Prio Wealth Limited Partnership Reduces Stock Holdings in Associated Banc-Corp (NYSE:ASB)

Prio Wealth Limited Partnership cut its holdings in Associated Banc-Corp (NYSE:ASB) by 52.0% in the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 10,983 shares of the bank’s stock after selling 11,910 shares during the quarter. Prio Wealth Limited Partnership’s holdings in Associated Banc were worth $178,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. First Command Bank purchased a new position in shares of Associated Banc in the 2nd quarter valued at approximately $28,000. Ameritas Advisory Services LLC purchased a new position in shares of Associated Banc in the first quarter worth $32,000. Fifth Third Bancorp lifted its stake in shares of Associated Banc by 370.7% during the first quarter. Fifth Third Bancorp now owns 1,845 shares of the bank’s stock worth $33,000 after buying an additional 1,453 shares during the period. Quarry LP grew its holdings in shares of Associated Banc by 319.6% during the first quarter. Quarry LP now owns 2,140 shares of the bank’s stock valued at $38,000 after buying an additional 1,630 shares during the last quarter. Finally, Coppell Advisory Solutions Corp. acquired a new position in shares of Associated Banc in the 4th quarter valued at $47,000. Institutional investors and hedge funds own 80.52% of the company’s stock.

Associated Banc Price Performance

NYSE:ASB opened at $17.36 on Wednesday. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.08. Associated Banc-Corp has a 52 week low of $14.47 and a 52 week high of $25.50. The stock’s 50-day moving average price is $16.80 and its 200-day moving average price is $16.84. The stock has a market capitalization of $2.62 billion, a PE ratio of 7.09, a price-to-earnings-growth ratio of 0.97 and a beta of 1.01.

Associated Banc (NYSE:ASB) last issued its quarterly earnings data on Thursday, October 19th. The bank reported $0.53 EPS for the quarter, meeting the consensus estimate of $0.53. The company had revenue of $575.22 million for the quarter, compared to analyst estimates of $327.83 million. Associated Banc had a return on equity of 9.73% and a net margin of 18.25%. During the same period last year, the company earned $0.62 earnings per share. As a group, equities analysts expect that Associated Banc-Corp will post 2.24 EPS for the current fiscal year.

Associated Banc Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, December 1st will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 5.07%. The ex-dividend date of this dividend is Thursday, November 30th. This is a positive change from Associated Banc’s previous quarterly dividend of $0.21. Associated Banc’s payout ratio is presently 34.29%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on ASB shares. StockNews.com initiated coverage on Associated Banc in a research report on Thursday, October 5th. They set a “sell” rating for the company. Stephens upped their target price on Associated Banc from $19.00 to $21.00 and gave the company an “equal weight” rating in a research report on Friday, July 21st. Wells Fargo & Company reissued an “equal weight” rating on shares of Associated Banc in a research report on Wednesday, October 4th. Robert W. Baird raised shares of Associated Banc from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $19.00 to $24.00 in a report on Tuesday, September 5th. Finally, Royal Bank of Canada reduced their target price on shares of Associated Banc from $19.00 to $18.00 and set a “sector perform” rating for the company in a report on Friday, October 20th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $20.38.

Associated Banc Company Profile

Associated Banc-Corp, a bank holding company, provides various banking and nonbanking products to individuals and businesses in Wisconsin, Illinois, and Minnesota. The company operates through three segments: Corporate and Commercial Specialty; Community, Consumer, and Business; and Risk Management and Shared Services.