RIA Advisory Group LLC Takes Position in Associated Banc-Corp (NYSE:ASB)

RIA Advisory Group LLC purchased a new stake in shares of Associated Banc-Corp (NYSE:ASB) during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 89,850 shares of the bank’s stock, valued at approximately $1,935,000. Associated Banc accounts for about 0.7% of RIA Advisory Group LLC’s holdings, making the stock its 24th largest position. RIA Advisory Group LLC owned approximately 0.06% of Associated Banc as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently bought and sold shares of ASB. Millennium Management LLC increased its holdings 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 during the period. M&G Plc acquired a new position in Associated Banc in the 1st quarter valued at approximately $8,057,000. Point72 Asset Management L.P. lifted its position in Associated Banc by 12.0% in the 2nd quarter. Point72 Asset Management L.P. now owns 1,149,355 shares of the bank’s stock worth $24,309,000 after buying an additional 123,271 shares in the last quarter. Interval Partners LP boosted its stake in shares of Associated Banc by 27.6% during the 2nd quarter. Interval Partners LP now owns 442,947 shares of the bank’s stock valued at $9,368,000 after buying an additional 95,928 shares during the period. Finally, Assenagon Asset Management S.A. grew its holdings in shares of Associated Banc by 134.7% during the 3rd quarter. Assenagon Asset Management S.A. now owns 129,939 shares of the bank’s stock valued at $2,799,000 after acquiring an additional 74,574 shares in the last quarter. 82.98% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on ASB. Barclays lifted their price objective on Associated Banc from $23.00 to $24.00 and gave the company an “equal weight” rating in a research report on Friday, October 25th. Piper Sandler increased their price objective on Associated Banc from $23.00 to $24.00 and gave the company a “neutral” rating in a report on Friday, July 26th. StockNews.com upgraded shares of Associated Banc from a “sell” rating to a “hold” rating in a report on Thursday, October 31st. Robert W. Baird reduced their price objective on Associated Banc from $27.00 to $25.00 and set a “neutral” rating for the company in a research report on Friday, July 26th. Finally, Stephens reissued an “equal weight” rating and set a $24.00 target price on shares of Associated Banc in a research report on Tuesday, July 30th. Ten research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average 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 sale, the executive vice president now directly owns 99,637 shares of the company’s stock, valued at $2,269,730.86. The trade was a 1.97 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP David L. Stein sold 29,536 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $27.43, for a total transaction of $810,172.48. Following the completion of the transaction, the executive vice president now owns 81,021 shares in the company, valued at $2,222,406.03. This represents a 26.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 58,641 shares of company stock valued at $1,481,496. Company insiders own 1.45% of the company’s stock.

Associated Banc Price Performance

Shares of ASB stock opened at $26.60 on Friday. The stock’s fifty day moving average is $22.82 and its 200-day moving average is $21.96. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.88 and a current ratio of 0.88. Associated Banc-Corp has a 52 week low of $17.30 and a 52 week high of $28.18. The stock has a market capitalization of $4.02 billion, a PE ratio of 22.17, a PEG ratio of 1.98 and a beta of 0.91.

Associated Banc (NYSE:ASB) last posted its quarterly earnings data on Thursday, October 24th. The bank reported $0.56 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.06. Associated Banc had a net margin of 8.15% and a return on equity of 8.18%. The firm had revenue of $607.54 million during the quarter, compared to analysts’ expectations of $336.52 million. During the same quarter last year, the company posted $0.53 EPS. Equities research analysts expect that Associated Banc-Corp will post 2.12 EPS for the current fiscal year.

Associated Banc Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be given a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 3.46%. This is a positive change from Associated Banc’s previous quarterly dividend of $0.22. The ex-dividend date is Monday, December 2nd. Associated Banc’s dividend payout ratio (DPR) is presently 73.33%.

About Associated Banc

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.