Thrivent Financial for Lutherans Buys 40,631 Shares of Associated Banc-Corp $ASB

Thrivent Financial for Lutherans grew its stake in Associated Banc-Corp (NYSE:ASB) by 19.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 250,285 shares of the bank’s stock after buying an additional 40,631 shares during the period. Thrivent Financial for Lutherans owned approximately 0.15% of Associated Banc worth $6,435,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in ASB. Norges Bank purchased a new position in Associated Banc in the second quarter worth $48,373,000. Goldman Sachs Group Inc. raised its position in Associated Banc by 139.1% during the first quarter. Goldman Sachs Group Inc. now owns 2,748,667 shares of the bank’s stock valued at $61,927,000 after purchasing an additional 1,598,951 shares in the last quarter. Leeward Investments LLC MA lifted its stake in Associated Banc by 39.7% during the second quarter. Leeward Investments LLC MA now owns 765,504 shares of the bank’s stock worth $18,671,000 after purchasing an additional 217,546 shares during the last quarter. AlphaQuest LLC purchased a new position in shares of Associated Banc in the 3rd quarter worth about $5,011,000. Finally, Jane Street Group LLC increased its position in shares of Associated Banc by 138.1% during the 2nd quarter. Jane Street Group LLC now owns 302,377 shares of the bank’s stock valued at $7,375,000 after purchasing an additional 175,395 shares during the last quarter. Hedge funds and other institutional investors own 82.98% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently weighed in on the company. UBS Group restated a “buy” rating and issued a $28.00 target price on shares of Associated Banc in a research report on Tuesday, December 2nd. Weiss Ratings restated a “hold (c+)” rating on shares of Associated Banc in a report on Monday, December 29th. Truist Financial increased their target price on shares of Associated Banc from $29.00 to $30.00 and gave the company a “hold” rating in a report on Monday, January 26th. Raymond James Financial reiterated an “outperform” rating and issued a $30.00 target price (up previously from $29.00) on shares of Associated Banc in a research report on Monday, October 27th. Finally, Piper Sandler upped their price target on shares of Associated Banc from $27.00 to $30.00 and gave the company a “neutral” rating in a research report on Friday, January 23rd. Three investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $29.20.

Associated Banc Trading Up 2.4%

Shares of ASB opened at $29.40 on Friday. The stock has a market capitalization of $4.88 billion, a P/E ratio of 10.61, a PEG ratio of 1.32 and a beta of 0.81. Associated Banc-Corp has a twelve month low of $18.32 and a twelve month high of $29.52. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.81. The firm has a fifty day simple moving average of $26.69 and a two-hundred day simple moving average of $25.94.

Associated Banc (NYSE:ASB) last issued its quarterly earnings data on Thursday, January 22nd. The bank reported $0.80 EPS for the quarter, beating the consensus estimate of $0.69 by $0.11. The firm had revenue of $393.52 million during the quarter, compared to the consensus estimate of $382.06 million. Associated Banc had a net margin of 19.31% and a return on equity of 10.25%. During the same period in the prior year, the firm posted $0.72 earnings per share. On average, research analysts anticipate that Associated Banc-Corp will post 2.43 EPS for the current year.

Associated Banc Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 16th. Stockholders of record on Monday, March 2nd will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date is Monday, March 2nd. Associated Banc’s dividend payout ratio (DPR) is currently 34.66%.

Associated Banc declared that its Board of Directors has initiated a stock repurchase program on Tuesday, January 27th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the bank to buy up to 2.2% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its shares are undervalued.

Insider Activity

In other Associated Banc news, EVP Patrick Edward Ahern sold 30,489 shares of the business’s stock in a transaction on Thursday, December 4th. The shares were sold at an average price of $25.70, for a total transaction of $783,567.30. Following the transaction, the executive vice president directly owned 24,055 shares of the company’s stock, valued at approximately $618,213.50. The trade was a 55.90% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John B. Williams sold 2,325 shares of the company’s stock in a transaction on Tuesday, February 3rd. The stock was sold at an average price of $28.05, for a total transaction of $65,216.25. Following the completion of the transaction, the director owned 70,959 shares of the company’s stock, valued at $1,990,399.95. This trade represents a 3.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 38,276 shares of company stock valued at $990,972. Company insiders own 1.45% of the company’s stock.

About Associated Banc

Associated Banc-Corp, through its primary subsidiary Associated Bank, N.A., is a regional financial services company headquartered in Green Bay, Wisconsin. The bank operates more than 200 branches across the Midwest, offering community-focused banking solutions for individuals, small businesses and commercial clients. Its emphasis on personalized service and regional decision-making supports long-standing customer relationships.

On the consumer side, Associated Bank provides checking and savings accounts, residential mortgages, home equity lines of credit, auto financing and credit card products.