Bank of Montreal Can Cuts Stock Position in Associated Banc-Corp $ASB

Bank of Montreal Can lessened its position in shares of Associated Banc-Corp (NYSE:ASB) by 5.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 41,943 shares of the bank’s stock after selling 2,583 shares during the quarter. Bank of Montreal Can’s holdings in Associated Banc were worth $1,023,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. HighTower Advisors LLC purchased a new stake in shares of Associated Banc during the first quarter worth about $311,000. Hsbc Holdings PLC boosted its stake in Associated Banc by 25.7% in the 1st quarter. Hsbc Holdings PLC now owns 14,146 shares of the bank’s stock worth $318,000 after purchasing an additional 2,892 shares in the last quarter. Mackenzie Financial Corp grew its position in Associated Banc by 255.6% during the 1st quarter. Mackenzie Financial Corp now owns 32,868 shares of the bank’s stock worth $741,000 after purchasing an additional 23,626 shares during the last quarter. Cerity Partners LLC increased its stake in Associated Banc by 69.1% during the 1st quarter. Cerity Partners LLC now owns 26,705 shares of the bank’s stock valued at $602,000 after purchasing an additional 10,912 shares in the last quarter. Finally, Pallas Capital Advisors LLC acquired a new position in Associated Banc during the 2nd quarter valued at approximately $422,000. 82.98% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Patrick Edward Ahern sold 3,342 shares of the firm’s stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $26.20, for a total transaction of $87,560.40. Following the sale, the executive vice president directly owned 41,472 shares in the company, valued at $1,086,566.40. This trade represents a 7.46% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Matthew R. Braeger sold 2,000 shares of the company’s stock in a transaction dated Tuesday, September 9th. The stock was sold at an average price of $26.34, for a total value of $52,680.00. Following the completion of the transaction, the executive vice president directly owned 13,346 shares of the company’s stock, valued at $351,533.64. The trade was a 13.03% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 18,342 shares of company stock worth $494,360 in the last ninety days. Company insiders own 1.45% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Truist Financial lifted their price objective on shares of Associated Banc from $26.00 to $27.00 and gave the stock a “hold” rating in a research note on Monday, July 28th. Robert W. Baird lifted their price target on Associated Banc from $27.00 to $28.00 and gave the stock a “neutral” rating in a research report on Friday, July 25th. Barclays dropped their price target on Associated Banc from $32.00 to $30.00 and set an “equal weight” rating on the stock in a research note on Tuesday. Raymond James Financial restated an “outperform” rating and issued a $30.00 price objective (up from $29.00) on shares of Associated Banc in a research note on Monday, October 27th. Finally, Piper Sandler upped their target price on Associated Banc from $24.00 to $27.00 and gave the company a “neutral” rating in a research report on Friday, July 25th. Two analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $28.22.

Associated Banc Trading Down 0.4%

Associated Banc stock opened at $25.28 on Friday. The firm has a market cap of $4.19 billion, a PE ratio of 26.89, a P/E/G ratio of 0.98 and a beta of 0.84. Associated Banc-Corp has a 12 month low of $18.32 and a 12 month high of $27.97. The stock’s 50 day simple moving average is $25.62 and its two-hundred day simple moving average is $24.91. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.82.

Associated Banc (NYSE:ASB) last posted its earnings results on Thursday, October 23rd. The bank reported $0.73 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.07. Associated Banc had a net margin of 7.23% and a return on equity of 9.45%. The firm had revenue of $390.71 million during the quarter, compared to analyst estimates of $377.94 million. During the same period in the previous year, the firm earned $0.56 EPS. Analysts anticipate that Associated Banc-Corp will post 2.43 earnings per share for the current year.

Associated Banc Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, December 1st will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 3.8%. The ex-dividend date of this dividend is Monday, December 1st. This is an increase from Associated Banc’s previous quarterly dividend of $0.23. Associated Banc’s dividend payout ratio is currently 102.13%.

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.