Pzena Investment Management LLC Sells 74,442 Shares of Associated Banc-Corp $ASB

Pzena Investment Management LLC lessened its holdings in shares of Associated Banc-Corp (NYSE:ASB) by 4.1% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,745,153 shares of the bank’s stock after selling 74,442 shares during the period. Pzena Investment Management LLC’s holdings in Associated Banc were worth $44,955,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Jackson Creek Investment Advisors LLC bought a new position in Associated Banc in the 3rd quarter worth about $1,769,000. JPMorgan Chase & Co. boosted its stake in Associated Banc by 24.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 984,537 shares of the bank’s stock worth $25,312,000 after purchasing an additional 194,307 shares in the last quarter. Heartland Advisors Inc. boosted its stake in Associated Banc by 7.2% in the 3rd quarter. Heartland Advisors Inc. now owns 877,828 shares of the bank’s stock worth $22,569,000 after purchasing an additional 59,184 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new position in Associated Banc in the 3rd quarter worth about $1,289,000. Finally, Skandinaviska Enskilda Banken AB publ boosted its stake in Associated Banc by 50.6% in the 3rd quarter. Skandinaviska Enskilda Banken AB publ now owns 125,433 shares of the bank’s stock worth $3,225,000 after purchasing an additional 42,133 shares in the last quarter. Institutional investors own 82.98% of the company’s stock.

Insider Activity at Associated Banc

In other news, Director John B. Williams sold 4,000 shares of the company’s stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $28.18, for a total transaction of $112,720.00. Following the completion of the sale, the director owned 67,420 shares of the company’s stock, valued at $1,899,895.60. This represents a 5.60% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.71% of the stock is owned by insiders.

Wall Street Analyst Weigh In

ASB has been the topic of a number of analyst reports. Weiss Ratings upgraded shares of Associated Banc from a “hold (c+)” rating to a “buy (b)” rating in a research note on Tuesday, February 17th. Stephens upgraded shares of Associated Banc from an “equal weight” rating to an “overweight” rating and dropped their price target for the stock from $30.00 to $29.00 in a research note on Friday, March 27th. Wells Fargo & Company upped their price target on shares of Associated Banc from $30.00 to $31.00 and gave the stock an “overweight” rating in a research note on Monday, March 30th. Raymond James Financial reiterated an “outperform” rating and issued a $31.00 price target on shares of Associated Banc in a research note on Monday, April 27th. Finally, Robert W. Baird upped their target price on shares of Associated Banc from $29.00 to $30.00 and gave the company a “neutral” rating in a research note on Friday, April 24th. Six equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $30.30.

Associated Banc Price Performance

ASB opened at $28.08 on Friday. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.90 and a current ratio of 0.90. The stock has a market capitalization of $4.66 billion, a P/E ratio of 9.75, a P/E/G ratio of 1.62 and a beta of 0.79. The company’s 50-day simple moving average is $26.78 and its two-hundred day simple moving average is $26.63. Associated Banc-Corp has a 52-week low of $22.40 and a 52-week high of $29.51.

Associated Banc (NYSE:ASB) last posted its earnings results on Thursday, April 23rd. The bank reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.01. The business had revenue of $387.21 million for the quarter, compared to analysts’ expectations of $384.20 million. Associated Banc had a net margin of 19.88% and a return on equity of 10.46%. During the same quarter in the prior year, the business earned $0.59 EPS. As a group, analysts predict that Associated Banc-Corp will post 2.92 EPS for the current year.

Associated Banc announced that its board has approved a stock buyback plan on Tuesday, January 27th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the bank to buy up to 2.2% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its shares are undervalued.

Associated Banc Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 1st will be paid a dividend of $0.24 per share. The ex-dividend date is Monday, June 1st. This represents a $0.96 annualized dividend and a yield of 3.4%. Associated Banc’s dividend payout ratio is currently 33.33%.

Associated Banc Profile

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.