Summit Trail Advisors LLC Takes $216,000 Position in Associated Banc-Corp (NYSE:ASB)

Summit Trail Advisors LLC purchased a new position in Associated Banc-Corp (NYSE:ASB) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 10,112 shares of the bank’s stock, valued at approximately $216,000.

A number of other hedge funds have also recently made changes to their positions in ASB. LSV Asset Management boosted its stake in Associated Banc by 21.0% in the fourth quarter. LSV Asset Management now owns 2,826,597 shares of the bank’s stock valued at $60,461,000 after acquiring an additional 490,321 shares in the last quarter. Russell Investments Group Ltd. grew its stake in Associated Banc by 13.2% during the 4th quarter. Russell Investments Group Ltd. now owns 37,336 shares of the bank’s stock worth $799,000 after buying an additional 4,353 shares during the last quarter. Bailard Inc. acquired a new position in Associated Banc during the 4th quarter valued at about $308,000. Wolverine Asset Management LLC raised its stake in Associated Banc by 13,055.0% in the fourth quarter. Wolverine Asset Management LLC now owns 13,155 shares of the bank’s stock valued at $281,000 after buying an additional 13,055 shares during the last quarter. Finally, GAMMA Investing LLC acquired a new stake in Associated Banc in the fourth quarter worth about $84,000. 82.98% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on ASB. Raymond James increased their price objective on shares of Associated Banc from $21.00 to $25.00 and gave the company an “outperform” rating in a research report on Monday, January 29th. Piper Sandler boosted their price objective on shares of Associated Banc from $21.50 to $23.00 and gave the company a “neutral” rating in a report on Friday, January 26th. Wells Fargo & Company raised their target price on Associated Banc from $20.00 to $22.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 10th. Stephens reiterated an “equal weight” rating and set a $23.00 price target on shares of Associated Banc in a research note on Friday, April 26th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $23.00 target price on shares of Associated Banc in a report on Tuesday, April 9th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $23.13.

Insider Buying and Selling at Associated Banc

In other news, EVP John A. Utz sold 2,500 shares of the company’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $22.18, for a total transaction of $55,450.00. Following the completion of the transaction, the executive vice president now directly owns 100,922 shares of the company’s stock, valued at approximately $2,238,449.96. The sale was disclosed in a filing with the SEC, which is available at this link. In other Associated Banc news, Director Eileen A. Kamerick sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $21.02, for a total transaction of $105,100.00. Following the completion of the sale, the director now directly owns 50,126 shares in the company, valued at approximately $1,053,648.52. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP John A. Utz sold 2,500 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $22.18, for a total value of $55,450.00. Following the completion of the transaction, the executive vice president now owns 100,922 shares in the company, valued at approximately $2,238,449.96. The disclosure for this sale can be found here. Over the last three months, insiders have sold 26,529 shares of company stock valued at $564,115. Company insiders own 1.45% of the company’s stock.

Associated Banc Price Performance

NYSE:ASB opened at $22.40 on Thursday. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.86 and a quick ratio of 0.86. The company has a 50 day moving average price of $20.99 and a 200-day moving average price of $20.12. Associated Banc-Corp has a 1-year low of $14.47 and a 1-year high of $22.48. The firm has a market cap of $3.38 billion, a price-to-earnings ratio of 22.63, a price-to-earnings-growth ratio of 1.30 and a beta of 0.99.

Associated Banc (NYSE:ASB) last released its quarterly earnings data on Tuesday, April 30th. The bank reported $0.52 earnings per share for the quarter, beating analysts’ consensus estimates of $0.49 by $0.03. Associated Banc had a net margin of 6.86% and a return on equity of 8.31%. The company had revenue of $322.84 million during the quarter, compared to analysts’ expectations of $325.00 million. During the same quarter in the previous year, the company earned $0.66 earnings per share. The firm’s revenue for the quarter was down 3.9% on a year-over-year basis. Equities research analysts forecast that Associated Banc-Corp will post 2.11 EPS for the current year.

Associated Banc Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Monday, June 3rd will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, May 31st. This represents a $0.88 dividend on an annualized basis and a yield of 3.93%. Associated Banc’s dividend payout ratio is currently 88.89%.

Associated Banc 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 offers lending solutions, including commercial loans and lines of credit, commercial real estate financing, construction loans, letters of credit, leasing, asset based lending and equipment finance, loan syndications products, residential mortgages, home equity loans and lines of credit, personal and installment loans, auto finance and business loans, and business lines of credit.