The PNC Financial Services Group Inc. Sells 542 Shares of Associated Banc-Corp (NYSE:ASB)

The PNC Financial Services Group Inc. lowered its stake in shares of Associated Banc-Corp (NYSE:ASB) by 4.9% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,507 shares of the bank’s stock after selling 542 shares during the quarter. The PNC Financial Services Group Inc.’s holdings in Associated Banc were worth $223,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in ASB. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Associated Banc by 15.4% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 19,562 shares of the bank’s stock worth $334,000 after purchasing an additional 2,611 shares during the period. Assenagon Asset Management S.A. bought a new stake in shares of Associated Banc in the fourth quarter valued at approximately $296,000. Victory Capital Management Inc. boosted its position in shares of Associated Banc by 19.7% in the fourth quarter. Victory Capital Management Inc. now owns 558,939 shares of the bank’s stock valued at $9,530,000 after acquiring an additional 91,795 shares during the period. First Trust Advisors LP boosted its position in shares of Associated Banc by 28.9% in the fourth quarter. First Trust Advisors LP now owns 978,466 shares of the bank’s stock valued at $16,683,000 after acquiring an additional 219,630 shares during the period. Finally, California Public Employees Retirement System boosted its position in shares of Associated Banc by 22.9% in the fourth quarter. California Public Employees Retirement System now owns 450,255 shares of the bank’s stock valued at $7,677,000 after acquiring an additional 83,784 shares during the period. 75.19% of the stock is owned by hedge funds and other institutional investors.

Several equities research analysts have recently weighed in on the company. Wells Fargo & Company cut Associated Banc from an “overweight” rating to an “equal weight” rating and set a $24.00 price objective for the company. in a research report on Friday, June 4th. Robert W. Baird reaffirmed a “hold” rating on shares of Associated Banc in a research report on Sunday, April 25th. TheStreet raised Associated Banc from a “c+” rating to a “b” rating in a research report on Monday, February 22nd. Zacks Investment Research cut Associated Banc from a “strong-buy” rating to a “hold” rating and set a $24.00 target price for the company. in a research report on Tuesday, March 9th. Finally, Royal Bank of Canada raised their target price on Associated Banc from $22.00 to $24.00 and gave the stock a “sector perform” rating in a research report on Thursday, June 3rd. Eight analysts have rated the stock with a hold rating, Associated Banc has a consensus rating of “Hold” and a consensus price target of $20.00.

In other news, Director John F. Bergstrom purchased 29,500 shares of the firm’s stock in a transaction that occurred on Tuesday, April 27th. The shares were acquired at an average price of $21.65 per share, for a total transaction of $638,675.00. Following the completion of the acquisition, the director now directly owns 92,508 shares in the company, valued at $2,002,798.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Michael Meinolf sold 3,000 shares of the firm’s stock in a transaction dated Tuesday, April 27th. The shares were sold at an average price of $21.64, for a total value of $64,920.00. Following the completion of the transaction, the executive vice president now owns 28,750 shares in the company, valued at approximately $622,150. The disclosure for this sale can be found here. Insiders have sold 67,656 shares of company stock valued at $1,548,362 over the last quarter. Corporate insiders own 3.25% of the company’s stock.

Associated Banc stock opened at $22.14 on Friday. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.58. The business’s fifty day moving average is $22.33. Associated Banc-Corp has a 52-week low of $11.78 and a 52-week high of $23.94. The firm has a market capitalization of $3.38 billion, a price-to-earnings ratio of 10.16, a P/E/G ratio of 1.68 and a beta of 1.24.

Associated Banc (NYSE:ASB) last released its quarterly earnings data on Wednesday, April 21st. The bank reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.13. Associated Banc had a return on equity of 6.67% and a net margin of 26.17%. The firm had revenue of $271.00 million during the quarter, compared to analyst estimates of $263.58 million. During the same period in the prior year, the company posted $0.27 earnings per share. The business’s revenue for the quarter was down 10.0% compared to the same quarter last year. On average, sell-side analysts forecast that Associated Banc-Corp will post 1.71 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 15th. Shareholders of record on Tuesday, June 1st will be paid a dividend of $0.18 per share. The ex-dividend date of this dividend is Friday, May 28th. This represents a $0.72 annualized dividend and a yield of 3.25%. Associated Banc’s dividend payout ratio is currently 38.71%.

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 operates through three segments: Corporate and Commercial Specialty; Community, Consumer, and Business; and Risk Management and Shared Services.

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Institutional Ownership by Quarter for Associated Banc (NYSE:ASB)

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