Pzena Investment Management LLC Has $53.03 Million Stake in Associated Banc-Corp (NYSE:ASB)

Pzena Investment Management LLC lessened its stake in shares of Associated Banc-Corp (NYSE:ASB) by 2.0% during the third quarter, Holdings Channel reports. The fund owned 2,461,851 shares of the bank’s stock after selling 49,028 shares during the quarter. Pzena Investment Management LLC’s holdings in Associated Banc were worth $53,028,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of ASB. Vanguard Personalized Indexing Management LLC raised its stake in Associated Banc by 4.9% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 11,312 shares of the bank’s stock worth $234,000 after buying an additional 525 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in Associated Banc by 2.8% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 19,461 shares of the bank’s stock valued at $419,000 after purchasing an additional 525 shares during the period. Arizona State Retirement System increased its stake in Associated Banc by 1.4% during 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 in the last quarter. Truist Financial Corp raised its holdings in Associated Banc by 2.4% during the second quarter. Truist Financial Corp now owns 27,082 shares of the bank’s stock worth $573,000 after buying an additional 636 shares during the last quarter. Finally, Thrivent Financial for Lutherans lifted its stake in shares of Associated Banc by 1.3% in the second quarter. Thrivent Financial for Lutherans now owns 50,680 shares of the bank’s stock valued at $1,072,000 after buying an additional 656 shares in the last quarter. 82.98% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, EVP John A. Utz sold 2,000 shares of the stock in a transaction on Thursday, August 29th. The shares were 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 directly 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 document filed with the SEC, which is available at this hyperlink. Also, Director Lith Karen Van sold 8,061 shares of the company’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $20.48, for a total value of $165,089.28. Following the completion of the transaction, the director now directly 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. Over the last ninety days, insiders sold 58,641 shares of company stock valued at $1,481,496. Insiders own 1.45% of the company’s stock.

Associated Banc Trading Up 0.2 %

NYSE ASB traded up $0.05 on Wednesday, hitting $26.16. The company’s stock had a trading volume of 183,900 shares, compared to its average volume of 1,415,310. 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 market cap of $3.96 billion, a P/E ratio of 21.75 and a beta of 0.91. The company’s 50-day simple moving average is $23.02 and its 200 day simple moving average is $22.03. Associated Banc-Corp has a 52-week low of $17.30 and a 52-week high of $28.18.

Associated Banc (NYSE:ASB) last announced its earnings results 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 during the quarter, compared to analyst estimates of $336.52 million. Associated Banc had a return on equity of 8.18% and a net margin of 8.15%. During the same quarter in the prior year, the company earned $0.53 EPS. Research analysts predict that Associated Banc-Corp will post 2.12 EPS for the current fiscal year.

Associated Banc Increases Dividend

The business 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 $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 3.52%. The ex-dividend date is Monday, December 2nd. This is a positive change from Associated Banc’s previous quarterly dividend of $0.22. Associated Banc’s payout ratio is currently 73.33%.

Analyst Ratings Changes

A number of research firms have issued reports on ASB. Robert W. Baird cut their price objective on shares of Associated Banc from $27.00 to $25.00 and set a “neutral” rating on the stock in a report on Friday, July 26th. Stephens reaffirmed an “equal weight” rating and issued a $24.00 target price on shares of Associated Banc in a report on Tuesday, July 30th. Keefe, Bruyette & Woods lifted their price target on Associated Banc from $23.00 to $24.00 and gave the stock a “market perform” rating in a report on Friday, July 26th. Piper Sandler increased their price target on shares of Associated Banc from $23.00 to $24.00 and gave the company a “neutral” rating in a research report on Friday, July 26th. Finally, Royal Bank of Canada boosted their target price on shares of Associated Banc from $24.00 to $25.00 and gave the company a “sector perform” rating in a research note on Friday, October 25th. Ten investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus 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.