Associated Banc-Corp $ASB Shares Sold by Citigroup Inc.

Citigroup Inc. cut its stake in shares of Associated Banc-Corp (NYSE:ASB) by 7.6% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 313,249 shares of the bank’s stock after selling 25,857 shares during the period. Citigroup Inc. owned approximately 0.19% of Associated Banc worth $7,058,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Quarry LP grew its stake in shares of Associated Banc by 154.3% during the fourth quarter. Quarry LP now owns 1,073 shares of the bank’s stock valued at $26,000 after acquiring an additional 651 shares in the last quarter. Versant Capital Management Inc boosted its holdings in Associated Banc by 385.5% in the first quarter. Versant Capital Management Inc now owns 1,612 shares of the bank’s stock valued at $36,000 after purchasing an additional 1,280 shares during the last quarter. NewEdge Advisors LLC grew its stake in Associated Banc by 13.1% during the 4th quarter. NewEdge Advisors LLC now owns 3,518 shares of the bank’s stock valued at $84,000 after purchasing an additional 408 shares in the last quarter. Farther Finance Advisors LLC increased its holdings in Associated Banc by 38.0% during the 1st quarter. Farther Finance Advisors LLC now owns 4,072 shares of the bank’s stock worth $90,000 after purchasing an additional 1,122 shares during the last quarter. Finally, GAMMA Investing LLC raised its position in shares of Associated Banc by 11.6% in the 1st quarter. GAMMA Investing LLC now owns 5,251 shares of the bank’s stock valued at $118,000 after purchasing an additional 547 shares in the last quarter. Hedge funds and other institutional investors own 82.98% of the company’s stock.

Associated Banc Stock Down 2.3%

Shares of Associated Banc stock opened at $24.87 on Monday. The stock has a market capitalization of $4.12 billion, a price-to-earnings ratio of 32.30, a PEG ratio of 0.96 and a beta of 0.84. Associated Banc-Corp has a twelve month low of $18.32 and a twelve month high of $28.18. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.98. The business’s 50 day simple moving average is $24.67 and its 200-day simple moving average is $23.46.

Associated Banc (NYSE:ASB) last posted its earnings results on Thursday, July 24th. The bank reported $0.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.03. Associated Banc had a net margin of 5.79% and a return on equity of 8.86%. The firm had revenue of $366.98 million during the quarter, compared to analyst estimates of $362.78 million. During the same period in the previous year, the business posted $0.52 EPS. Equities research analysts forecast that Associated Banc-Corp will post 2.43 earnings per share for the current year.

Associated Banc Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Tuesday, September 2nd will be given a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 3.7%. The ex-dividend date is Tuesday, September 2nd. Associated Banc’s dividend payout ratio (DPR) is currently 119.48%.

Analysts Set New Price Targets

ASB has been the subject of a number of research analyst reports. Piper Sandler lifted their price target on shares of Associated Banc from $24.00 to $27.00 and gave the stock a “neutral” rating in a research note on Friday, July 25th. Robert W. Baird boosted their price objective on Associated Banc from $27.00 to $28.00 and gave the company a “neutral” rating in a report on Friday, July 25th. Keefe, Bruyette & Woods upped their price objective on Associated Banc from $27.00 to $28.00 and gave the company a “market perform” rating in a research note on Friday, July 25th. Royal Bank Of Canada lifted their target price on Associated Banc from $26.00 to $27.00 and gave the stock a “sector perform” rating in a research report on Friday, July 25th. Finally, Wells Fargo & Company upped their price target on Associated Banc from $28.00 to $30.00 and gave the company an “overweight” rating in a research report on Thursday, July 10th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $27.78.

Associated Banc Company Profile

Associated Banc-Corp, a bank holding company, provides various banking and nonbanking products to individuals and businesses in Wisconsin, Illinois, and Minnesota. The company offers lending solutions, including commercial loans and lines of credit, commercial real estate financing, construction loans, letters of credit, leasing, asset based lending and equipment finance, loan syndications products, residential mortgages, home equity loans and lines of credit, personal and installment loans, auto finance and business loans, and business lines of credit.