Point72 Hong Kong Ltd Sells 47,176 Shares of Associated Banc-Corp (NYSE:ASB)

Point72 Hong Kong Ltd trimmed its holdings in Associated Banc-Corp (NYSE:ASB) by 83.8% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,137 shares of the bank’s stock after selling 47,176 shares during the quarter. Point72 Hong Kong Ltd’s holdings in Associated Banc were worth $193,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Norges Bank purchased a new stake in shares of Associated Banc during the 4th quarter valued at about $36,722,000. Vanguard Group Inc. raised its position in shares of Associated Banc by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 15,639,171 shares of the bank’s stock valued at $334,522,000 after buying an additional 184,813 shares during the last quarter. Verition Fund Management LLC increased its position in Associated Banc by 50.2% in the fourth quarter. Verition Fund Management LLC now owns 2,181,042 shares of the bank’s stock worth $46,652,000 after purchasing an additional 728,555 shares during the last quarter. Tidal Investments LLC bought a new stake in Associated Banc in the first quarter worth $866,000. Finally, Mairs & Power Inc. increased its position in Associated Banc by 13.8% in the fourth quarter. Mairs & Power Inc. now owns 399,310 shares of the bank’s stock worth $8,541,000 after purchasing an additional 48,432 shares during the last quarter. 82.98% of the stock is currently owned by institutional investors.

Associated Banc Stock Performance

Shares of Associated Banc stock opened at $21.46 on Friday. Associated Banc-Corp has a 52 week low of $15.16 and a 52 week high of $24.21. The company has a 50 day moving average price of $21.79 and a 200 day moving average price of $21.32. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.79. The firm has a market capitalization of $3.24 billion, a P/E ratio of 21.68, a PEG ratio of 2.36 and a beta of 0.93.

Associated Banc (NYSE:ASB) last issued its quarterly earnings results on Thursday, July 25th. The bank reported $0.52 earnings per share for the quarter, hitting the consensus estimate of $0.52. Associated Banc had a net margin of 7.93% and a return on equity of 8.14%. The company had revenue of $321.75 million for the quarter, compared to the consensus estimate of $330.69 million. During the same quarter in the prior year, the company earned $0.56 EPS. Associated Banc’s quarterly revenue was down .5% on a year-over-year basis. Sell-side analysts expect that Associated Banc-Corp will post 2.07 EPS for the current year.

Associated Banc Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Tuesday, September 3rd were issued a $0.22 dividend. The ex-dividend date was Tuesday, September 3rd. This represents a $0.88 annualized dividend and a yield of 4.10%. Associated Banc’s dividend payout ratio (DPR) is presently 88.89%.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. StockNews.com upgraded shares of Associated Banc from a “sell” rating to a “hold” rating in a research report on Tuesday, July 2nd. Barclays dropped their target price 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. Stephens reissued an “equal weight” rating and set a $24.00 price target on shares of Associated Banc in a research report on Tuesday, July 30th. Jefferies Financial Group decreased their price target on shares of Associated Banc from $24.00 to $22.00 and set a “hold” rating for the company in a research report on Wednesday, July 3rd. Finally, 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. Ten investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $23.67.

Insider Transactions at Associated Banc

In other news, EVP John A. Utz sold 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $22.78, for a total transaction of $45,560.00. Following the sale, the executive vice president now owns 99,637 shares of the company’s stock, valued at approximately $2,269,730.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP John A. Utz sold 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $22.78, for a total transaction of $45,560.00. Following the sale, the executive vice president now owns 99,637 shares of the company’s stock, valued at approximately $2,269,730.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Lith Karen Van sold 8,061 shares of the firm’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 transaction of $165,089.28. Following the sale, the director now directly owns 54,114 shares in the company, valued at approximately $1,108,254.72. The disclosure for this sale can be found here. Insiders have sold 33,835 shares of company stock valued at $757,214 in the last 90 days. 1.45% of the stock is currently owned by company insiders.

About Associated Banc

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.