Harmony Asset Management LLC Purchases 2,000 Shares of Associated Banc-Corp (NYSE:ASB)

Harmony Asset Management LLC increased its stake in Associated Banc-Corp (NYSE:ASB) by 20.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,900 shares of the bank’s stock after acquiring an additional 2,000 shares during the period. Harmony Asset Management LLC’s holdings in Associated Banc were worth $252,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. Quadrant Capital Group LLC increased its position in shares of Associated Banc by 183.2% during the 4th quarter. Quadrant Capital Group LLC now owns 2,860 shares of the bank’s stock valued at $61,000 after purchasing an additional 1,850 shares during the last quarter. Norges Bank purchased a new stake in shares of Associated Banc in the fourth quarter valued at $36,722,000. Corient Private Wealth LLC raised its stake in shares of Associated Banc by 7.2% in the fourth quarter. Corient Private Wealth LLC now owns 40,608 shares of the bank’s stock valued at $869,000 after acquiring an additional 2,745 shares during the period. US Bancorp DE lifted its holdings in shares of Associated Banc by 1.9% in the 4th quarter. US Bancorp DE now owns 81,544 shares of the bank’s stock worth $1,744,000 after acquiring an additional 1,492 shares during the last quarter. Finally, Johnson Financial Group Inc. boosted its stake in shares of Associated Banc by 6,566.7% during the 4th quarter. Johnson Financial Group Inc. now owns 10,000 shares of the bank’s stock worth $214,000 after purchasing an additional 9,850 shares during the period. 82.98% of the stock is owned by institutional investors.

Insider Transactions at Associated Banc

In related news, EVP Randall J. Erickson sold 23,774 shares of the company’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $22.99, for a total value of $546,564.26. Following the transaction, the executive vice president now directly owns 128,680 shares of the company’s stock, valued at approximately $2,958,353.20. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, EVP Randall J. Erickson sold 23,774 shares of the company’s stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $22.99, for a total value of $546,564.26. Following the sale, the executive vice president now owns 128,680 shares in the company, valued at $2,958,353.20. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP John A. Utz sold 2,000 shares of the company’s stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $22.78, for a total transaction of $45,560.00. Following the completion of the sale, the executive vice president now directly owns 99,637 shares in the company, valued at $2,269,730.86. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 33,835 shares of company stock worth $757,214. Company insiders own 1.45% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on ASB. Stephens restated an “equal weight” rating and set a $24.00 target price on shares of Associated Banc in a research report on Tuesday, July 30th. Piper Sandler raised their target price on shares of Associated Banc from $23.00 to $24.00 and gave the stock a “neutral” rating in a research report on Friday, July 26th. Royal Bank of Canada increased their price objective on Associated Banc from $23.00 to $25.00 and gave the stock a “sector perform” rating in a research note on Friday, July 26th. Keefe, Bruyette & Woods upped their target price on Associated Banc from $23.00 to $24.00 and gave the stock a “market perform” rating in a report on Friday, July 26th. Finally, Jefferies Financial Group cut their price target on Associated Banc from $24.00 to $22.00 and set a “hold” rating on the stock in a research note on Wednesday, July 3rd. Ten equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $23.67.

Associated Banc Price Performance

NYSE ASB opened at $21.69 on Monday. Associated Banc-Corp has a 12-month low of $15.16 and a 12-month high of $24.21. The firm’s fifty day simple moving average is $21.92 and its two-hundred day simple moving average is $21.31. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.79. The firm has a market capitalization of $3.27 billion, a P/E ratio of 21.91, a P/E/G ratio of 2.24 and a beta of 0.93.

Associated Banc (NYSE:ASB) last issued its quarterly earnings results on Thursday, July 25th. The bank reported $0.52 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.52. The business had revenue of $321.75 million for the quarter, compared to analyst estimates of $330.69 million. Associated Banc had a return on equity of 8.14% and a net margin of 7.93%. The company’s revenue was down .5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.56 earnings per share. Analysts forecast that Associated Banc-Corp will post 2.07 EPS for the current fiscal year.

Associated Banc Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Tuesday, September 3rd were issued a $0.22 dividend. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $0.88 dividend on an annualized basis and a dividend yield of 4.06%. Associated Banc’s dividend payout ratio is currently 88.89%.

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 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.