Point72 Asset Management L.P. Acquires 123,271 Shares of Associated Banc-Corp (NYSE:ASB)

Point72 Asset Management L.P. lifted its holdings in Associated Banc-Corp (NYSE:ASB) by 12.0% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,149,355 shares of the bank’s stock after buying an additional 123,271 shares during the quarter. Point72 Asset Management L.P. owned about 0.76% of Associated Banc worth $24,309,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Steph & Co. increased its position in Associated Banc by 470.2% in the 1st quarter. Steph & Co. now owns 1,169 shares of the bank’s stock valued at $25,000 after acquiring an additional 964 shares in the last quarter. Bessemer Group Inc. increased its holdings in shares of Associated Banc by 285.2% in the first quarter. Bessemer Group Inc. now owns 1,225 shares of the bank’s stock valued at $26,000 after purchasing an additional 907 shares in the last quarter. Creekmur Asset Management LLC bought a new position in Associated Banc in the 4th quarter worth approximately $28,000. Quest Partners LLC acquired a new position in Associated Banc during the 2nd quarter worth $38,000. Finally, Parallel Advisors LLC boosted its position in Associated Banc by 64.0% in the 4th quarter. Parallel Advisors LLC now owns 2,290 shares of the bank’s stock valued at $49,000 after buying an additional 894 shares during the last quarter. Institutional investors and hedge funds own 82.98% of the company’s stock.

Wall Street Analyst Weigh In

ASB has been the topic of several research reports. Robert W. Baird cut their price target on Associated Banc from $27.00 to $25.00 and set a “neutral” rating on the stock in a research note on Friday, July 26th. Keefe, Bruyette & Woods raised their target price on shares of Associated Banc from $23.00 to $24.00 and gave the company a “market perform” rating in a research note on Friday, July 26th. Barclays cut their price objective on shares of Associated Banc from $24.00 to $22.00 and set an “equal weight” rating on the stock in a report on Monday, June 24th. StockNews.com upgraded shares of Associated Banc from a “sell” rating to a “hold” rating in a research report on Tuesday, July 2nd. Finally, Piper Sandler raised their price target on Associated Banc from $23.00 to $24.00 and gave the stock a “neutral” rating in a research report on Friday, July 26th. Ten equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $23.67.

Insider Buying and Selling

In related news, EVP John A. Utz sold 2,000 shares of the company’s stock in a transaction 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 completion of the transaction, the executive vice president now directly owns 99,637 shares of the company’s stock, valued at approximately $2,269,730.86. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Associated Banc news, Director Lith Karen Van sold 8,061 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $20.48, for a total value of $165,089.28. Following the sale, the director now owns 54,114 shares in the company, valued at approximately $1,108,254.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP John A. Utz sold 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $22.78, for a total transaction 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. Insiders have sold a total of 33,835 shares of company stock worth $757,214 over the last ninety days. Company insiders own 1.45% of the company’s stock.

Associated Banc Stock Performance

Shares of Associated Banc stock opened at $21.46 on Friday. The stock’s fifty day simple moving average is $21.79 and its 200 day simple moving average is $21.32. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.79. The company has a market capitalization of $3.24 billion, a PE ratio of 21.68, a PEG ratio of 2.36 and a beta of 0.93. Associated Banc-Corp has a 12 month low of $15.16 and a 12 month high of $24.21.

Associated Banc (NYSE:ASB) last released its quarterly earnings data on Thursday, July 25th. The bank reported $0.52 earnings per share for the quarter, meeting the consensus estimate of $0.52. Associated Banc had a return on equity of 8.14% and a net margin of 7.93%. The business had revenue of $321.75 million for the quarter, compared to analysts’ expectations of $330.69 million. During the same quarter in the previous year, the business posted $0.56 EPS. Associated Banc’s revenue for the quarter was down .5% on a year-over-year basis. On average, research analysts predict that Associated Banc-Corp will post 2.07 EPS for the current year.

Associated Banc Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Tuesday, September 3rd were given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 4.10%. The ex-dividend date of this dividend was Tuesday, September 3rd. Associated Banc’s dividend payout ratio is 88.89%.

Associated Banc Company 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.