Norges Bank Takes Position in Associated Banc-Corp (NYSE:ASB)

Norges Bank bought a new stake in Associated Banc-Corp (NYSE:ASB - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 1,512,322 shares of the bank's stock, valued at approximately $36,144,000. Norges Bank owned about 1.00% of Associated Banc as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Smartleaf Asset Management LLC grew its position in Associated Banc by 49.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,747 shares of the bank's stock valued at $42,000 after acquiring an additional 579 shares during the last quarter. Point72 DIFC Ltd bought a new position in Associated Banc in the third quarter valued at about $39,000. Crews Bank & Trust bought a new stake in shares of Associated Banc during the fourth quarter worth about $56,000. Sugar Maple Asset Management LLC acquired a new position in shares of Associated Banc in the fourth quarter worth approximately $64,000. Finally, R Squared Ltd acquired a new position in shares of Associated Banc in the fourth quarter worth approximately $67,000. Institutional investors own 82.98% of the company's stock.

Associated Banc Price Performance

ASB traded down $1.00 during trading on Thursday, reaching $19.61. 155,341 shares of the company were exchanged, compared to its average volume of 1,482,234. The company's 50-day moving average is $23.08 and its two-hundred day moving average is $23.93. Associated Banc-Corp has a 12-month low of $18.32 and a 12-month high of $28.18. The company has a market cap of $3.25 billion, a price-to-earnings ratio of 24.82, a P/E/G ratio of 1.52 and a beta of 0.78. The company has a quick ratio of 0.86, a current ratio of 0.88 and a debt-to-equity ratio of 0.61.

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Associated Banc (NYSE:ASB - Get Free Report) last released its quarterly earnings results on Thursday, January 23rd. The bank reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.04. Associated Banc had a return on equity of 8.24% and a net margin of 5.15%. Research analysts forecast that Associated Banc-Corp will post 2.43 earnings per share for the current fiscal year.

Associated Banc Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 3rd were given a dividend of $0.23 per share. The ex-dividend date was Monday, March 3rd. This represents a $0.92 annualized dividend and a dividend yield of 4.69%. Associated Banc's dividend payout ratio (DPR) is presently 116.46%.

Insider Activity

In related news, Director Eileen A. Kamerick sold 7,000 shares of the company's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $24.71, for a total value of $172,970.00. Following the sale, the director now directly owns 49,495 shares of the company's stock, valued at $1,223,021.45. This represents a 12.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director John B. Williams sold 2,830 shares of the company's stock in a transaction on Friday, February 14th. The stock was sold at an average price of $25.09, for a total value of $71,004.70. Following the completion of the sale, the director now directly owns 66,915 shares in the company, valued at approximately $1,678,897.35. The trade was a 4.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.45% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on ASB shares. Raymond James cut their price objective on Associated Banc from $30.00 to $28.00 and set an "outperform" rating on the stock in a research note on Monday, March 10th. Wells Fargo & Company raised Associated Banc from an "equal weight" rating to an "overweight" rating and cut their price objective for the stock from $27.00 to $26.00 in a research note on Wednesday. Keefe, Bruyette & Woods lifted their price objective on Associated Banc from $29.00 to $30.00 and gave the stock a "market perform" rating in a research note on Friday, January 24th. Stephens reissued an "equal weight" rating and issued a $28.00 price target on shares of Associated Banc in a research note on Tuesday, March 25th. Finally, Royal Bank of Canada boosted their price target on Associated Banc from $26.00 to $27.00 and gave the company a "sector perform" rating in a research note on Friday, January 24th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $26.67.

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.