Stifel Financial Corp Sells 2,498 Shares of Associated Banc-Corp (NYSE:ASB)

Stifel Financial Corp trimmed its position in Associated Banc-Corp (NYSE:ASB) by 14.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 14,774 shares of the bank’s stock after selling 2,498 shares during the quarter. Stifel Financial Corp’s holdings in Associated Banc were worth $318,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in ASB. Quadrature Capital Ltd acquired a new stake in shares of Associated Banc in the 3rd quarter valued at approximately $291,000. Quantinno Capital Management LP lifted its stake in Associated Banc by 37.4% in the 3rd quarter. Quantinno Capital Management LP now owns 19,971 shares of the bank’s stock valued at $430,000 after purchasing an additional 5,438 shares during the last quarter. Point72 DIFC Ltd acquired a new stake in Associated Banc in the third quarter valued at approximately $39,000. NFJ Investment Group LLC acquired a new stake in Associated Banc in the third quarter valued at approximately $3,245,000. Finally, Centiva Capital LP bought a new stake in shares of Associated Banc during the third quarter worth $278,000. 82.98% of the stock is currently owned by institutional investors and hedge funds.

Associated Banc Stock Down 1.9 %

ASB stock opened at $24.05 on Friday. Associated Banc-Corp has a fifty-two week low of $19.40 and a fifty-two week high of $28.18. The stock has a fifty day moving average of $25.35 and a 200-day moving average of $22.84. The company has a market capitalization of $3.64 billion, a price-to-earnings ratio of 20.04, a PEG ratio of 1.90 and a beta of 0.93. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.88 and a current ratio of 0.88.

Associated Banc (NYSE:ASB) last released its quarterly earnings data on Thursday, October 24th. The bank reported $0.56 earnings per share for the quarter, beating analysts’ consensus estimates of $0.50 by $0.06. Associated Banc had a net margin of 8.15% and a return on equity of 8.18%. The business had revenue of $607.54 million during the quarter, compared to analyst estimates of $336.52 million. During the same period in the previous year, the business earned $0.53 EPS. As a group, equities research analysts predict that Associated Banc-Corp will post 2.13 earnings per share for the current year.

Associated Banc Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were issued a $0.23 dividend. The ex-dividend date was Monday, December 2nd. This represents a $0.92 annualized dividend and a dividend yield of 3.83%. This is a boost from Associated Banc’s previous quarterly dividend of $0.22. Associated Banc’s dividend payout ratio (DPR) is presently 76.67%.

Insider Activity

In other news, EVP David L. Stein sold 29,536 shares of the company’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $27.43, for a total value of $810,172.48. Following the completion of the sale, the executive vice president now owns 81,021 shares of the company’s stock, valued at approximately $2,222,406.03. This represents a 26.72 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP John A. Utz sold 19,044 shares of the business’s stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $24.19, for a total value of $460,674.36. Following the completion of the sale, the executive vice president now directly owns 100,204 shares of the company’s stock, valued at approximately $2,423,934.76. This trade represents a 15.97 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.45% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Royal Bank of Canada reiterated a “sector perform” rating and issued a $28.00 price objective on shares of Associated Banc in a report on Thursday, December 5th. Barclays raised their price target on shares of Associated Banc from $27.00 to $28.00 and gave the company an “equal weight” rating in a research note on Thursday, December 19th. Piper Sandler boosted their price objective on shares of Associated Banc from $26.00 to $28.00 and gave the stock a “neutral” rating in a research note on Thursday, December 5th. StockNews.com raised Associated Banc from a “sell” rating to a “hold” rating in a research report on Thursday, October 31st. Finally, Wells Fargo & Company lifted their target price on Associated Banc from $24.00 to $26.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 3rd. Ten investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $26.00.

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.