Retirement Systems of Alabama Sells 2,596 Shares of Associated Banc-Corp (NYSE:ASB)

Retirement Systems of Alabama decreased its position in shares of Associated Banc-Corp (NYSE:ASB) by 1.4% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 180,383 shares of the bank’s stock after selling 2,596 shares during the period. Retirement Systems of Alabama owned approximately 0.12% of Associated Banc worth $3,885,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. State Street Corp raised its holdings in shares of Associated Banc by 3.3% during the 3rd quarter. State Street Corp now owns 8,230,340 shares of the bank’s stock valued at $177,282,000 after buying an additional 261,877 shares in the last quarter. Geode Capital Management LLC grew its position in Associated Banc by 2.3% during the third quarter. Geode Capital Management LLC now owns 3,584,271 shares of the bank’s stock valued at $77,219,000 after acquiring an additional 79,658 shares during the last quarter. Verition Fund Management LLC raised its stake in shares of Associated Banc by 11.2% during the third quarter. Verition Fund Management LLC now owns 3,036,239 shares of the bank’s stock worth $65,401,000 after acquiring an additional 305,133 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Associated Banc by 0.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,137,125 shares of the bank’s stock worth $46,034,000 after acquiring an additional 17,425 shares during the last quarter. Finally, Millennium Management LLC boosted its stake in shares of Associated Banc by 291.3% in the 2nd quarter. Millennium Management LLC now owns 1,563,274 shares of the bank’s stock valued at $33,063,000 after purchasing an additional 1,163,807 shares in the last quarter. Institutional investors own 82.98% of the company’s stock.

Insider Buying and Selling at Associated Banc

In related news, EVP John A. Utz sold 19,044 shares of the stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $24.19, for a total value of $460,674.36. Following the completion of the transaction, the executive vice president now directly owns 100,204 shares in the company, valued at $2,423,934.76. This trade represents a 15.97 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 transaction of $810,172.48. Following the sale, the executive vice president now directly owns 81,021 shares in the company, valued at $2,222,406.03. The trade was a 26.72 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.45% of the company’s stock.

Analysts Set New Price Targets

ASB has been the subject of several recent research reports. Piper Sandler boosted their price target on shares of Associated Banc from $26.00 to $28.00 and gave the stock a “neutral” rating in a research note on Thursday, December 5th. Keefe, Bruyette & Woods boosted their target price on Associated Banc from $25.00 to $28.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. Wells Fargo & Company increased their target price on Associated Banc from $24.00 to $26.00 and gave the company an “equal weight” rating in a report on Tuesday, December 3rd. Barclays lifted their price target on Associated Banc from $27.00 to $28.00 and gave the stock an “equal weight” rating in a research note on Thursday. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $28.00 price objective on shares of Associated Banc in a research note on Thursday, December 5th. Ten research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $26.00.

Associated Banc Price Performance

Shares of Associated Banc stock opened at $23.70 on Friday. The business has a 50 day moving average of $25.10 and a 200 day moving average of $22.68. Associated Banc-Corp has a 52 week low of $19.40 and a 52 week high of $28.18. The company has a market cap of $3.58 billion, a PE ratio of 19.75, a P/E/G ratio of 1.90 and a beta of 0.93. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.65.

Associated Banc (NYSE:ASB) last issued its quarterly earnings data on Thursday, October 24th. The bank reported $0.56 EPS for the quarter, topping the consensus estimate of $0.50 by $0.06. The business 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 in the prior year, the business earned $0.53 EPS. As a group, equities research analysts forecast that Associated Banc-Corp will post 2.13 earnings per share for the current year.

Associated Banc Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were issued a $0.23 dividend. The ex-dividend date was Monday, December 2nd. 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 3.88%. Associated Banc’s dividend payout ratio (DPR) is 76.67%.

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.