Renaissance Technologies LLC Lowers Stake in Associated Banc-Corp $ASB

Renaissance Technologies LLC trimmed its position in Associated Banc-Corp (NYSE:ASB) by 66.2% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 163,632 shares of the bank’s stock after selling 320,999 shares during the quarter. Renaissance Technologies LLC’s holdings in Associated Banc were worth $4,232,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. IAG Wealth Partners LLC grew its holdings in shares of Associated Banc by 4,250.0% during the 1st quarter. IAG Wealth Partners LLC now owns 1,218 shares of the bank’s stock worth $31,000 after purchasing an additional 1,190 shares during the period. Eurizon Capital SGR S.p.A. purchased a new position in Associated Banc in the fourth quarter valued at approximately $33,000. EverSource Wealth Advisors LLC raised its holdings in 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 buying an additional 1,047 shares during the period. CIBC Private Wealth Group LLC acquired a new position in Associated Banc during the third quarter valued at approximately $51,000. Finally, Global Retirement Partners LLC acquired a new position in Associated Banc during the fourth quarter valued at approximately $56,000. 82.98% of the stock is owned by institutional investors and hedge funds.

Associated Banc Stock Up 0.4%

NYSE ASB opened at $31.28 on Friday. The stock has a market cap of $5.91 billion, a PE ratio of 10.94, a P/E/G ratio of 1.06 and a beta of 0.77. Associated Banc-Corp has a fifty-two week low of $23.66 and a fifty-two week high of $32.00. The business has a 50 day moving average price of $30.09 and a two-hundred day moving average price of $28.14. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.95.

Associated Banc (NYSE:ASB) last posted its quarterly earnings data on Thursday, July 23rd. The bank reported $0.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.72 by $0.01. The company had revenue of $454.54 million for the quarter, compared to analyst estimates of $438.01 million. Associated Banc had a net margin of 19.66% and a return on equity of 10.64%. During the same quarter last year, the firm posted $0.65 earnings per share. As a group, sell-side analysts predict that Associated Banc-Corp will post 2.91 EPS for the current fiscal year.

Associated Banc Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend is Tuesday, September 1st. Associated Banc’s dividend payout ratio (DPR) is presently 33.57%.

Insider Buying and Selling at Associated Banc

In related news, EVP Matthew R. Braeger sold 5,000 shares of Associated Banc stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $28.17, for a total transaction of $140,850.00. Following the sale, the executive vice president owned 11,777 shares of the company’s stock, valued at $331,758.09. The trade was a 29.80% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Dennis Deloye sold 14,299 shares of the business’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $28.26, for a total transaction of $404,089.74. Following the completion of the transaction, the executive vice president owned 21,385 shares in the company, valued at $604,340.10. This represents a 40.07% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 41,962 shares of company stock worth $1,233,303. 0.71% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research firms have issued reports on ASB. Keefe, Bruyette & Woods boosted their price objective on shares of Associated Banc from $30.00 to $31.00 and gave the stock a “market perform” rating in a research note on Friday, April 24th. Weiss Ratings restated a “buy (b)” rating on shares of Associated Banc in a report on Wednesday, June 24th. Wall Street Zen cut shares of Associated Banc from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. Barclays upped their price target on shares of Associated Banc from $33.00 to $34.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 7th. Finally, Truist Financial raised their price objective on Associated Banc from $32.00 to $33.00 and gave the company a “hold” rating in a research report on Tuesday. Six analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $31.10.

Associated Banc Profile

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.