Associated Banc-Corp (NYSE:ASB) Short Interest Up 20.6% in December

Associated Banc-Corp (NYSE:ASB) saw a large growth in short interest in December. As of December 31st, there was short interest totaling 4,883,428 shares, a growth of 20.6% from the December 15th total of 4,048,872 shares. Based on an average daily trading volume, of 2,018,955 shares, the days-to-cover ratio is currently 2.4 days. Currently, 3.0% of the shares of the stock are short sold. Currently, 3.0% of the shares of the stock are short sold. Based on an average daily trading volume, of 2,018,955 shares, the days-to-cover ratio is currently 2.4 days.

Wall Street Analysts Forecast Growth

ASB has been the subject of several research reports. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $29.00 target price on shares of Associated Banc in a research note on Monday, January 12th. Raymond James Financial restated 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. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Associated Banc in a research note on Monday, December 29th. Truist Financial increased their target price on shares of Associated Banc from $27.00 to $29.00 and gave the company a “hold” rating in a research note on Monday, December 22nd. Finally, Wall Street Zen cut shares of Associated Banc from a “buy” rating to a “hold” rating in a report on Saturday, January 3rd. Three research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $28.50.

Associated Banc Trading Down 1.5%

NYSE ASB opened at $26.14 on Wednesday. The firm’s 50 day moving average price is $26.12 and its two-hundred day moving average price is $25.76. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.90 and a current ratio of 0.90. Associated Banc has a twelve month low of $18.32 and a twelve month high of $27.58. The stock has a market cap of $4.34 billion, a price-to-earnings ratio of 27.80, a PEG ratio of 0.74 and a beta of 0.79.

Associated Banc (NYSE:ASB) last issued its earnings results on Thursday, October 23rd. The bank reported $0.73 EPS for the quarter, topping the consensus estimate of $0.66 by $0.07. Associated Banc had a return on equity of 9.45% and a net margin of 7.23%.The business had revenue of $390.71 million during the quarter, compared to analysts’ expectations of $377.94 million. During the same quarter last year, the firm posted $0.56 earnings per share. Equities analysts anticipate that Associated Banc will post 2.43 EPS for the current year.

Associated Banc Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Monday, December 1st were given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date was Monday, December 1st. This is a boost from Associated Banc’s previous quarterly dividend of $0.23. Associated Banc’s dividend payout ratio is 102.13%.

Insider Buying and Selling

In related news, EVP Patrick Edward Ahern sold 30,489 shares of the business’s stock in a transaction that occurred on Thursday, December 4th. The stock was 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 $618,213.50. The trade was a 55.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP John A. Utz sold 2,135 shares of the stock in a transaction on 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 directly owned 109,842 shares of the company’s stock, valued at approximately $2,900,927.22. The trade was a 1.91% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 35,951 shares of company stock valued at $925,756. Company insiders own 1.10% of the company’s stock.

Institutional Trading of Associated Banc

Hedge funds have recently made changes to their positions in the stock. Pallas Capital Advisors LLC purchased a new position in shares of Associated Banc during the 2nd quarter valued at $422,000. Meritage Portfolio Management acquired a new stake in Associated Banc during the second quarter valued at $469,000. Greenleaf Trust grew its stake in Associated Banc by 6.2% in the second quarter. Greenleaf Trust now owns 12,103 shares of the bank’s stock valued at $295,000 after purchasing an additional 704 shares in the last quarter. Pzena Investment Management LLC increased its position in Associated Banc by 4.0% in the 2nd quarter. Pzena Investment Management LLC now owns 1,859,542 shares of the bank’s stock worth $45,354,000 after purchasing an additional 71,676 shares during the last quarter. Finally, Leeward Investments LLC MA raised its stake in shares of Associated Banc by 39.7% during the 2nd quarter. Leeward Investments LLC MA now owns 765,504 shares of the bank’s stock worth $18,671,000 after purchasing an additional 217,546 shares in the last quarter. 82.98% of the stock is owned by hedge funds and other institutional investors.

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.