Sei Investments Co. Lowers Stock Position in Associated Banc-Corp (NYSE:ASB)

Sei Investments Co. cut its holdings in shares of Associated Banc-Corp (NYSE:ASB) by 54.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 87,716 shares of the bank’s stock after selling 106,026 shares during the period. Sei Investments Co. owned 0.06% of Associated Banc worth $1,855,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of ASB. Intech Investment Management LLC purchased a new position in Associated Banc in the 2nd quarter valued at $415,000. MQS Management LLC purchased a new position in Associated Banc in the 2nd quarter valued at $361,000. Vanguard Personalized Indexing Management LLC grew its position in Associated Banc by 4.9% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 11,312 shares of the bank’s stock valued at $234,000 after buying an additional 525 shares during the last quarter. Meeder Asset Management Inc. grew its position in Associated Banc by 138.5% in the 2nd quarter. Meeder Asset Management Inc. now owns 8,222 shares of the bank’s stock valued at $174,000 after buying an additional 4,775 shares during the last quarter. Finally, Texas Permanent School Fund Corp grew its position in Associated Banc by 0.6% in the 2nd quarter. Texas Permanent School Fund Corp now owns 130,949 shares of the bank’s stock valued at $2,770,000 after buying an additional 774 shares during the last quarter. 82.98% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Associated Banc

In related news, Director Lith Karen Van sold 8,061 shares of the business’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $20.48, for a total value of $165,089.28. Following the completion of the transaction, the director now owns 54,114 shares of the company’s stock, valued at approximately $1,108,254.72. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, EVP John A. Utz sold 2,000 shares of the company’s stock in a transaction dated 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 transaction, the executive vice president now owns 99,637 shares of the company’s stock, valued at $2,269,730.86. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Lith Karen Van sold 8,061 shares of the company’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $20.48, for a total transaction of $165,089.28. Following the transaction, the director now directly owns 54,114 shares of the company’s stock, valued at approximately $1,108,254.72. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 33,835 shares of company stock valued at $757,214. 1.45% of the stock is owned by insiders.

Associated Banc Trading Up 1.7 %

NYSE:ASB opened at $21.02 on Friday. The company has a market capitalization of $3.17 billion, a PE ratio of 21.23, a price-to-earnings-growth ratio of 2.36 and a beta of 0.93. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.79. Associated Banc-Corp has a 52-week low of $15.16 and a 52-week high of $24.21. The stock has a fifty day simple moving average of $21.49 and a 200-day simple moving average of $21.34.

Associated Banc (NYSE:ASB) last announced its earnings results on Thursday, July 25th. The bank reported $0.52 earnings per share for the quarter, meeting the consensus estimate of $0.52. Associated Banc had a net margin of 7.93% and a return on equity of 8.14%. The firm had revenue of $321.75 million during the quarter, compared to the consensus estimate of $330.69 million. During the same quarter in the previous year, the company posted $0.56 EPS. The firm’s revenue for the quarter was down .5% on a year-over-year basis. On average, equities research analysts expect that Associated Banc-Corp will post 2.07 earnings per share for the current fiscal year.

Associated Banc Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Tuesday, September 3rd were paid a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 4.19%. The ex-dividend date was Tuesday, September 3rd. Associated Banc’s payout ratio is 88.89%.

Analyst Ratings Changes

ASB has been the topic of a number of analyst reports. Stephens reiterated an “equal weight” rating and issued a $24.00 price objective on shares of Associated Banc in a research report on Tuesday, July 30th. Barclays boosted their target price on shares of Associated Banc from $22.00 to $23.00 and gave the stock an “equal weight” rating in a research report on Friday, September 27th. Baird R W lowered shares of Associated Banc from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 17th. Royal Bank of Canada boosted their target price on shares of Associated Banc from $23.00 to $25.00 and gave the stock a “sector perform” rating in a research report on Friday, July 26th. Finally, Piper Sandler boosted 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. Ten research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $23.78.

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.