Victory Capital Management Inc. Has $11.75 Million Stake in Associated Banc-Corp (NYSE:ASB)

Victory Capital Management Inc. lessened its holdings in Associated Banc-Corp (NYSE:ASB) by 5.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 521,710 shares of the bank’s stock after selling 31,457 shares during the period. Victory Capital Management Inc. owned about 0.31% of Associated Banc worth $11,754,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in ASB. Norges Bank bought a new position in Associated Banc in the 4th quarter valued at $36,144,000. Vanguard Group Inc. boosted its stake in shares of Associated Banc by 8.7% during the 4th quarter. Vanguard Group Inc. now owns 18,066,871 shares of the bank’s stock valued at $431,798,000 after purchasing an additional 1,444,068 shares in the last quarter. Principal Financial Group Inc. boosted its stake in Associated Banc by 2.8% during the first quarter. Principal Financial Group Inc. now owns 379,996 shares of the bank’s stock worth $8,561,000 after acquiring an additional 10,448 shares in the last quarter. GAMMA Investing LLC raised its holdings in Associated Banc by 11.6% in the first quarter. GAMMA Investing LLC now owns 5,251 shares of the bank’s stock worth $118,000 after buying an additional 547 shares during the last quarter. Finally, Proficio Capital Partners LLC purchased a new position in Associated Banc in the fourth quarter worth about $353,000. 82.98% of the stock is owned by institutional investors.

Insider Transactions at Associated Banc

In other news, CEO Andrew J. Harmening acquired 12,910 shares of Associated Banc stock in a transaction dated Friday, May 9th. The shares were acquired at an average cost of $23.25 per share, with a total value of $300,157.50. Following the purchase, the chief executive officer directly owned 319,269 shares of the company’s stock, valued at approximately $7,423,004.25. This trade represents a 4.21% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.45% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Keefe, Bruyette & Woods reduced their target price on shares of Associated Banc from $29.00 to $27.00 and set a “market perform” rating for the company in a report on Friday, April 25th. Stephens reduced their target price on shares of Associated Banc from $28.00 to $26.00 and set an “equal weight” rating on the stock in a research report on Friday, April 25th. Barclays raised their target price on shares of Associated Banc from $25.00 to $28.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 8th. Wells Fargo & Company raised their price target on shares of Associated Banc from $28.00 to $30.00 and gave the company an “overweight” rating in a report on Thursday, July 10th. Finally, Truist Financial assumed coverage on shares of Associated Banc in a research note on Tuesday, May 13th. They issued a “hold” rating and a $26.00 target price for the company. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, Associated Banc currently has a consensus rating of “Hold” and a consensus target price of $27.22.

Associated Banc Stock Performance

Shares of ASB opened at $25.91 on Thursday. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.58. The firm has a market cap of $4.30 billion, a PE ratio of 30.13, a price-to-earnings-growth ratio of 0.97 and a beta of 0.80. The company’s 50 day simple moving average is $24.22 and its 200-day simple moving average is $23.48. Associated Banc-Corp has a 12-month low of $18.32 and a 12-month high of $28.18.

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

Associated Banc Dividend Announcement

The company also recently announced 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 was Monday, June 2nd. This represents a $0.92 dividend on an annualized basis and a yield of 3.55%. Associated Banc’s dividend payout ratio (DPR) is 106.98%.

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.