Verition Fund Management LLC Boosts Holdings in Associated Banc-Corp (NYSE:ASB)

Verition Fund Management LLC raised its holdings in shares of Associated Banc-Corp (NYSE:ASB - Free Report) by 11.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,036,239 shares of the bank's stock after buying an additional 305,133 shares during the period. Associated Banc comprises approximately 0.3% of Verition Fund Management LLC's portfolio, making the stock its 14th largest position. Verition Fund Management LLC owned about 2.01% of Associated Banc worth $65,401,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Millennium Management LLC raised its holdings in Associated Banc by 291.3% during the 2nd 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. Point72 Asset Management L.P. grew its stake in shares of Associated Banc by 12.0% in the second quarter. Point72 Asset Management L.P. now owns 1,149,355 shares of the bank's stock worth $24,309,000 after purchasing an additional 123,271 shares during the last quarter. Thrivent Financial for Lutherans increased its holdings in 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 purchasing an additional 112,323 shares during the period. Interval Partners LP raised 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 valued at $9,368,000 after purchasing an additional 95,928 shares during the last quarter. Finally, RIA Advisory Group LLC purchased a new stake in Associated Banc in the 3rd quarter worth approximately $1,935,000. 82.98% of the stock is owned by institutional investors.

Associated Banc Stock Down 0.1 %

Shares of Associated Banc stock traded down $0.03 during midday trading on Friday, hitting $26.69. The company had a trading volume of 867,910 shares, compared to its average volume of 1,436,453. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.88 and a current ratio of 0.88. The company has a 50 day moving average of $23.91 and a 200 day moving average of $22.29. Associated Banc-Corp has a 52-week low of $17.51 and a 52-week high of $28.18. The stock has a market capitalization of $4.04 billion, a P/E ratio of 22.24, a P/E/G ratio of 1.93 and a beta of 0.91.

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

Associated Banc Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be paid a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 3.45%. This is an increase from Associated Banc's previous quarterly dividend of $0.22. The ex-dividend date is Monday, December 2nd. Associated Banc's dividend payout ratio (DPR) is currently 76.67%.

Analyst Ratings Changes

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

Insider Transactions at Associated Banc

In other news, EVP David L. Stein sold 29,536 shares of the company's stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $27.43, for a total transaction of $810,172.48. Following the completion of the sale, the executive vice president now owns 81,021 shares of the company's stock, valued at $2,222,406.03. This represents a 26.72 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Lith Karen Van sold 8,061 shares of Associated Banc stock in a transaction 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 transaction, the director now owns 54,114 shares in the company, valued at $1,108,254.72. This represents a 12.97 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 56,641 shares of company stock worth $1,435,936 over the last quarter. 1.45% of the stock is currently owned by insiders.

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.