AlphaQuest LLC Makes New Investment in Associated Banc-Corp $ASB

AlphaQuest LLC bought a new stake in shares of Associated Banc-Corp (NYSE:ASB) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 194,911 shares of the bank’s stock, valued at approximately $5,011,000. Associated Banc accounts for about 0.3% of AlphaQuest LLC’s portfolio, making the stock its 9th largest position. AlphaQuest LLC owned approximately 0.12% of Associated Banc as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. California State Teachers Retirement System grew its holdings in Associated Banc by 0.3% in the second quarter. California State Teachers Retirement System now owns 154,933 shares of the bank’s stock valued at $3,779,000 after purchasing an additional 394 shares during the period. US Bancorp DE lifted its position in shares of Associated Banc by 0.6% during the 2nd quarter. US Bancorp DE now owns 80,262 shares of the bank’s stock valued at $1,958,000 after buying an additional 450 shares in the last quarter. Tidal Investments LLC increased its holdings in Associated Banc by 2.0% in the 2nd quarter. Tidal Investments LLC now owns 27,354 shares of the bank’s stock worth $667,000 after acquiring an additional 549 shares in the last quarter. Greenleaf Trust increased its holdings in Associated Banc by 6.2% in the 2nd quarter. Greenleaf Trust now owns 12,103 shares of the bank’s stock worth $295,000 after acquiring an additional 704 shares in the last quarter. Finally, Osaic Holdings Inc. raised its position in Associated Banc by 3.7% during the second quarter. Osaic Holdings Inc. now owns 22,256 shares of the bank’s stock worth $543,000 after acquiring an additional 800 shares during the period. Institutional investors and hedge funds own 82.98% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on ASB. Barclays reduced their price target on shares of Associated Banc from $32.00 to $30.00 and set an “equal weight” rating for the company in a research report on Tuesday, November 11th. Royal Bank Of Canada increased their target price on Associated Banc from $29.00 to $30.00 and gave the company a “sector perform” rating in a report on Friday, January 23rd. Weiss Ratings reissued a “hold (c+)” rating on shares of Associated Banc in a research note on Monday, December 29th. Wall Street Zen raised shares of Associated Banc from a “hold” rating to a “buy” rating in a research note on Saturday, January 24th. Finally, Piper Sandler upped their target price on shares of Associated Banc from $27.00 to $30.00 and gave the stock a “neutral” rating in a report on Friday, January 23rd. Three investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $29.20.

Associated Banc Price Performance

Shares of ASB stock opened at $27.33 on Friday. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.90 and a quick ratio of 0.90. The company has a market capitalization of $4.53 billion, a PE ratio of 9.86, a price-to-earnings-growth ratio of 1.23 and a beta of 0.79. The firm’s 50-day moving average is $26.42 and its two-hundred day moving average is $25.83. Associated Banc-Corp has a 12 month low of $18.32 and a 12 month high of $28.02.

Associated Banc (NYSE:ASB) last announced its quarterly earnings results on Thursday, January 22nd. The bank reported $0.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.11. Associated Banc had a net margin of 19.31% and a return on equity of 10.25%. The business had revenue of $393.52 million during the quarter, compared to the consensus estimate of $382.06 million. During the same quarter last year, the firm earned $0.72 EPS. Analysts predict that Associated Banc-Corp will post 2.43 earnings per share for the current year.

Associated Banc Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Monday, March 2nd will be given a $0.24 dividend. The ex-dividend date is Monday, March 2nd. This represents a $0.96 dividend on an annualized basis and a yield of 3.5%. Associated Banc’s payout ratio is currently 34.66%.

Associated Banc announced that its board has authorized a stock buyback plan on Tuesday, January 27th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the bank to buy up to 2.2% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling at Associated Banc

In other Associated Banc news, EVP John A. Utz sold 2,135 shares of the company’s stock in a transaction dated Tuesday, December 9th. The shares were sold at an average price of $26.41, for a total value of $56,385.35. Following the transaction, the executive vice president owned 109,842 shares of the company’s stock, valued at $2,900,927.22. This represents a 1.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Patrick Edward Ahern sold 30,489 shares of Associated Banc stock in a transaction dated Thursday, December 4th. The shares were sold at an average price of $25.70, for a total transaction of $783,567.30. Following the sale, the executive vice president owned 24,055 shares of the company’s stock, valued at approximately $618,213.50. This represents a 55.90% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 35,951 shares of company stock worth $925,756. Corporate insiders own 1.45% of the company’s stock.

Associated Banc Profile

Associated Banc-Corp, through its primary subsidiary Associated Bank, N.A., is a regional financial services company headquartered in Green Bay, Wisconsin. The bank operates more than 200 branches across the Midwest, offering community-focused banking solutions for individuals, small businesses and commercial clients. Its emphasis on personalized service and regional decision-making supports long-standing customer relationships.

On the consumer side, Associated Bank provides checking and savings accounts, residential mortgages, home equity lines of credit, auto financing and credit card products.