Franklin Resources Inc. Grows Stake in Associated Banc-Corp (NYSE:ASB)

Franklin Resources Inc. increased its holdings in shares of Associated Banc-Corp (NYSE:ASB) by 0.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 144,521 shares of the bank’s stock after purchasing an additional 1,064 shares during the quarter. Franklin Resources Inc. owned approximately 0.10% of Associated Banc worth $3,192,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Associated Banc by 14.0% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 32,497 shares of the bank’s stock worth $687,000 after buying an additional 4,003 shares during the last quarter. Rothschild Investment LLC acquired a new position in Associated Banc in the second quarter valued at $384,000. Commonwealth Equity Services LLC grew its holdings in shares of Associated Banc by 4.9% during the second quarter. Commonwealth Equity Services LLC now owns 32,830 shares of the bank’s stock worth $694,000 after purchasing an additional 1,548 shares during the last quarter. nVerses Capital LLC acquired a new stake in shares of Associated Banc during the second quarter worth about $140,000. Finally, Arizona State Retirement System lifted its holdings in shares of Associated Banc by 1.4% in the 2nd quarter. Arizona State Retirement System now owns 42,068 shares of the bank’s stock valued at $890,000 after purchasing an additional 586 shares during the last quarter. 82.98% of the stock is owned by institutional investors and hedge funds.

Associated Banc Stock Performance

Associated Banc stock opened at $24.37 on Thursday. The stock has a market cap of $3.69 billion, a P/E ratio of 20.31, a price-to-earnings-growth ratio of 1.90 and a beta of 0.93. The stock has a 50 day moving average of $25.30 and a 200-day moving average of $22.80. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.65. Associated Banc-Corp has a 52 week low of $19.40 and a 52 week 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 (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.06. The firm had revenue of $607.54 million for the quarter, compared to analysts’ expectations of $336.52 million. Associated Banc had a return on equity of 8.18% and a net margin of 8.15%. During the same period last year, the business posted $0.53 earnings per share. On average, analysts expect that Associated Banc-Corp will post 2.13 EPS for the current fiscal year.

Associated Banc Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were paid a dividend of $0.23 per share. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $0.92 annualized dividend and a yield of 3.78%. This is an increase from Associated Banc’s previous quarterly dividend of $0.22. Associated Banc’s payout ratio is presently 76.67%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Piper Sandler boosted their price objective on Associated Banc from $26.00 to $28.00 and gave the company a “neutral” rating in a research note on Thursday, December 5th. Wells Fargo & Company increased their price target on shares of Associated Banc from $24.00 to $26.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 3rd. Royal Bank of Canada restated a “sector perform” rating and issued a $28.00 price objective on shares of Associated Banc in a research note on Thursday, December 5th. Barclays upped their target price on shares of Associated Banc from $27.00 to $28.00 and gave the company an “equal weight” rating in a report on Thursday, December 19th. Finally, StockNews.com upgraded Associated Banc from a “sell” rating to a “hold” rating in a research report on Thursday, October 31st. Ten research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, Associated Banc has an average rating of “Hold” and an average price target of $26.00.

Insider Transactions at Associated Banc

In related news, EVP John A. Utz sold 19,044 shares of Associated Banc stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $24.19, for a total value of $460,674.36. Following the transaction, the executive vice president now directly owns 100,204 shares in the company, valued at $2,423,934.76. The trade was a 15.97 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP David L. Stein sold 29,536 shares of the business’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $27.43, for a total value of $810,172.48. Following the sale, the executive vice president now owns 81,021 shares in the company, valued at approximately $2,222,406.03. The trade was a 26.72 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.45% of the company’s stock.

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.