Amalgamated Bank Cuts Holdings in Associated Banc-Corp (NYSE:ASB)

Amalgamated Bank lowered its position in Associated Banc-Corp (NYSE:ASB) by 8.2% during the third quarter, Holdings Channel.com reports. The fund owned 66,213 shares of the bank’s stock after selling 5,921 shares during the quarter. Amalgamated Bank’s holdings in Associated Banc were worth $1,426,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Tidal Investments LLC acquired a new position in shares of Associated Banc in the 1st quarter valued at about $866,000. M&G Plc increased its position in Associated Banc by 12.4% during the 2nd quarter. M&G Plc now owns 411,761 shares of the bank’s stock worth $8,647,000 after purchasing an additional 45,542 shares in the last quarter. State Board of Administration of Florida Retirement System raised its holdings in Associated Banc by 71.1% in the first quarter. State Board of Administration of Florida Retirement System now owns 73,961 shares of the bank’s stock valued at $1,591,000 after buying an additional 30,732 shares during the period. Bayesian Capital Management LP acquired a new position in Associated Banc during the first quarter valued at approximately $609,000. Finally, SG Americas Securities LLC purchased a new stake in Associated Banc during the first quarter worth approximately $523,000. Hedge funds and other institutional investors own 82.98% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Piper Sandler lifted their target price on shares of Associated Banc from $23.00 to $24.00 and gave the company a “neutral” rating in a report on Friday, July 26th. Barclays boosted their price objective on Associated Banc from $23.00 to $24.00 and gave the stock an “equal weight” rating in a research note on Friday, October 25th. Royal Bank of Canada increased their target price on Associated Banc from $24.00 to $25.00 and gave the company a “sector perform” rating in a research note on Friday, October 25th. Baird R W lowered Associated Banc from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 17th. Finally, StockNews.com raised shares of Associated Banc from a “sell” rating to a “hold” rating in a research report on Thursday, October 31st. Ten equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $23.89.

Associated Banc Stock Down 1.1 %

ASB stock opened at $27.27 on Thursday. 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 firm has a 50 day simple moving average of $22.61 and a 200-day simple moving average of $21.90. The company has a market capitalization of $4.12 billion, a P/E ratio of 22.73, a PEG ratio of 2.00 and a beta of 0.91. Associated Banc-Corp has a twelve month low of $17.29 and a twelve month high of $28.18.

Associated Banc (NYSE:ASB) last announced 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 company had revenue of $607.54 million during the quarter, compared to analyst estimates of $336.52 million. Associated Banc had a net margin of 8.15% and a return on equity of 8.18%. During the same period last year, the business earned $0.53 EPS. On average, equities research analysts predict that Associated Banc-Corp will post 2.12 earnings per share for the current fiscal year.

Associated Banc Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be issued a $0.23 dividend. This is a positive change from Associated Banc’s previous quarterly dividend of $0.22. This represents a $0.92 annualized dividend and a yield of 3.37%. The ex-dividend date is Monday, December 2nd. Associated Banc’s payout ratio is currently 73.33%.

Insider Buying and Selling at Associated Banc

In related news, EVP John A. Utz sold 2,000 shares of the firm’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $22.78, for a total transaction of $45,560.00. Following the transaction, the executive vice president now directly owns 99,637 shares in the company, valued at $2,269,730.86. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, EVP John A. Utz sold 2,000 shares of the stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $22.78, for a total transaction of $45,560.00. Following the sale, the executive vice president now owns 99,637 shares in the company, valued at $2,269,730.86. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Lith Karen Van sold 8,061 shares of the firm’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $20.48, for a total transaction of $165,089.28. Following the completion of the transaction, the director now directly owns 54,114 shares in the company, valued at $1,108,254.72. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 58,641 shares of company stock worth $1,481,496 over the last quarter. 1.45% of the stock is owned by corporate 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.