First Trust Advisors LP Boosts Position in Associated Banc-Corp $ASB

First Trust Advisors LP lifted its holdings in Associated Banc-Corp (NYSE:ASB) by 679.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,223,694 shares of the bank’s stock after acquiring an additional 1,938,393 shares during the period. First Trust Advisors LP owned approximately 1.34% of Associated Banc worth $57,171,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Smartleaf Asset Management LLC boosted its position in Associated Banc by 46.8% during the 3rd quarter. Smartleaf Asset Management LLC now owns 1,279 shares of the bank’s stock worth $33,000 after purchasing an additional 408 shares during the period. EverSource Wealth Advisors LLC raised its position in 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 purchasing an additional 1,047 shares during the period. Quent Capital LLC purchased a new position in Associated Banc in the third quarter valued at about $34,000. First Horizon Corp acquired a new position in shares of Associated Banc during the third quarter worth about $39,000. Finally, Bessemer Group Inc. boosted its position in shares of Associated Banc by 55.5% in the third quarter. Bessemer Group Inc. now owns 2,074 shares of the bank’s stock worth $54,000 after buying an additional 740 shares during the period. Hedge funds and other institutional investors own 82.98% of the company’s stock.

Insider Transactions at Associated Banc

In related news, Director John B. Williams sold 2,325 shares of Associated Banc 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 sale, the director directly owned 70,959 shares in the company, valued at $1,990,399.95. This trade represents a 3.17% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, 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 in the company, valued at $1,143,811.03. The trade was a 27.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 23,656 shares of company stock worth $677,789. 1.10% of the stock is currently owned by company insiders.

Associated Banc Trading Up 0.3%

NYSE:ASB opened at $25.15 on Wednesday. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.81. The company has a market cap of $4.17 billion, a PE ratio of 9.08, a P/E/G ratio of 1.14 and a beta of 0.80. Associated Banc-Corp has a 52 week low of $18.32 and a 52 week high of $29.51. The business’s 50 day moving average is $27.08 and its two-hundred day moving average is $26.32.

Associated Banc (NYSE:ASB) last announced 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 firm had revenue of $393.52 million for the quarter, compared to analysts’ expectations of $382.06 million. During the same period last year, the business posted $0.72 earnings per share. On average, analysts predict that Associated Banc-Corp will post 2.43 EPS for the current year.

Associated Banc declared that its Board of Directors has approved 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 usually a sign that the company’s board believes its shares are undervalued.

Associated Banc Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Monday, March 2nd will be issued a $0.24 dividend. The ex-dividend date of this dividend is Monday, March 2nd. This represents a $0.96 dividend on an annualized basis and a yield of 3.8%. Associated Banc’s dividend payout ratio (DPR) is currently 34.66%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on ASB. Keefe, Bruyette & Woods increased their target price on Associated Banc from $29.00 to $30.00 and gave the company a “market perform” rating in a research note on Friday, January 23rd. Truist Financial lifted their price target on shares of Associated Banc from $29.00 to $30.00 and gave the stock a “hold” rating in a research note on Monday, January 26th. Royal Bank Of Canada boosted their price objective on shares of Associated Banc from $29.00 to $30.00 and gave the stock a “sector perform” rating in a report on Friday, January 23rd. UBS Group restated a “buy” rating and set a $28.00 target price on shares of Associated Banc in a research note on Tuesday, December 2nd. Finally, Barclays cut their price target on Associated Banc from $32.00 to $30.00 and set an “equal weight” rating on the stock in a research note on Tuesday, November 11th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat, Associated Banc presently has a consensus rating of “Moderate Buy” and a consensus target price of $29.20.

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.