Y Intercept Hong Kong Ltd Increases Stake in Associated Banc-Corp $ASB

Y Intercept Hong Kong Ltd raised its position in shares of Associated Banc-Corp (NYSE:ASB) by 159.3% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 245,801 shares of the bank’s stock after purchasing an additional 150,998 shares during the quarter. Y Intercept Hong Kong Ltd’s holdings in Associated Banc were worth $6,356,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of ASB. Eurizon Capital SGR S.p.A. bought a new position in shares of Associated Banc in the fourth quarter worth approximately $33,000. EverSource Wealth Advisors LLC raised its holdings in Associated Banc by 345.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,350 shares of the bank’s stock worth $33,000 after acquiring an additional 1,047 shares during the last quarter. CIBC Private Wealth Group LLC purchased a new position in Associated Banc in the 3rd quarter worth approximately $51,000. Hoese & Co LLP bought a new position in Associated Banc in the 4th quarter valued at approximately $52,000. Finally, Global Retirement Partners LLC bought a new position in Associated Banc in the 4th quarter valued at approximately $56,000. 82.98% of the stock is owned by hedge funds and other institutional investors.

Associated Banc Price Performance

Shares of ASB opened at $30.63 on Friday. The firm has a fifty day simple moving average of $28.63 and a two-hundred day simple moving average of $27.35. The firm has a market cap of $5.78 billion, a PE ratio of 10.64, a P/E/G ratio of 1.77 and a beta of 0.76. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.84. Associated Banc-Corp has a 1-year low of $23.63 and a 1-year high of $31.50.

Associated Banc (NYSE:ASB) last released its quarterly earnings results on Thursday, April 23rd. The bank reported $0.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.01. Associated Banc had a return on equity of 10.46% and a net margin of 19.88%.The firm had revenue of $387.21 million for the quarter, compared to the consensus estimate of $384.20 million. During the same period last year, the business posted $0.59 EPS. On average, equities analysts anticipate that Associated Banc-Corp will post 2.92 EPS for the current year.

Associated Banc Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were issued a $0.24 dividend. The ex-dividend date of this dividend was Monday, June 1st. This represents a $0.96 dividend on an annualized basis and a yield of 3.1%. Associated Banc’s dividend payout ratio is currently 33.33%.

Insider Transactions at Associated Banc

In other news, EVP Matthew R. Braeger sold 5,000 shares of the company’s stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $28.17, for a total transaction of $140,850.00. Following the completion of the sale, the executive vice president owned 11,777 shares of the company’s stock, valued at $331,758.09. This represents a 29.80% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP John A. Utz sold 5,000 shares of the stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $28.82, for a total transaction of $144,100.00. Following the completion of the transaction, the executive vice president owned 118,156 shares in the company, valued at $3,405,255.92. This trade represents a 4.06% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 28,299 shares of company stock valued at $801,760. Company insiders own 0.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. Stephens upgraded Associated Banc from an “equal weight” rating to an “overweight” rating and cut their target price for the company from $30.00 to $29.00 in a research note on Friday, March 27th. Truist Financial upped their price target on Associated Banc from $27.00 to $30.00 and gave the company a “hold” rating in a report on Monday, April 27th. Robert W. Baird increased their price objective on Associated Banc from $29.00 to $30.00 and gave the company a “neutral” rating in a research report on Friday, April 24th. Wall Street Zen downgraded Associated Banc from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Finally, Zacks Research lowered Associated Banc from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 6th. Six investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, Associated Banc currently has a consensus rating of “Moderate Buy” and a consensus target price of $30.70.

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.