Principal Financial Group Inc. Grows Position in Associated Banc-Corp (NYSE:ASB)

Principal Financial Group Inc. boosted its stake in shares of Associated Banc-Corp (NYSE:ASB – Get Rating) by 10.3% during the 4th quarter, Holdings Channel.com reports. The firm owned 656,843 shares of the bank’s stock after buying an additional 61,111 shares during the quarter. Principal Financial Group Inc.’s holdings in Associated Banc were worth $15,167,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently bought and sold shares of ASB. Bank of Montreal Can lifted its position in shares of Associated Banc by 2.4% in the second quarter. Bank of Montreal Can now owns 22,085 shares of the bank’s stock valued at $420,000 after acquiring an additional 513 shares in the last quarter. Eaton Vance Management lifted its position in shares of Associated Banc by 1.1% in the first quarter. Eaton Vance Management now owns 46,341 shares of the bank’s stock valued at $1,054,000 after acquiring an additional 526 shares in the last quarter. Captrust Financial Advisors lifted its position in shares of Associated Banc by 5.4% in the second quarter. Captrust Financial Advisors now owns 10,458 shares of the bank’s stock valued at $191,000 after acquiring an additional 535 shares in the last quarter. Commonwealth Equity Services LLC increased its holdings in shares of Associated Banc by 1.8% in the fourth quarter. Commonwealth Equity Services LLC now owns 30,124 shares of the bank’s stock worth $695,000 after purchasing an additional 541 shares during the last quarter. Finally, Affinity Investment Advisors LLC increased its holdings in shares of Associated Banc by 1.4% in the fourth quarter. Affinity Investment Advisors LLC now owns 42,236 shares of the bank’s stock worth $975,000 after purchasing an additional 597 shares during the last quarter. 78.95% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on ASB. Keefe, Bruyette & Woods reduced their target price on Associated Banc from $26.00 to $21.00 and set a “market perform” rating on the stock in a report on Thursday, April 6th. StockNews.com began coverage on Associated Banc in a report on Thursday, May 18th. They issued a “sell” rating on the stock. UBS Group began coverage on Associated Banc in a research note on Wednesday, March 15th. They set a “neutral” rating and a $22.00 price objective on the stock. Wells Fargo & Company reduced their price objective on Associated Banc from $28.00 to $25.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 5th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $21.00 target price on shares of Associated Banc in a research report on Friday, April 21st. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $22.29.

Insider Buying and Selling

In other news, Director R Jay Gerken bought 3,000 shares of Associated Banc stock in a transaction that occurred on Tuesday, May 2nd. The stock was bought at an average price of $16.07 per share, for a total transaction of $48,210.00. Following the purchase, the director now directly owns 42,036 shares of the company’s stock, valued at approximately $675,518.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Associated Banc news, Director Michael J. Haddad bought 5,750 shares of the company’s stock in a transaction dated Wednesday, April 26th. The shares were purchased at an average cost of $17.35 per share, for a total transaction of $99,762.50. Following the transaction, the director now directly owns 5,750 shares of the company’s stock, valued at $99,762.50. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director R Jay Gerken bought 3,000 shares of the company’s stock in a transaction dated Tuesday, May 2nd. The shares were acquired at an average price of $16.07 per share, for a total transaction of $48,210.00. Following the completion of the transaction, the director now directly owns 42,036 shares in the company, valued at $675,518.52. The disclosure for this purchase can be found here. Insiders bought 13,600 shares of company stock worth $247,737 in the last 90 days. Insiders own 1.49% of the company’s stock.

Associated Banc Stock Performance

Shares of ASB stock opened at $15.92 on Wednesday. The business’s fifty day simple moving average is $17.11 and its 200-day simple moving average is $21.02. The company has a market cap of $2.40 billion, a PE ratio of 6.27, a PEG ratio of 0.79 and a beta of 0.98. The company has a current ratio of 0.97, a quick ratio of 0.96 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 issued its quarterly earnings results on Thursday, April 20th. The bank reported $0.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.03. The business had revenue of $504.89 million for the quarter, compared to the consensus estimate of $349.71 million. Associated Banc had a return on equity of 10.35% and a net margin of 23.87%. During the same period in the prior year, the firm posted $0.47 earnings per share. Analysts expect that Associated Banc-Corp will post 2.4 earnings per share for the current fiscal year.

Associated Banc Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 15th. Investors of record on Thursday, June 1st will be paid a $0.21 dividend. The ex-dividend date is Wednesday, May 31st. This represents a $0.84 dividend on an annualized basis and a yield of 5.28%. Associated Banc’s dividend payout ratio (DPR) is 33.07%.

Associated Banc Profile

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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.