Associated Banc (NYSE:ASB) EVP Patrick Edward Ahern Sells 14,731 Shares

Associated Banc-Corp (NYSE:ASB) EVP Patrick Edward Ahern sold 14,731 shares of the company’s stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $29.03, for a total value of $427,640.93. Following the sale, the executive vice president owned 39,401 shares in the company, valued at approximately $1,143,811.03. This trade represents a 27.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Patrick Edward Ahern also recently made the following trade(s):

• On Thursday, December 4th, Patrick Edward Ahern sold 30,489 shares of Associated Banc stock. The shares were sold at an average price of $25.70, for a total value of $783,567.30.
• On Wednesday, December 3rd, Patrick Edward Ahern sold 3,327 shares of Associated Banc stock. The stock was sold at an average price of $25.79, for a total value of $85,803.33.

Associated Banc Trading Down 1.3%

NYSE ASB traded down $0.39 on Wednesday, hitting $28.53. 1,047,094 shares of the stock were exchanged, compared to its average volume of 2,403,946. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.90 and a current ratio of 0.90. Associated Banc-Corp has a 52-week low of $18.32 and a 52-week high of $29.51. The firm has a market capitalization of $4.73 billion, a P/E ratio of 10.28, a P/E/G ratio of 1.34 and a beta of 0.81. The stock has a fifty day moving average price of $26.82 and a two-hundred day moving average price of $26.00.

Associated Banc (NYSE:ASB) last issued its quarterly earnings results on Thursday, January 22nd. The bank reported $0.80 EPS for the quarter, beating the consensus estimate of $0.69 by $0.11. The company had revenue of $393.52 million for 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 EPS. Research analysts forecast that Associated Banc-Corp will post 2.43 EPS for the current fiscal year.

Associated Banc Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Monday, March 2nd will be paid a $0.24 dividend. The ex-dividend date is Monday, March 2nd. This represents a $0.96 dividend on an annualized basis and a yield of 3.4%. Associated Banc’s dividend payout ratio (DPR) is presently 34.66%.

Associated Banc announced that its Board of Directors has initiated a share buyback plan on Tuesday, January 27th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the bank to purchase up to 2.2% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

Hedge Funds Weigh In On Associated Banc

Several institutional investors have recently bought and sold shares of ASB. Vanguard Group Inc. raised its stake in Associated Banc by 3.0% in the fourth quarter. Vanguard Group Inc. now owns 18,538,157 shares of the bank’s stock worth $477,543,000 after buying an additional 545,185 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Associated Banc by 1.6% in the 2nd quarter. Geode Capital Management LLC now owns 4,151,111 shares of the bank’s stock valued at $101,256,000 after acquiring an additional 67,219 shares during the period. LSV Asset Management raised its position in shares of Associated Banc by 1.1% in the 4th quarter. LSV Asset Management now owns 3,663,163 shares of the bank’s stock worth $94,363,000 after acquiring an additional 38,900 shares in the last quarter. Goldman Sachs Group Inc. raised its position in shares of Associated Banc by 38.6% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,841,931 shares of the bank’s stock worth $73,208,000 after acquiring an additional 790,793 shares in the last quarter. Finally, Associated Banc Corp lifted its stake in shares of Associated Banc by 7.5% during the 4th quarter. Associated Banc Corp now owns 2,631,339 shares of the bank’s stock worth $67,783,000 after purchasing an additional 182,623 shares during the last quarter. 82.98% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently weighed in on ASB. Royal Bank Of Canada lifted their price objective on shares of Associated Banc from $29.00 to $30.00 and gave the company a “sector perform” rating in a report on Friday, January 23rd. Wall Street Zen downgraded shares of Associated Banc from a “buy” rating to a “hold” rating in a research note on Sunday, February 1st. Truist Financial boosted their price target on Associated Banc from $29.00 to $30.00 and gave the company a “hold” rating in a report on Monday, January 26th. Weiss Ratings restated a “hold (c+)” rating on shares of Associated Banc in a report on Monday, December 29th. Finally, Piper Sandler lifted their target price on 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 given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $29.20.

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.