Amalgamated Bank Has $1.53 Million Stock Holdings in Associated Banc-Corp (NYSE:ASB)

Amalgamated Bank reduced its position in Associated Banc-Corp (NYSE:ASB) by 7.6% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 72,134 shares of the bank’s stock after selling 5,895 shares during the period. Amalgamated Bank’s holdings in Associated Banc were worth $1,526,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. increased its position in Associated Banc by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 15,639,171 shares of the bank’s stock worth $334,522,000 after purchasing an additional 184,813 shares during the period. LSV Asset Management grew its position in shares of Associated Banc by 43.3% during the 1st quarter. LSV Asset Management now owns 4,050,813 shares of the bank’s stock worth $87,133,000 after buying an additional 1,224,216 shares during the period. Verition Fund Management LLC raised its stake in shares of Associated Banc by 50.2% during the fourth quarter. Verition Fund Management LLC now owns 2,181,042 shares of the bank’s stock worth $46,652,000 after buying an additional 728,555 shares during the last quarter. Norges Bank acquired a new position in Associated Banc in the fourth quarter valued at approximately $36,722,000. Finally, Rafferty Asset Management LLC boosted its stake in Associated Banc by 91.4% in the fourth quarter. Rafferty Asset Management LLC now owns 440,620 shares of the bank’s stock valued at $9,425,000 after acquiring an additional 210,433 shares during the last quarter. Institutional investors own 82.98% of the company’s stock.

Insider Activity at Associated Banc

In other Associated Banc news, EVP Randall J. Erickson sold 23,774 shares of the business’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $22.99, for a total transaction of $546,564.26. Following the sale, the executive vice president now directly owns 128,680 shares of the company’s stock, valued at approximately $2,958,353.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, EVP Randall J. Erickson sold 23,774 shares of Associated Banc stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $22.99, for a total value of $546,564.26. Following the sale, the executive vice president now owns 128,680 shares of the company’s stock, valued at $2,958,353.20. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP John A. Utz sold 2,000 shares of the stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $22.78, for a total value of $45,560.00. Following the transaction, the executive vice president now directly owns 99,637 shares of the company’s stock, valued at $2,269,730.86. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 33,835 shares of company stock valued at $757,214. Corporate insiders own 1.45% of the company’s stock.

Associated Banc Stock Performance

ASB opened at $21.18 on Thursday. The company has a market capitalization of $3.20 billion, a price-to-earnings ratio of 21.39, a P/E/G ratio of 2.36 and a beta of 0.93. The business’s 50-day moving average price is $21.82 and its two-hundred day moving average price is $21.32. Associated Banc-Corp has a 1 year low of $15.16 and a 1 year high of $24.21. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.89 and a quick ratio of 0.89.

Associated Banc (NYSE:ASB) last announced its earnings results on Thursday, July 25th. The bank reported $0.52 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.52. The business had revenue of $321.75 million for the quarter, compared to analyst estimates of $330.69 million. Associated Banc had a return on equity of 8.14% and a net margin of 7.93%. Associated Banc’s revenue for the quarter was down .5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.56 EPS. Equities analysts expect that Associated Banc-Corp will post 2.07 EPS for the current fiscal year.

Associated Banc Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Tuesday, September 3rd were issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 4.16%. The ex-dividend date of this dividend was Tuesday, September 3rd. Associated Banc’s payout ratio is 88.89%.

Analysts Set New Price Targets

ASB has been the topic of a number of analyst reports. Keefe, Bruyette & Woods increased their price target on Associated Banc from $23.00 to $24.00 and gave the company a “market perform” rating in a research note on Friday, July 26th. StockNews.com raised Associated Banc from a “sell” rating to a “hold” rating in a research note on Tuesday, July 2nd. Stephens restated an “equal weight” rating and set a $24.00 target price on shares of Associated Banc in a research report on Tuesday, July 30th. Piper Sandler increased their price target on shares of Associated Banc from $23.00 to $24.00 and gave the company a “neutral” rating in a research report on Friday, July 26th. Finally, Baird R W cut shares of Associated Banc from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 17th. Ten analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $23.67.

Associated Banc Profile

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.