Meeder Asset Management Inc. Trims Stake in Associated Banc-Corp (NYSE:ASB)

Meeder Asset Management Inc. trimmed its holdings in shares of Associated Banc-Corp (NYSE:ASB) by 20.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,500 shares of the bank’s stock after selling 1,722 shares during the quarter. Meeder Asset Management Inc.’s holdings in Associated Banc were worth $140,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Bessemer Group Inc. raised its position in Associated Banc by 285.2% during the 1st quarter. Bessemer Group Inc. now owns 1,225 shares of the bank’s stock valued at $26,000 after purchasing an additional 907 shares during the last quarter. Quest Partners LLC bought a new position in Associated Banc during the 2nd quarter valued at approximately $38,000. Farther Finance Advisors LLC increased its position in Associated Banc by 82.1% during the 3rd quarter. Farther Finance Advisors LLC now owns 3,190 shares of the bank’s stock valued at $69,000 after buying an additional 1,438 shares in the last quarter. Neo Ivy Capital Management purchased a new stake in Associated Banc during the 2nd quarter valued at $93,000. Finally, nVerses Capital LLC purchased a new position in shares of Associated Banc in the 2nd quarter worth $140,000. 82.98% of the stock is currently owned by hedge funds and other institutional investors.

Associated Banc Trading Up 1.7 %

Shares of ASB opened at $26.56 on Thursday. Associated Banc-Corp has a 1-year low of $17.30 and a 1-year high of $28.18. The company has a 50-day moving average of $23.14 and a 200 day moving average of $22.07. The firm has a market capitalization of $4.02 billion, a price-to-earnings ratio of 22.13 and a beta of 0.91. The company has a debt-to-equity ratio of 0.65, a current ratio of 0.88 and a quick ratio of 0.88.

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, beating analysts’ consensus estimates of $0.50 by $0.06. Associated Banc had a net margin of 8.15% and a return on equity of 8.18%. The company had revenue of $607.54 million during the quarter, compared to analyst estimates of $336.52 million. During the same quarter last year, the business posted $0.53 EPS. On average, research analysts expect that Associated Banc-Corp will post 2.12 EPS for the current year.

Associated Banc Increases Dividend

The business 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 dividend of $0.23 per share. This is a positive change from Associated Banc’s previous quarterly dividend of $0.22. The ex-dividend date is Monday, December 2nd. This represents a $0.92 dividend on an annualized basis and a yield of 3.46%. Associated Banc’s dividend payout ratio (DPR) is presently 73.33%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Robert W. Baird dropped their price target on shares of Associated Banc from $27.00 to $25.00 and set a “neutral” rating for the company in a research report on Friday, July 26th. Barclays lifted their price target on shares of Associated Banc from $23.00 to $24.00 and gave the company an “equal weight” rating in a report on Friday, October 25th. Royal Bank of Canada lifted their price objective on shares of Associated Banc from $24.00 to $25.00 and gave the stock a “sector perform” rating in a research note on Friday, October 25th. Piper Sandler lifted their price objective on shares of Associated Banc from $23.00 to $24.00 and gave the stock a “neutral” rating in a research note on Friday, July 26th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Associated Banc from $23.00 to $24.00 and gave the stock a “market perform” rating in a research note on Friday, July 26th. Ten research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $23.89.

Insider Activity

In related news, EVP John A. Utz sold 2,000 shares of the business’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $22.78, for a total transaction of $45,560.00. Following the completion of the transaction, the executive vice president now owns 99,637 shares in the company, valued at $2,269,730.86. The trade was a 1.97 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Lith Karen Van sold 8,061 shares of the business’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $1,108,254.72. This trade represents a 12.97 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 58,641 shares of company stock worth $1,481,496. 1.45% of the stock is currently 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.