James lifted their price objective on Associated Banc from $21.00 to $25.00 and gave the company an “outperform” rating in a research report on Monday, January 29th. Stephens reaffirmed an “equal weight” rating and issued a $23.00 target price on shares of Associated Banc in a research report on Friday, April 26th. Finally, StockNews.com upgraded Associated Banc from a “sell” rating to a “hold” rating in a report on Monday, May 13th. Seven analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $23.13.

View Our Latest Report on Associated Banc

Associated Banc Stock Performance

ASB traded down $0.34 on Wednesday, hitting $21.41. The company had a trading volume of 313,730 shares, compared to its average volume of 1,374,233. Associated Banc-Corp has a 1-year low of $14.56 and a 1-year high of $22.77. 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 company’s fifty day moving average price is $21.20 and its 200 day moving average price is $20.52. The stock has a market cap of $3.23 billion, a price-to-earnings ratio of 21.97, a price-to-earnings-growth ratio of 1.29 and a beta of 0.99.

Associated Banc (NYSE:ASBGet Free Report) last announced its earnings results on Tuesday, April 30th. The bank reported $0.52 EPS for the quarter, topping the consensus estimate of $0.49 by $0.03. The firm had revenue of $322.84 million for the quarter, compared to the consensus estimate of $325.00 million. Associated Banc had a net margin of 6.86% and a return on equity of 8.31%. The business’s quarterly revenue was down 3.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.66 EPS. Equities analysts predict that Associated Banc-Corp will post 2.11 earnings per share for the current fiscal year.

Associated Banc Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Monday, June 3rd will be given a $0.22 dividend. The ex-dividend date of this dividend is Monday, June 3rd. This represents a $0.88 annualized dividend and a yield of 4.11%. Associated Banc’s dividend payout ratio is 88.89%.

About Associated Banc

(Free Report)

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.

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Institutional Ownership by Quarter for Associated Banc (NYSE:ASB)

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