Wedge Capital Management L L P NC Sells 3,395 Shares of Associated Banc Corp (ASB)
Wedge Capital Management L L P NC cut its stake in Associated Banc Corp (NYSE:ASB) by 13.1% in the first quarter, Holdings Channel reports. The fund owned 22,448 shares of the bank’s stock after selling 3,395 shares during the period. Wedge Capital Management L L P NC’s holdings in Associated Banc were worth $479,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently modified their holdings of the business. Fort L.P. purchased a new position in Associated Banc during the 4th quarter valued at about $25,000. Executive Wealth Management LLC purchased a new position in Associated Banc during the 1st quarter valued at about $25,000. Pearl River Capital LLC purchased a new position in Associated Banc during the 4th quarter valued at about $43,000. Oregon Public Employees Retirement Fund boosted its holdings in Associated Banc by 1,937.0% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 1,354,645 shares of the bank’s stock valued at $68,000 after acquiring an additional 1,288,143 shares during the period. Finally, Toronto Dominion Bank purchased a new position in Associated Banc during the 4th quarter valued at about $70,000. 75.59% of the stock is owned by institutional investors and hedge funds.
Shares of ASB traded up $0.20 during midday trading on Thursday, hitting $22.21. The company had a trading volume of 12,196 shares, compared to its average volume of 1,180,925. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.90 and a current ratio of 0.91. The stock has a market capitalization of $3.61 billion, a PE ratio of 10.91, a PEG ratio of 1.55 and a beta of 1.12. Associated Banc Corp has a 1 year low of $18.53 and a 1 year high of $29.02.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Monday, June 3rd will be paid a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 3.06%. The ex-dividend date of this dividend is Friday, May 31st. Associated Banc’s payout ratio is presently 33.50%.
A number of brokerages recently commented on ASB. Zacks Investment Research cut Associated Banc from a “buy” rating to a “hold” rating in a report on Wednesday, April 3rd. Royal Bank of Canada lowered their target price on Associated Banc to $24.00 and set a “sector perform” rating for the company in a report on Friday, January 25th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the company’s stock. Associated Banc currently has a consensus rating of “Hold” and an average price target of $24.89.
In other news, insider David L. Stein sold 6,000 shares of Associated Banc stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $22.36, for a total value of $134,160.00. Following the completion of the transaction, the insider now owns 58,533 shares in the company, valued at approximately $1,308,797.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Philip B. Flynn sold 10,000 shares of Associated Banc stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $22.89, for a total value of $228,900.00. Following the completion of the transaction, the chief executive officer now owns 218,996 shares of the company’s stock, valued at approximately $5,012,818.44. The disclosure for this sale can be found here. Insiders sold a total of 43,441 shares of company stock valued at $997,186 in the last quarter. Company insiders own 2.69% of the company’s stock.
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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. Its Corporate and Commercial Specialty segment offers deposit and cash management solutions, such as commercial checking and interest-bearing deposit products, cash vault and night depository services, liquidity solutions, payables and receivables solutions, and information services; and lending solutions, including commercial loans and lines of credit, commercial real estate financing, construction loans, letters of credit, leasing, asset based lending, and loan syndications.
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