Allianz Asset Management GmbH Sells 38,539 Shares of Associated Banc-Corp $ASB

Allianz Asset Management GmbH lessened its position in shares of Associated Banc-Corp (NYSE:ASB) by 36.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 67,036 shares of the bank’s stock after selling 38,539 shares during the period. Allianz Asset Management GmbH’s holdings in Associated Banc were worth $1,635,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Principal Financial Group Inc. lifted its holdings in shares of Associated Banc by 2.8% during the 1st 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 during the period. GAMMA Investing LLC lifted its holdings in shares of Associated Banc by 11.6% during the 1st quarter. GAMMA Investing LLC now owns 5,251 shares of the bank’s stock worth $118,000 after acquiring an additional 547 shares during the period. HighTower Advisors LLC bought a new stake in shares of Associated Banc during the 1st quarter worth approximately $311,000. Moody Aldrich Partners LLC bought a new position in Associated Banc in the 1st quarter valued at approximately $1,842,000. Finally, Teacher Retirement System of Texas bought a new position in Associated Banc in the 1st quarter valued at approximately $541,000. Institutional investors own 82.98% of the company’s stock.

Associated Banc Trading Up 1.2%

Shares of NYSE ASB opened at $25.61 on Friday. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.91 and a current ratio of 0.92. Associated Banc-Corp has a 52-week low of $18.32 and a 52-week high of $28.18. The firm has a 50 day moving average price of $25.94 and a two-hundred day moving average price of $24.40. The stock has a market cap of $4.25 billion, a P/E ratio of 27.25, a price-to-earnings-growth ratio of 1.02 and a beta of 0.82.

Associated Banc (NYSE:ASB) last posted its quarterly earnings data on Thursday, October 23rd. The bank reported $0.73 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.07. Associated Banc had a net margin of 7.23% and a return on equity of 9.54%. The company had revenue of $386.49 million during the quarter, compared to analysts’ expectations of $377.94 million. During the same period in the prior year, the company posted $0.56 earnings per share. As a group, equities analysts forecast that Associated Banc-Corp will post 2.43 EPS for the current year.

Associated Banc Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd were given a dividend of $0.23 per share. The ex-dividend date was Tuesday, September 2nd. This represents a $0.92 annualized dividend and a dividend yield of 3.6%. Associated Banc’s dividend payout ratio is 97.87%.

Wall Street Analysts Forecast Growth

ASB has been the subject of several research reports. Keefe, Bruyette & Woods increased their price objective on shares of Associated Banc from $27.00 to $28.00 and gave the company a “market perform” rating in a research note on Friday, July 25th. Truist Financial increased their price objective on shares of Associated Banc from $26.00 to $27.00 and gave the company a “hold” rating in a research note on Monday, July 28th. Barclays increased their price objective on shares of Associated Banc from $30.00 to $32.00 and gave the company a “positive” rating in a research note on Wednesday, October 8th. Weiss Ratings reissued a “hold (c)” rating on shares of Associated Banc in a research note on Friday. Finally, Piper Sandler increased their price objective on shares of Associated Banc from $24.00 to $27.00 and gave the company a “neutral” rating in a research note on Friday, July 25th. Three investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $28.11.

Insider Transactions at Associated Banc

In other news, EVP Patrick Edward Ahern sold 3,342 shares of the stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $26.20, for a total transaction of $87,560.40. Following the completion of the sale, the executive vice president directly owned 41,472 shares in the company, valued at $1,086,566.40. This represents a 7.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Matthew R. Braeger sold 2,000 shares of the stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $26.34, for a total transaction of $52,680.00. Following the sale, the executive vice president owned 13,346 shares of the company’s stock, valued at approximately $351,533.64. This trade represents a 13.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 18,342 shares of company stock worth $494,360 over the last three months. 1.45% of the stock is owned by company 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.