Allianz Asset Management GmbH Boosts Stake in Associated Banc-Corp $ASB

Allianz Asset Management GmbH increased its holdings in shares of Associated Banc-Corp (NYSE:ASB) by 31.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 87,966 shares of the bank’s stock after acquiring an additional 20,930 shares during the quarter. Allianz Asset Management GmbH owned about 0.05% of Associated Banc worth $2,262,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Hantz Financial Services Inc. lifted its holdings in Associated Banc by 2,033.9% in the second quarter. Hantz Financial Services Inc. now owns 1,195 shares of the bank’s stock valued at $29,000 after acquiring an additional 1,139 shares during the last quarter. Quent Capital LLC purchased a new stake in Associated Banc in the third quarter valued at $34,000. EverSource Wealth Advisors LLC raised its position in Associated Banc by 345.5% in the second quarter. EverSource Wealth Advisors LLC now owns 1,350 shares of the bank’s stock valued at $33,000 after purchasing an additional 1,047 shares during the period. Bayforest Capital Ltd acquired a new position in shares of Associated Banc in the 2nd quarter valued at $34,000. Finally, First Horizon Corp purchased a new position in shares of Associated Banc during the 3rd quarter worth $39,000. Hedge funds and other institutional investors own 82.98% of the company’s stock.

Associated Banc Stock Down 2.6%

Shares of Associated Banc stock opened at $27.54 on Friday. Associated Banc-Corp has a 52-week low of $18.32 and a 52-week high of $29.51. The company has a 50 day moving average of $26.90 and a 200 day moving average of $26.02. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.81. The company has a market capitalization of $4.57 billion, a P/E ratio of 9.94, a P/E/G ratio of 1.30 and a beta of 0.81.

Associated Banc (NYSE:ASB) last announced its quarterly earnings data on Thursday, January 22nd. The bank reported $0.80 EPS for the quarter, beating analysts’ consensus estimates of $0.69 by $0.11. The company had revenue of $393.52 million for the quarter, compared to the consensus estimate of $382.06 million. Associated Banc had a net margin of 19.31% and a return on equity of 10.25%. During the same period in the prior year, the firm posted $0.72 EPS. As a group, research analysts forecast that Associated Banc-Corp will post 2.43 EPS for the current fiscal year.

Associated Banc declared that its board has approved a stock repurchase program on Tuesday, January 27th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the bank to buy up to 2.2% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Associated Banc Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Monday, March 2nd will be paid 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 dividend payout ratio (DPR) is currently 34.66%.

Insiders Place Their Bets

In other news, Director John B. Williams sold 2,325 shares of the company’s stock in a transaction dated Tuesday, February 3rd. The stock was sold at an average price of $28.05, for a total transaction of $65,216.25. Following the completion of the transaction, the director directly owned 70,959 shares of the company’s stock, valued at approximately $1,990,399.95. This represents a 3.17% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP John A. Utz sold 2,135 shares of the firm’s stock in a transaction dated Tuesday, December 9th. The stock was sold at an average price of $26.41, for a total value of $56,385.35. Following the sale, the executive vice president directly owned 109,842 shares in the company, valued at $2,900,927.22. This trade represents a 1.91% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 53,007 shares of company stock valued at $1,418,613 in the last ninety days. Insiders own 1.45% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on ASB. Truist Financial boosted their price objective on shares of Associated Banc from $29.00 to $30.00 and gave the company a “hold” rating in a report on Monday, January 26th. Keefe, Bruyette & Woods lifted their price target on shares of Associated Banc from $29.00 to $30.00 and gave the company a “market perform” rating in a research report on Friday, January 23rd. Barclays reduced their price target on shares of Associated Banc from $32.00 to $30.00 and set an “equal weight” rating on the stock in a research note on Tuesday, November 11th. Raymond James Financial reaffirmed an “outperform” rating and set a $30.00 price objective (up previously from $29.00) on shares of Associated Banc in a research report on Monday, October 27th. Finally, UBS Group reiterated a “buy” rating and issued a $28.00 target price on shares of Associated Banc in a report on Tuesday, December 2nd. Three analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat.com, Associated Banc presently has an average rating of “Hold” and an average price target of $29.20.

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.