Citigroup Inc. Sells 71,451 Shares of Associated Banc-Corp $ASB

Citigroup Inc. cut its holdings in Associated Banc-Corp (NYSE:ASB) by 27.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 185,018 shares of the bank’s stock after selling 71,451 shares during the period. Citigroup Inc. owned about 0.11% of Associated Banc worth $4,757,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in ASB. Geode Capital Management LLC increased its position in Associated Banc by 1.6% in the second quarter. Geode Capital Management LLC now owns 4,151,111 shares of the bank’s stock worth $101,256,000 after buying an additional 67,219 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in Associated Banc by 139.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,748,667 shares of the bank’s stock worth $61,927,000 after acquiring an additional 1,598,951 shares during the period. American Century Companies Inc. increased its holdings in shares of Associated Banc by 7.7% in the second quarter. American Century Companies Inc. now owns 1,983,873 shares of the bank’s stock worth $48,387,000 after purchasing an additional 141,946 shares during the period. Norges Bank bought a new position in Associated Banc in the 2nd quarter worth about $48,373,000. Finally, Bank of New York Mellon Corp increased its position in shares of Associated Banc by 0.4% in the second quarter. Bank of New York Mellon Corp now owns 1,746,951 shares of the bank’s stock worth $42,608,000 after purchasing an additional 7,215 shares during the last quarter. Hedge funds and other institutional investors own 82.98% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently commented on ASB. Wall Street Zen raised Associated Banc from a “hold” rating to a “buy” rating in a research note on Saturday, February 14th. Weiss Ratings upgraded shares of Associated Banc from a “hold (c+)” rating to a “buy (b)” rating in a report on Tuesday, February 17th. Truist Financial increased their price objective on Associated Banc from $29.00 to $30.00 and gave the stock a “hold” rating in a report on Monday, January 26th. Piper Sandler raised their target price on shares of Associated Banc from $27.00 to $30.00 and gave the stock a “neutral” rating in a research report on Friday, January 23rd. Finally, Zacks Research upgraded Associated Banc from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, February 25th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $29.20.

Insider Buying and Selling at Associated Banc

In other Associated Banc news, Director John B. Williams sold 2,325 shares of the business’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 sale, the director owned 70,959 shares of the company’s stock, valued at approximately $1,990,399.95. The trade was a 3.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Eileen A. Kamerick sold 6,600 shares of the stock in a transaction that occurred on Thursday, February 19th. The stock was sold at an average price of $28.02, for a total transaction of $184,932.00. Following the completion of the sale, the director directly owned 49,264 shares of the company’s stock, valued at $1,380,377.28. This represents a 11.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 56,280 shares of company stock worth $1,517,742. 1.10% of the stock is owned by corporate insiders.

Associated Banc Trading Down 0.7%

Associated Banc stock opened at $26.40 on Wednesday. The business’s fifty day moving average is $27.16 and its 200 day moving average is $26.32. 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 stock has a market capitalization of $4.38 billion, a PE ratio of 9.53, a price-to-earnings-growth ratio of 1.21 and a beta of 0.80. Associated Banc-Corp has a one year low of $18.32 and a one year high of $29.51.

Associated Banc (NYSE:ASB) last released its quarterly earnings data on Thursday, January 22nd. The bank reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.11. Associated Banc had a net margin of 19.31% and a return on equity of 10.25%. The firm had revenue of $393.52 million during the quarter, compared to analysts’ expectations of $382.06 million. During the same period in the previous year, the company earned $0.72 earnings per share. On average, sell-side analysts predict that Associated Banc-Corp will post 2.43 EPS for the current year.

Associated Banc Announces Dividend

The company 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. This represents a $0.96 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend is Monday, March 2nd. Associated Banc’s dividend payout ratio (DPR) is presently 34.66%.

Associated Banc announced that its board has initiated a stock repurchase program on Tuesday, January 27th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the bank to reacquire up to 2.2% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

About Associated Banc

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.