CW Advisors LLC has significantly expanded its investment in Associated Banc-Corp (NYSE: ASB) by increasing its stake by 216.6% during the second quarter of 2023. According to the firm’s most recent Form 13F filing with the Securities and Exchange Commission, CW Advisors now holds 34,542 shares of Associated Banc after acquiring an additional 23,630 shares, valuing its holdings at approximately $842,000.
Several other institutional investors have also adjusted their positions in Associated Banc-Corp. Notably, Hantz Financial Services Inc. raised its stake by an impressive 2,033.9%, now owning 1,195 shares valued at $29,000 after purchasing 1,139 shares. Similarly, Bayforest Capital Ltd entered the market with a new stake valued at around $34,000. Quarry LP increased its holdings by 77.7%, now owning 1,907 shares worth $43,000. Additionally, Richardson Capital Management LLC secured a new position valued at approximately $49,000 during the same period, while Northwestern Mutual Wealth Management Co. lifted its holdings by 17.9%, bringing its total to 3,688 shares worth $83,000.
With these actions, institutional and hedge fund investors now control 82.98% of Associated Banc-Corp’s stock.
Stock Performance and Corporate Updates
The stock performance of Associated Banc-Corp has shown resilience, opening at $26.13 on Tuesday, October 24, 2023. The company reports a debt-to-equity ratio of 0.82, while its quick and current ratios both stand at 0.90. Associated Banc-Corp’s market capitalization is approximately $4.33 billion, with a price-to-earnings ratio of 27.79 and a price-to-earnings-growth ratio of 0.77. The stock has fluctuated between a 52-week low of $18.32 and a high of $27.46.
On October 23, 2023, Associated Banc-Corp released its quarterly earnings, reporting earnings per share (EPS) of $0.73, surpassing analysts’ expectations of $0.66. The bank generated revenue of $390.71 million, exceeding the consensus estimate of $377.94 million. The return on equity for the period was 9.45%, with a net margin of 7.23%. This marks an increase from the same quarter last year, when the company reported an EPS of $0.56. Analysts predict that Associated Banc-Corp will post an EPS of $2.43 for the current year.
Dividend Announcement and Insider Activity
The bank has declared a quarterly dividend of $0.24 per share, which will be payable on December 15, 2023, to investors on record as of December 1, 2023. This dividend represents an annualized total of $0.96, equating to a dividend yield of 3.7%. This announcement reflects an increase from the previous quarterly dividend of $0.23. The current dividend payout ratio stands at 102.13%.
In related news, executive vice president Patrick Edward Ahern sold 30,489 shares of the company on December 4, 2023, at an average price of $25.70, totaling $783,567.30. Following this transaction, Ahern retains 24,055 shares valued at approximately $618,213.50, indicating a 55.90% decrease in his ownership.
Corporate insiders have collectively sold 37,158 shares valued at $956,931 in the past quarter, with insiders holding 1.10% of the company’s stock.
Analysts have recently updated their price targets for Associated Banc-Corp. Royal Bank of Canada reiterated a “sector perform” rating, while Barclays lowered its price target from $32.00 to $30.00, maintaining an “equal weight” rating. Weiss Ratings also restated a “hold (c)” rating, and Raymond James Financial reaffirmed an “outperform” rating with a price target increase to $30.00. UBS Group has issued a “buy” rating, setting a price objective of $28.00. Currently, three analysts rate the stock as a “Buy,” while eight analysts recommend holding, leading to an average target price of $28.20 according to data from MarketBeat.com.
Associated Banc-Corp continues to serve its clients by providing a range of banking and non-banking products across Wisconsin, Illinois, and Minnesota, including commercial loans, residential mortgages, and various financial services tailored for both individuals and businesses.
