Castleark Management LLC Invests $9.21 Million in Associated Banc-Corp $ASB

Castleark Management LLC acquired a new stake in shares of Associated Banc-Corp (NYSE:ASB) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 299,403 shares of the bank’s stock, valued at approximately $9,213,000.

Several other large investors have also bought and sold shares of ASB. BlackRock Inc. bought a new stake in shares of Associated Banc during the second quarter valued at approximately $715,927,000. First Trust Advisors LP lifted its position in Associated Banc by 127.6% in the 1st quarter. First Trust Advisors LP now owns 5,971,227 shares of the bank’s stock valued at $154,416,000 after acquiring an additional 3,347,699 shares in the last quarter. Norges Bank bought a new position in Associated Banc in the 4th quarter valued at approximately $54,660,000. Pzena Investment Management LLC purchased a new stake in Associated Banc during the 2nd quarter valued at $61,240,000. Finally, Goldman Sachs Group Inc. boosted its stake in Associated Banc by 139.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,748,667 shares of the bank’s stock valued at $61,927,000 after purchasing an additional 1,598,951 shares during the last quarter. 82.98% of the stock is owned by hedge funds and other institutional investors.

Associated Banc Trading Down 0.2%

ASB stock opened at $30.85 on Wednesday. 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-Corp has a twelve month low of $23.86 and a twelve month high of $32.46. The stock has a market capitalization of $5.83 billion, a price-to-earnings ratio of 10.79, a price-to-earnings-growth ratio of 1.05 and a beta of 0.77. The firm’s fifty day simple moving average is $30.87 and its two-hundred day simple moving average is $28.51.

Associated Banc (NYSE:ASB) last announced its earnings results on Thursday, July 23rd. The bank reported $0.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.01. Associated Banc had a return on equity of 10.64% and a net margin of 19.66%.The business had revenue of $454.54 million during the quarter, compared to analyst estimates of $438.01 million. During the same quarter in the previous year, the business earned $0.65 earnings per share. As a group, analysts anticipate that Associated Banc-Corp will post 2.92 earnings per share for the current year.

Associated Banc Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend is Tuesday, September 1st. Associated Banc’s payout ratio is currently 33.57%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on ASB. Barclays upped their price target on Associated Banc from $33.00 to $34.00 and gave the company an “overweight” rating in a report on Tuesday, July 7th. Truist Financial boosted their target price on shares of Associated Banc from $32.00 to $33.00 and gave the company a “hold” rating in a research report on Tuesday, August 4th. Wall Street Zen cut Associated Banc from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. Wells Fargo & Company raised their price objective on shares of Associated Banc from $32.00 to $36.00 and gave the company an “overweight” rating in a research report on Monday, August 10th. Finally, Raymond James Financial boosted their price target on Associated Banc from $31.00 to $35.00 and gave the stock an “outperform” rating in a report on Wednesday, July 1st. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $31.60.

Insider Transactions at Associated Banc

In related news, EVP Derek S. Meyer sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $30.74, for a total value of $307,400.00. Following the transaction, the executive vice president owned 61,662 shares of the company’s stock, valued at $1,895,489.88. This trade represents a 13.95% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Gregory Warsek sold 16,300 shares of the business’s stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $32.01, for a total transaction of $521,763.00. Following the completion of the sale, the executive vice president directly owned 13,809 shares of the company’s stock, valued at approximately $442,026.09. This trade represents a 54.14% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 87,524 shares of company stock valued at $2,746,671. Company insiders own 0.71% of the company’s stock.

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.