Amalgamated Bank Has $1.62 Million Holdings in Associated Banc-Corp (NYSE:ASB)

Amalgamated Bank cut its stake in Associated Banc-Corp (NYSE:ASB) by 2.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 71,926 shares of the bank’s stock after selling 1,458 shares during the period. Amalgamated Bank’s holdings in Associated Banc were worth $1,620,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Quarry LP boosted its stake in shares of Associated Banc by 154.3% during the 4th quarter. Quarry LP now owns 1,073 shares of the bank’s stock worth $26,000 after buying an additional 651 shares during the last quarter. Covestor Ltd boosted its stake in shares of Associated Banc by 221.0% during the 4th quarter. Covestor Ltd now owns 1,499 shares of the bank’s stock worth $36,000 after buying an additional 1,032 shares during the last quarter. Versant Capital Management Inc boosted its stake in shares of Associated Banc by 385.5% during the 1st quarter. Versant Capital Management Inc now owns 1,612 shares of the bank’s stock worth $36,000 after buying an additional 1,280 shares during the last quarter. Smartleaf Asset Management LLC boosted its stake in shares of Associated Banc by 49.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,747 shares of the bank’s stock worth $42,000 after buying an additional 579 shares during the last quarter. Finally, NewEdge Advisors LLC boosted its stake in shares of Associated Banc by 13.1% during the 4th quarter. NewEdge Advisors LLC now owns 3,518 shares of the bank’s stock worth $84,000 after buying an additional 408 shares during the last quarter. 82.98% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Stephens reduced their price objective on shares of Associated Banc from $28.00 to $26.00 and set an “equal weight” rating for the company in a research note on Friday, April 25th. Wells Fargo & Company upgraded shares of Associated Banc from an “equal weight” rating to an “overweight” rating and reduced their price objective for the stock from $27.00 to $26.00 in a research note on Wednesday, April 9th. Truist Financial initiated coverage on shares of Associated Banc in a report on Tuesday, May 13th. They issued a “hold” rating and a $26.00 target price on the stock. Raymond James Financial reaffirmed an “outperform” rating and issued a $27.00 target price on shares of Associated Banc in a report on Monday, April 28th. Finally, Keefe, Bruyette & Woods dropped their target price on shares of Associated Banc from $29.00 to $27.00 and set a “market perform” rating on the stock in a report on Friday, April 25th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $26.44.

Associated Banc Stock Up 0.9%

Associated Banc stock opened at $25.86 on Monday. The stock has a market cap of $4.29 billion, a P/E ratio of 30.07, a P/E/G ratio of 1.13 and a beta of 0.80. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.58. Associated Banc-Corp has a twelve month low of $18.32 and a twelve month high of $28.18. The company’s 50-day moving average price is $23.57 and its two-hundred day moving average price is $23.33.

Associated Banc (NYSE:ASB) last released its quarterly earnings results on Thursday, April 24th. The bank reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.02. The firm had revenue of $348.97 million for the quarter, compared to analysts’ expectations of $347.86 million. Associated Banc had a net margin of 6.02% and a return on equity of 8.47%. The business’s revenue was up 6.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.52 EPS. As a group, analysts expect that Associated Banc-Corp will post 2.43 EPS for the current year.

Associated Banc Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Monday, June 2nd were issued a $0.23 dividend. The ex-dividend date of this dividend was Monday, June 2nd. This represents a $0.92 annualized dividend and a yield of 3.56%. Associated Banc’s dividend payout ratio is currently 106.98%.

Insiders Place Their Bets

In related news, CEO Andrew J. Harmening purchased 12,910 shares of the stock in a transaction on Friday, May 9th. The shares were purchased at an average cost of $23.25 per share, with a total value of $300,157.50. Following the acquisition, the chief executive officer directly owned 319,269 shares in the company, valued at $7,423,004.25. The trade was a 4.21% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. 1.10% of the stock is currently owned by corporate insiders.

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.