Thrivent Financial for Lutherans Raises Stock Holdings in Associated Banc-Corp $ASB

Thrivent Financial for Lutherans raised its position in shares of Associated Banc-Corp (NYSE:ASB) by 19.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 250,285 shares of the bank’s stock after buying an additional 40,631 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Associated Banc were worth $6,435,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of ASB. Norges Bank bought a new position in shares of Associated Banc in the 2nd quarter worth about $48,373,000. Goldman Sachs Group Inc. boosted its stake in Associated Banc by 139.1% during the first quarter. Goldman Sachs Group Inc. now owns 2,748,667 shares of the bank’s stock worth $61,927,000 after acquiring an additional 1,598,951 shares in the last quarter. Leeward Investments LLC MA grew its holdings in Associated Banc by 39.7% in the second 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 during the period. AlphaQuest LLC bought a new position in shares of Associated Banc during the third quarter valued at approximately $5,011,000. Finally, Jane Street Group LLC increased its stake in shares of Associated Banc by 138.1% during the second quarter. Jane Street Group LLC now owns 302,377 shares of the bank’s stock valued at $7,375,000 after purchasing an additional 175,395 shares in the last quarter. Institutional investors own 82.98% of the company’s stock.

Insider Buying and Selling

In other news, EVP John A. Utz sold 2,135 shares of the firm’s stock in a transaction on Tuesday, December 9th. The stock was 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 in the company, valued at $2,900,927.22. This trade represents a 1.91% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director John B. Williams sold 2,325 shares of Associated Banc stock in a transaction on Tuesday, February 3rd. The stock was sold at an average price of $28.05, for a total value of $65,216.25. Following the completion of the sale, the director directly owned 70,959 shares of the company’s stock, valued at $1,990,399.95. The trade was a 3.17% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 38,276 shares of company stock worth $990,972. 1.45% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of analysts have recently commented on ASB shares. Weiss Ratings reissued a “hold (c+)” rating on shares of Associated Banc in a research report on Monday, December 29th. Raymond James Financial reissued an “outperform” rating and issued a $30.00 target price (up from $29.00) on shares of Associated Banc in a report on Monday, October 27th. Wall Street Zen downgraded Associated Banc from a “buy” rating to a “hold” rating in a report on Sunday, February 1st. Barclays lowered their price target on Associated Banc from $32.00 to $30.00 and set an “equal weight” rating for the company in a research report on Tuesday, November 11th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Associated Banc from $29.00 to $30.00 and gave the company a “market perform” rating in a research report on Friday, January 23rd. Three analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $29.20.

Associated Banc Trading Up 2.4%

Shares of NYSE:ASB opened at $29.40 on Friday. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.90 and a quick ratio of 0.90. Associated Banc-Corp has a 1 year low of $18.32 and a 1 year high of $29.52. The company has a market cap of $4.88 billion, a P/E ratio of 10.61, a PEG ratio of 1.32 and a beta of 0.81. The stock’s fifty day moving average price is $26.69 and its 200-day moving average price is $25.94.

Associated Banc (NYSE:ASB) last issued its earnings results on Thursday, January 22nd. The bank reported $0.80 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.11. The business had revenue of $393.52 million during the quarter, compared to analyst estimates of $382.06 million. Associated Banc had a return on equity of 10.25% and a net margin of 19.31%.During the same quarter in the previous year, the firm earned $0.72 EPS. Sell-side analysts expect that Associated Banc-Corp will post 2.43 earnings per share for the current year.

Associated Banc announced that its board has initiated a share buyback plan on Tuesday, January 27th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the bank to repurchase up to 2.2% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its stock is undervalued.

Associated Banc Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 16th. Investors of record on Monday, March 2nd will be given a dividend of $0.24 per share. The ex-dividend date is Monday, March 2nd. This represents a $0.96 dividend on an annualized basis and a yield of 3.3%. Associated Banc’s dividend payout ratio is 34.66%.

Associated Banc Company 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.