Associated Banc-Corp (NYSE:ASB) Sees Significant Growth in Short Interest

Associated Banc-Corp (NYSE:ASB) was the target of a significant increase in short interest in the month of December. As of December 31st, there was short interest totaling 4,883,428 shares, an increase of 20.6% from the December 15th total of 4,048,872 shares. Based on an average daily volume of 2,018,955 shares, the days-to-cover ratio is presently 2.4 days. Approximately 3.0% of the company’s stock are sold short. Approximately 3.0% of the company’s stock are sold short. Based on an average daily volume of 2,018,955 shares, the days-to-cover ratio is presently 2.4 days.

Analyst Upgrades and Downgrades

ASB has been the subject of several recent research reports. Barclays decreased their price objective on Associated Banc from $32.00 to $30.00 and set an “equal weight” rating for the company in a research note on Tuesday, November 11th. Wall Street Zen cut shares of Associated Banc from a “buy” rating to a “hold” rating in a research report on Saturday, January 3rd. Truist Financial boosted their target price on shares of Associated Banc from $27.00 to $29.00 and gave the stock a “hold” rating in a research note on Monday, December 22nd. Raymond James Financial restated an “outperform” rating and issued a $30.00 price target (up from $29.00) on shares of Associated Banc in a research note on Monday, October 27th. Finally, Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $29.00 price target on shares of Associated Banc in a report on Monday, January 12th. Three investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $28.50.

Insider Buying and Selling

In related news, EVP John A. Utz sold 2,135 shares of the company’s stock in a transaction that occurred on Tuesday, December 9th. The shares were sold at an average price of $26.41, for a total transaction of $56,385.35. Following the sale, the executive vice president directly owned 109,842 shares of the company’s stock, valued at $2,900,927.22. This represents a 1.91% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Patrick Edward Ahern sold 30,489 shares of the stock in a transaction that occurred on Thursday, December 4th. The stock was sold at an average price of $25.70, for a total transaction of $783,567.30. Following the sale, the executive vice president owned 24,055 shares in the company, valued at approximately $618,213.50. This trade represents a 55.90% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 35,951 shares of company stock valued at $925,756 in the last 90 days. Company insiders own 1.10% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Hantz Financial Services Inc. grew its position in shares of Associated Banc by 2,033.9% in the second quarter. Hantz Financial Services Inc. now owns 1,195 shares of the bank’s stock valued at $29,000 after purchasing an additional 1,139 shares during the last quarter. Smartleaf Asset Management LLC increased its stake in Associated Banc by 46.8% during the third quarter. Smartleaf Asset Management LLC now owns 1,279 shares of the bank’s stock worth $33,000 after acquiring an additional 408 shares during the last quarter. Quent Capital LLC purchased a new position in shares of Associated Banc in the 3rd quarter worth about $34,000. EverSource Wealth Advisors LLC lifted its stake in shares of Associated Banc by 345.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,350 shares of the bank’s stock valued at $33,000 after purchasing an additional 1,047 shares in the last quarter. Finally, Bayforest Capital Ltd purchased a new stake in shares of Associated Banc during the 2nd quarter worth about $34,000. Institutional investors and hedge funds own 82.98% of the company’s stock.

Associated Banc Stock Performance

NYSE:ASB traded down $0.13 during trading hours on Monday, reaching $26.58. 3,448,609 shares of the company’s stock were exchanged, compared to its average volume of 1,804,350. Associated Banc has a 1-year low of $18.32 and a 1-year high of $27.58. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.82. The firm has a market capitalization of $4.41 billion, a price-to-earnings ratio of 28.27, a P/E/G ratio of 0.74 and a beta of 0.79. The company has a 50-day moving average of $26.11 and a 200 day moving average of $25.76.

Associated Banc (NYSE:ASB) last announced its earnings results on Thursday, October 23rd. The bank reported $0.73 EPS for the quarter, beating analysts’ consensus estimates of $0.66 by $0.07. Associated Banc had a net margin of 7.23% and a return on equity of 9.45%. The business had revenue of $390.71 million during the quarter, compared to analysts’ expectations of $377.94 million. During the same period in the prior year, the company earned $0.56 earnings per share. Research analysts anticipate that Associated Banc will post 2.43 EPS for the current year.

Associated Banc Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Monday, December 1st were given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend was Monday, December 1st. This is a positive change from Associated Banc’s previous quarterly dividend of $0.23. Associated Banc’s payout ratio is 102.13%.

About Associated Banc

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.