Mutual of America Capital Management LLC Has $1.73 Million Position in Associated Banc-Corp (NYSE:ASB)

Mutual of America Capital Management LLC reduced its stake in Associated Banc-Corp (NYSE:ASB) by 5.5% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 80,255 shares of the bank’s stock after selling 4,627 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Associated Banc were worth $1,729,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Bessemer Group Inc. increased its stake in shares of Associated Banc by 285.2% during the 1st quarter. Bessemer Group Inc. now owns 1,225 shares of the bank’s stock worth $26,000 after purchasing an additional 907 shares during the last quarter. Lazard Asset Management LLC bought a new position in shares of Associated Banc in the first quarter worth about $350,000. Bayesian Capital Management LP acquired a new stake in Associated Banc in the first quarter valued at approximately $609,000. Tidal Investments LLC bought a new position in Associated Banc in the first quarter valued at about $866,000. Finally, Hancock Whitney Corp increased its position in Associated Banc by 19.3% in the 1st quarter. Hancock Whitney Corp now owns 59,769 shares of the bank’s stock valued at $1,286,000 after acquiring an additional 9,687 shares during the period. 82.98% of the stock is owned by institutional investors and hedge funds.

Associated Banc Price Performance

NYSE ASB opened at $27.31 on Monday. The company has a market cap of $4.13 billion, a PE ratio of 22.76, a price-to-earnings-growth ratio of 1.93 and a beta of 0.91. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.65. The firm’s 50-day simple moving average is $23.39 and its two-hundred day simple moving average is $22.13. Associated Banc-Corp has a 52 week low of $17.30 and a 52 week high of $28.18.

Associated Banc (NYSE:ASB) last issued its earnings results on Thursday, October 24th. The bank reported $0.56 earnings per share (EPS) 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 business had revenue of $607.54 million for the quarter, compared to analysts’ expectations of $336.52 million. During the same quarter in the previous year, the firm posted $0.53 EPS. Research analysts predict that Associated Banc-Corp will post 2.13 earnings per share for the current year.

Associated Banc Increases Dividend

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

Insider Buying and Selling

In other Associated Banc news, EVP John A. Utz sold 2,000 shares of the company’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $22.78, for a total value of $45,560.00. Following the completion of the sale, the executive vice president now owns 99,637 shares of the company’s stock, valued at $2,269,730.86. This represents a 1.97 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 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 completion of the sale, the director now owns 54,114 shares of the company’s stock, valued at approximately $1,108,254.72. The trade was a 12.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 58,641 shares of company stock worth $1,481,496. Corporate insiders own 1.45% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently commented on ASB shares. Barclays upped their target price on 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 upped their price objective on shares of Associated Banc from $24.00 to $25.00 and gave the stock a “sector perform” rating in a report on Friday, October 25th. StockNews.com upgraded Associated Banc from a “sell” rating to a “hold” rating in a research note on Thursday, October 31st. Finally, Stephens restated an “equal weight” rating and set a $24.00 price target on shares of Associated Banc in a report on Tuesday, July 30th. Ten analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $23.89.

Associated Banc 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.