Quantbot Technologies LP Acquires New Shares in Associated Banc-Corp (NYSE:ASB)

Quantbot Technologies LP bought a new position in shares of Associated Banc-Corp (NYSE:ASB) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 44,327 shares of the bank’s stock, valued at approximately $955,000.

A number of other institutional investors and hedge funds have also recently made changes to their positions in ASB. Millennium Management LLC increased its position in Associated Banc by 291.3% during the 2nd quarter. Millennium Management LLC now owns 1,563,274 shares of the bank’s stock worth $33,063,000 after purchasing an additional 1,163,807 shares in the last quarter. Point72 Asset Management L.P. lifted its stake in shares of Associated Banc by 12.0% in the 2nd quarter. Point72 Asset Management L.P. now owns 1,149,355 shares of the bank’s stock valued at $24,309,000 after acquiring an additional 123,271 shares during the last quarter. Thrivent Financial for Lutherans boosted its holdings in shares of Associated Banc by 221.6% during the 3rd quarter. Thrivent Financial for Lutherans now owns 163,003 shares of the bank’s stock valued at $3,511,000 after acquiring an additional 112,323 shares in the last quarter. Interval Partners LP grew its position in Associated Banc by 27.6% during the 2nd quarter. Interval Partners LP now owns 442,947 shares of the bank’s stock worth $9,368,000 after acquiring an additional 95,928 shares during the last quarter. Finally, RIA Advisory Group LLC acquired a new position in Associated Banc in the 3rd quarter worth about $1,935,000. Institutional investors own 82.98% of the company’s stock.

Insider Transactions at Associated Banc

In related news, EVP John A. Utz sold 19,044 shares of the company’s stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $24.19, for a total transaction of $460,674.36. Following the transaction, the executive vice president now directly owns 100,204 shares of the company’s stock, valued at approximately $2,423,934.76. This represents a 15.97 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed 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 shares were sold at an average price of $20.48, for a total value of $165,089.28. Following the completion of the sale, the director now directly owns 54,114 shares of the company’s stock, valued at $1,108,254.72. This trade represents a 12.97 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 56,641 shares of company stock valued at $1,435,936 in the last quarter. 1.45% of the stock is currently owned by company insiders.

Associated Banc Price Performance

Shares of NYSE ASB opened at $26.69 on Monday. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.65. The company has a market capitalization of $4.04 billion, a PE ratio of 22.24, a P/E/G ratio of 1.93 and a beta of 0.91. The firm has a fifty day simple moving average of $23.91 and a 200 day simple moving average of $22.29. Associated Banc-Corp has a twelve month low of $17.51 and a twelve month high of $28.18.

Associated Banc (NYSE:ASB) last announced its quarterly earnings data on Thursday, October 24th. The bank reported $0.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.50 by $0.06. Associated Banc had a return on equity of 8.18% and a net margin of 8.15%. The company had revenue of $607.54 million for the quarter, compared to the consensus estimate of $336.52 million. During the same period in the previous year, the business earned $0.53 EPS. On average, sell-side analysts forecast that Associated Banc-Corp will post 2.13 EPS for the current year.

Associated Banc Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be issued a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.45%. This is a boost from Associated Banc’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Monday, December 2nd. Associated Banc’s dividend payout ratio is presently 73.33%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on ASB shares. StockNews.com raised Associated Banc from a “sell” rating to a “hold” rating in a research note on Thursday, October 31st. Barclays boosted their target price on shares of Associated Banc from $23.00 to $24.00 and gave the stock an “equal weight” rating in a report on Friday, October 25th. Finally, Royal Bank of Canada raised their price target on shares of Associated Banc from $24.00 to $25.00 and gave the company a “sector perform” rating in a research note on Friday, October 25th. Ten equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $23.89.

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.