Vanguard Group Inc. Acquires 1,444,068 Shares of Associated Banc-Corp (NYSE:ASB)

Vanguard Group Inc. grew its holdings in Associated Banc-Corp (NYSE:ASB - Free Report) by 8.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 18,066,871 shares of the bank's stock after buying an additional 1,444,068 shares during the period. Vanguard Group Inc. owned 11.94% of Associated Banc worth $431,798,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Smartleaf Asset Management LLC lifted its holdings in Associated Banc by 49.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,747 shares of the bank's stock valued at $42,000 after purchasing an additional 579 shares during the last quarter. Point72 DIFC Ltd bought a new position in shares of Associated Banc in the third quarter valued at about $39,000. Crews Bank & Trust acquired a new stake in shares of Associated Banc during the 4th quarter worth about $56,000. Sugar Maple Asset Management LLC bought a new stake in shares of Associated Banc during the 4th quarter worth about $64,000. Finally, R Squared Ltd acquired a new position in Associated Banc in the 4th quarter valued at about $67,000. 82.98% of the stock is currently owned by institutional investors.

Associated Banc Price Performance

Shares of Associated Banc stock traded down $0.67 on Friday, reaching $19.36. 2,877,504 shares of the stock were exchanged, compared to its average volume of 1,474,327. The firm's 50 day moving average is $23.62 and its 200-day moving average is $24.04. The firm has a market cap of $3.21 billion, a PE ratio of 24.51, a P/E/G ratio of 1.52 and a beta of 0.90. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.86 and a current ratio of 0.88. Associated Banc-Corp has a one year low of $18.36 and a one year high of $28.18.

Remove Ads

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

Associated Banc Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Monday, March 3rd were paid a $0.23 dividend. The ex-dividend date was Monday, March 3rd. This represents a $0.92 annualized dividend and a dividend yield of 4.75%. Associated Banc's dividend payout ratio is 116.46%.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Robert W. Baird cut their price objective on shares of Associated Banc from $28.00 to $26.00 and set a "neutral" rating for the company in a research report on Friday, January 24th. StockNews.com cut Associated Banc from a "hold" rating to a "sell" rating in a report on Friday, January 31st. Stephens reaffirmed an "equal weight" rating and issued a $28.00 price objective on shares of Associated Banc in a report on Tuesday, March 25th. Royal Bank of Canada lifted their target price on Associated Banc from $26.00 to $27.00 and gave the stock a "sector perform" rating in a report on Friday, January 24th. Finally, Raymond James decreased their price target on shares of Associated Banc from $30.00 to $28.00 and set an "outperform" rating on the stock in a research note on Monday, March 10th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $27.11.

Insider Activity at Associated Banc

In other news, Director John B. Williams sold 2,830 shares of the company's stock in a transaction on Friday, February 14th. The shares were sold at an average price of $25.09, for a total value of $71,004.70. Following the sale, the director now directly owns 66,915 shares of the company's stock, valued at approximately $1,678,897.35. This represents a 4.06 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Eileen A. Kamerick sold 7,000 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $24.71, for a total transaction of $172,970.00. Following the sale, the director now owns 49,495 shares of the company's stock, valued at approximately $1,223,021.45. This trade represents a 12.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.10% of the stock is currently owned by company insiders.

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.