Allspring Global Investments Holdings LLC Reduces Stake in Associated Banc-Corp $ASB

Allspring Global Investments Holdings LLC trimmed its stake in Associated Banc-Corp (NYSE:ASB) by 8.5% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,469,468 shares of the bank’s stock after selling 136,462 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.89% of Associated Banc worth $37,853,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of ASB. Smartleaf Asset Management LLC lifted its holdings in shares of Associated Banc by 46.8% in the 3rd quarter. Smartleaf Asset Management LLC now owns 1,279 shares of the bank’s stock worth $33,000 after acquiring an additional 408 shares during the last quarter. Quent Capital LLC purchased a new stake in Associated Banc in the third quarter worth $34,000. EverSource Wealth Advisors LLC boosted its holdings in shares of 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. First Horizon Corp purchased a new position in shares of Associated Banc in the 3rd quarter valued at $39,000. Finally, CIBC Private Wealth Group LLC bought a new position in shares of Associated Banc in the 3rd quarter worth $51,000. Hedge funds and other institutional investors own 82.98% of the company’s stock.

Insider Transactions at Associated Banc

In other news, 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 transaction, the director owned 49,264 shares in the company, valued at $1,380,377.28. This trade represents a 11.81% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director John B. Williams sold 2,325 shares of the company’s stock in a transaction on Tuesday, February 3rd. The stock was sold at an average price of $28.05, for a total transaction of $65,216.25. Following the transaction, the director owned 70,959 shares of the company’s stock, valued at $1,990,399.95. This represents a 3.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 23,656 shares of company stock valued at $677,789 in the last three months. 0.71% of the stock is currently owned by company insiders.

Associated Banc Trading Down 0.7%

Shares of NYSE:ASB opened at $25.98 on Friday. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.81. Associated Banc-Corp has a 12-month low of $18.32 and a 12-month high of $29.51. The business has a 50 day moving average of $26.59 and a two-hundred day moving average of $26.13. The company has a market capitalization of $4.30 billion, a PE ratio of 9.38, a PEG ratio of 1.22 and a beta of 0.77.

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

Associated Banc announced that its Board of Directors has initiated a stock repurchase program on Tuesday, January 27th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the bank to reacquire up to 2.2% of its shares through open market purchases. Shares buyback programs are generally 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 was paid on Monday, March 16th. Investors of record on Monday, March 2nd were issued a $0.24 dividend. The ex-dividend date of this dividend was Monday, March 2nd. This represents a $0.96 dividend on an annualized basis and a yield of 3.7%. Associated Banc’s dividend payout ratio is presently 34.66%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on ASB shares. Wall Street Zen cut Associated Banc from a “buy” rating to a “hold” rating in a research note on Saturday, March 28th. Zacks Research upgraded Associated Banc from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, February 25th. Truist Financial cut their price objective on Associated Banc from $30.00 to $27.00 and set a “hold” rating on the stock in a report on Monday, March 23rd. Royal Bank Of Canada raised their price objective on Associated Banc from $29.00 to $30.00 and gave the stock a “sector perform” rating in a research note on Friday, January 23rd. Finally, Wells Fargo & Company raised their price target on shares of Associated Banc from $30.00 to $31.00 and gave the stock an “overweight” rating in a research report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $29.30.

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.