Belpointe Asset Management LLC Acquires New Holdings in Associated Banc-Corp (NYSE:ASB)

Belpointe Asset Management LLC bought a new stake in Associated Banc-Corp (NYSE:ASB – Get Rating) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 3,477 shares of the bank’s stock, valued at approximately $80,000.

Other hedge funds also recently bought and sold shares of the company. Cambridge Investment Research Advisors Inc. grew its position in shares of Associated Banc by 62.2% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 15,246 shares of the bank’s stock valued at $347,000 after buying an additional 5,846 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in Associated Banc by 11.7% during the 1st quarter. PNC Financial Services Group Inc. now owns 8,451 shares of the bank’s stock worth $192,000 after buying an additional 884 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Associated Banc in the first quarter worth $91,000. Acadian Asset Management LLC acquired a new stake in Associated Banc in the first quarter worth $262,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in Associated Banc by 10.2% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 54,829 shares of the bank’s stock valued at $1,248,000 after buying an additional 5,073 shares during the last quarter. Hedge funds and other institutional investors own 78.95% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on ASB. Wells Fargo & Company dropped their target price on Associated Banc from $28.00 to $25.00 and set an “overweight” rating on the stock in a report on Wednesday, April 5th. Royal Bank of Canada reissued a “sector perform” rating and issued a $21.00 price objective on shares of Associated Banc in a research note on Friday, April 21st. StockNews.com assumed coverage on Associated Banc in a research note on Thursday. They set a “sell” rating for the company. UBS Group began coverage on Associated Banc in a report on Wednesday, March 15th. They set a “neutral” rating and a $22.00 target price on the stock. Finally, Keefe, Bruyette & Woods cut their price target on shares of Associated Banc from $26.00 to $21.00 and set a “market perform” rating for the company in a report on Thursday, April 6th. One research analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $22.29.

Associated Banc Price Performance

ASB opened at $15.20 on Friday. The stock has a fifty day moving average of $17.28 and a 200-day moving average of $21.16. The firm has a market capitalization of $2.29 billion, a P/E ratio of 5.98, a PEG ratio of 0.81 and a beta of 0.98. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 1.41. Associated Banc-Corp has a 12-month low of $14.47 and a 12-month high of $25.50.

Associated Banc (NYSE:ASB – Get Rating) last released its quarterly earnings data on Thursday, April 20th. The bank reported $0.66 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.03. Associated Banc had a net margin of 23.87% and a return on equity of 10.35%. The firm had revenue of $504.89 million for the quarter, compared to analyst estimates of $349.71 million. During the same quarter in the prior year, the business earned $0.47 EPS. Equities analysts forecast that Associated Banc-Corp will post 2.4 EPS for the current fiscal year.

Associated Banc Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 15th. Shareholders of record on Thursday, June 1st will be given a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 5.53%. The ex-dividend date is Wednesday, May 31st. Associated Banc’s payout ratio is currently 33.07%.

Insider Transactions at Associated Banc

In other news, Director R Jay Gerken purchased 3,000 shares of the stock in a transaction that occurred on Tuesday, May 2nd. The stock was acquired at an average price of $16.07 per share, with a total value of $48,210.00. Following the purchase, the director now owns 42,036 shares in the company, valued at approximately $675,518.52. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Michael J. Haddad purchased 5,750 shares of Associated Banc stock in a transaction on Wednesday, April 26th. The stock was bought at an average price of $17.35 per share, with a total value of $99,762.50. Following the completion of the transaction, the director now directly owns 5,750 shares of the company’s stock, valued at $99,762.50. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director R Jay Gerken acquired 3,000 shares of the stock in a transaction dated Tuesday, May 2nd. The shares were bought at an average cost of $16.07 per share, for a total transaction of $48,210.00. Following the acquisition, the director now owns 42,036 shares in the company, valued at approximately $675,518.52. The disclosure for this purchase can be found here. Insiders bought 13,600 shares of company stock valued at $247,737 in the last three months. Corporate insiders own 1.49% of the company’s stock.

About Associated Banc

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Associated Banc-Corp. is a holding company, which engages in banking and non-banking financial services to individuals and businesses through its subsidiaries. It operates through the following segments: Corporate and Commercial Specialty, Community, Consumer and Business, and Risk Management and Shared Services.