Principal Financial Group Inc. Cuts Stock Position in Associated Banc-Corp (NYSE:ASB)

Principal Financial Group Inc. lowered its position in shares of Associated Banc-Corp (NYSE:ASB - Free Report) by 30.7% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 344,672 shares of the bank's stock after selling 152,664 shares during the period. Principal Financial Group Inc. owned approximately 0.23% of Associated Banc worth $7,424,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Millennium Management LLC lifted its position in Associated Banc by 291.3% in the second quarter. Millennium Management LLC now owns 1,563,274 shares of the bank's stock valued at $33,063,000 after buying an additional 1,163,807 shares during the last quarter. Verition Fund Management LLC lifted its holdings in shares of Associated Banc by 11.2% in the 3rd quarter. Verition Fund Management LLC now owns 3,036,239 shares of the bank's stock worth $65,401,000 after acquiring an additional 305,133 shares during the last quarter. Edgestream Partners L.P. purchased a new position in shares of Associated Banc during the 3rd quarter worth approximately $6,082,000. State Street Corp increased its holdings in Associated Banc by 3.3% in the 3rd quarter. State Street Corp now owns 8,230,340 shares of the bank's stock valued at $177,282,000 after purchasing an additional 261,877 shares during the last quarter. Finally, NFJ Investment Group LLC purchased a new stake in Associated Banc in the third quarter valued at approximately $3,245,000. Hedge funds and other institutional investors own 82.98% of the company's stock.

Associated Banc Stock Down 0.1 %

ASB stock traded down $0.02 during trading on Wednesday, hitting $23.90. 1,481,141 shares of the company's stock were exchanged, compared to its average volume of 1,444,402. The business has a 50-day moving average price of $25.45 and a two-hundred day moving average price of $22.94. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.65. The stock has a market capitalization of $3.61 billion, a price-to-earnings ratio of 19.92, a PEG ratio of 1.90 and a beta of 0.93. Associated Banc-Corp has a 52-week low of $19.40 and a 52-week high of $28.18.

Associated Banc (NYSE:ASB - Get Free Report) last issued its quarterly earnings data on Thursday, October 24th. The bank reported $0.56 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.06. The business had revenue of $607.54 million during the quarter, compared to the consensus estimate of $336.52 million. Associated Banc had a net margin of 8.15% and a return on equity of 8.18%. During the same quarter in the previous year, the firm earned $0.53 EPS. As a group, equities research analysts expect that Associated Banc-Corp will post 2.13 EPS for the current year.

Associated Banc Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were paid a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 3.85%. The ex-dividend date was Monday, December 2nd. This is an increase from Associated Banc's previous quarterly dividend of $0.22. Associated Banc's dividend payout ratio is currently 76.67%.

Insiders Place Their Bets

In other news, EVP David L. Stein sold 29,536 shares of the firm's stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $27.43, for a total transaction of $810,172.48. Following the transaction, the executive vice president now directly owns 81,021 shares in the company, valued at approximately $2,222,406.03. This trade represents a 26.72 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP John A. Utz sold 19,044 shares of the company's stock in a transaction on Wednesday, October 30th. The shares were sold at an average price of $24.19, for a total transaction of $460,674.36. Following the completion of the sale, the executive vice president now owns 100,204 shares of the company's stock, valued at approximately $2,423,934.76. This trade represents a 15.97 % decrease in their position. 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 the company. Keefe, Bruyette & Woods raised their target price on Associated Banc from $25.00 to $28.00 and gave the company a "market perform" rating in a report on Wednesday, December 4th. Royal Bank of Canada reissued a "sector perform" rating and issued a $28.00 price target on shares of Associated Banc in a research report on Thursday, December 5th. Piper Sandler increased their price objective on Associated Banc from $26.00 to $28.00 and gave the company a "neutral" rating in a research note on Thursday, December 5th. Wells Fargo & Company boosted their target price on Associated Banc from $24.00 to $26.00 and gave the stock an "equal weight" rating in a research note on Tuesday, December 3rd. Finally, Barclays increased their price target on Associated Banc from $27.00 to $28.00 and gave the company an "equal weight" rating in a research report on Thursday, December 19th. Ten research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $26.00.

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.