Mairs & Power Inc. Sells 25,919 Shares of Associated Banc-Corp $ASB

Mairs & Power Inc. lowered its holdings in Associated Banc-Corp (NYSE:ASB) by 8.7% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 272,016 shares of the bank’s stock after selling 25,919 shares during the period. Mairs & Power Inc.’s holdings in Associated Banc were worth $6,994,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in ASB. Jackson Creek Investment Advisors LLC bought a new stake in Associated Banc in the third quarter valued at $1,769,000. JPMorgan Chase & Co. lifted its position in shares of Associated Banc by 24.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 984,537 shares of the bank’s stock worth $25,312,000 after purchasing an additional 194,307 shares during the period. Y Intercept Hong Kong Ltd bought a new stake in shares of Associated Banc during the 3rd quarter valued at about $1,289,000. Skandinaviska Enskilda Banken AB publ boosted its stake in shares of Associated Banc by 50.6% during the 3rd quarter. Skandinaviska Enskilda Banken AB publ now owns 125,433 shares of the bank’s stock valued at $3,225,000 after purchasing an additional 42,133 shares in the last quarter. Finally, Heartland Advisors Inc. raised its stake in Associated Banc by 7.2% in the third quarter. Heartland Advisors Inc. now owns 877,828 shares of the bank’s stock worth $22,569,000 after buying an additional 59,184 shares in the last quarter. 82.98% of the stock is owned by hedge funds and other institutional investors.

Associated Banc Stock Up 0.5%

Shares of NYSE:ASB opened at $24.61 on Tuesday. 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 stock has a fifty day simple moving average of $26.98 and a two-hundred day simple moving average of $26.26. Associated Banc-Corp has a 12-month low of $18.32 and a 12-month high of $29.51. The stock has a market capitalization of $4.08 billion, a price-to-earnings ratio of 8.88, a PEG ratio of 1.12 and a beta of 0.80.

Associated Banc (NYSE:ASB) last issued its quarterly earnings results on Thursday, January 22nd. The bank reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.11. The firm had revenue of $393.52 million during the quarter, compared to the consensus estimate of $382.06 million. Associated Banc had a return on equity of 10.25% and a net margin of 19.31%.During the same period last year, the company earned $0.72 earnings per share. On average, research analysts anticipate 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 plan on Tuesday, January 27th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the bank to purchase up to 2.2% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Associated Banc Announces Dividend

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

Insider Transactions at Associated Banc

In related news, EVP Patrick Edward Ahern sold 14,731 shares of the firm’s stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $29.03, for a total transaction of $427,640.93. Following the completion of the sale, the executive vice president 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John B. Williams sold 2,325 shares of the business’s stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $28.05, for a total transaction 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. The trade was a 3.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 23,656 shares of company stock worth $677,789. Corporate insiders own 1.10% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on ASB shares. Zacks Research raised Associated Banc from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, February 25th. Weiss Ratings upgraded Associated Banc from a “hold (c+)” rating to a “buy (b)” rating in a research report on Tuesday, February 17th. Piper Sandler upped their price target on Associated Banc from $27.00 to $30.00 and gave the stock a “neutral” rating in a research note on Friday, January 23rd. Royal Bank Of Canada raised their price objective on Associated Banc from $29.00 to $30.00 and gave the company a “sector perform” rating in a research report on Friday, January 23rd. Finally, UBS Group restated a “buy” rating and set a $28.00 target price on shares of Associated Banc in a report on Tuesday, December 2nd. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and seven have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $29.20.

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.