Norges Bank Makes New Investment in Associated Banc-Corp $ASB

Norges Bank purchased a new stake in shares of Associated Banc-Corp (NYSE:ASB) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 2,121,893 shares of the bank’s stock, valued at approximately $54,660,000. Norges Bank owned approximately 1.28% of Associated Banc as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of ASB. Smartleaf Asset Management LLC raised its stake in shares of Associated Banc by 46.8% during the third quarter. Smartleaf Asset Management LLC now owns 1,279 shares of the bank’s stock valued at $33,000 after acquiring an additional 408 shares in the last quarter. Eurizon Capital SGR S.p.A. bought a new stake in shares of Associated Banc during the fourth quarter valued at approximately $33,000. EverSource Wealth Advisors LLC raised its stake in shares of Associated Banc by 345.5% during the second quarter. EverSource Wealth Advisors LLC now owns 1,350 shares of the bank’s stock valued at $33,000 after acquiring an additional 1,047 shares in the last quarter. CIBC Private Wealth Group LLC bought a new stake in shares of Associated Banc during the third quarter valued at approximately $51,000. Finally, Hoese & Co LLP bought a new stake in shares of Associated Banc during the fourth quarter valued at approximately $52,000. Institutional investors own 82.98% of the company’s stock.

Associated Banc Stock Performance

Shares of NYSE:ASB opened at $27.76 on Monday. The company has a market capitalization of $5.24 billion, a price-to-earnings ratio of 9.64, a price-to-earnings-growth ratio of 1.60 and a beta of 0.77. Associated Banc-Corp has a 52 week low of $22.48 and a 52 week high of $29.51. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.84. The firm has a 50 day moving average of $27.46 and a 200 day moving average of $26.83.

Associated Banc (NYSE:ASB) last issued its quarterly earnings data on Thursday, April 23rd. The bank reported $0.70 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.01. The company had revenue of $387.21 million during the quarter, compared to the consensus estimate of $384.20 million. Associated Banc had a net margin of 19.88% and a return on equity of 10.46%. During the same quarter in the previous year, the firm posted $0.59 earnings per share. On average, sell-side analysts predict that Associated Banc-Corp will post 2.92 earnings per share for the current fiscal year.

Associated Banc Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 1st will be paid a $0.24 dividend. The ex-dividend date of this dividend is Monday, June 1st. This represents a $0.96 dividend on an annualized basis and a yield of 3.5%. Associated Banc’s payout ratio is 33.33%.

Insider Buying and Selling at Associated Banc

In other Associated Banc news, Director John B. Williams sold 4,000 shares of Associated Banc stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $28.18, for a total value of $112,720.00. Following the transaction, the director directly owned 67,420 shares of the company’s stock, valued at approximately $1,899,895.60. The trade was a 5.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Dennis Deloye sold 14,299 shares of Associated Banc stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $28.26, for a total transaction of $404,089.74. Following the completion of the transaction, the executive vice president directly owned 21,385 shares in the company, valued at $604,340.10. This represents a 40.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.71% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research firms have recently weighed in on ASB. Weiss Ratings raised shares of Associated Banc from a “hold (c+)” rating to a “buy (b)” rating in a research note on Tuesday, February 17th. Raymond James Financial reaffirmed an “outperform” rating and set a $31.00 price target on shares of Associated Banc in a research note on Monday, April 27th. Stephens raised shares of Associated Banc from an “equal weight” rating to an “overweight” rating and decreased their price target for the company from $30.00 to $29.00 in a research note on Friday, March 27th. Wall Street Zen downgraded shares of Associated Banc from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. Finally, Truist Financial lifted their price objective on shares of Associated Banc from $27.00 to $30.00 and gave the company a “hold” rating in a report on Monday, April 27th. Six analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $30.30.

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.