Associated Banc-Corp (NYSE:ASB) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC cut its stake in Associated Banc-Corp (NYSE:ASB) by 23.7% during the 4th quarter, Holdings Channel.com reports. The fund owned 2,011,880 shares of the bank’s stock after selling 624,749 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Associated Banc were worth $47,480,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. GAMMA Investing LLC boosted its position in shares of Associated Banc by 10.7% in the fourth quarter. GAMMA Investing LLC now owns 4,704 shares of the bank’s stock worth $112,000 after acquiring an additional 455 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in shares of Associated Banc by 2.8% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 19,461 shares of the bank’s stock worth $419,000 after acquiring an additional 525 shares during the last quarter. UMB Bank n.a. boosted its position in shares of Associated Banc by 4.4% in the fourth quarter. UMB Bank n.a. now owns 16,182 shares of the bank’s stock worth $387,000 after acquiring an additional 677 shares during the last quarter. Harbour Investments Inc. boosted its position in shares of Associated Banc by 2.1% in the third quarter. Harbour Investments Inc. now owns 38,674 shares of the bank’s stock worth $833,000 after acquiring an additional 785 shares during the last quarter. Finally, Greenleaf Trust boosted its position in shares of Associated Banc by 7.9% in the third quarter. Greenleaf Trust now owns 11,596 shares of the bank’s stock worth $250,000 after acquiring an additional 853 shares during the last quarter. 82.98% of the stock is owned by institutional investors and hedge funds.

Associated Banc Trading Up 1.3 %

NYSE ASB opened at $25.05 on Friday. The company’s fifty day simple moving average is $24.77 and its 200-day simple moving average is $23.62. Associated Banc-Corp has a 52 week low of $19.72 and a 52 week high of $28.18. The company has a current ratio of 0.88, a quick ratio of 0.86 and a debt-to-equity ratio of 0.61. The stock has a market cap of $3.79 billion, a P/E ratio of 31.70, a PEG ratio of 1.61 and a beta of 0.94.

Associated Banc (NYSE:ASB) last posted its earnings results on Thursday, January 23rd. The bank reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.53 by $0.04. Associated Banc had a net margin of 5.15% and a return on equity of 8.24%. Equities research analysts predict that Associated Banc-Corp will post 2.41 EPS for the current fiscal year.

Associated Banc Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be given a dividend of $0.23 per share. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.67%. Associated Banc’s payout ratio is currently 116.46%.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on ASB. Barclays raised their target price on shares of Associated Banc from $27.00 to $28.00 and gave the stock an “equal weight” rating in a research report on Thursday, December 19th. Stephens reaffirmed an “equal weight” rating and set a $28.00 price target on shares of Associated Banc in a research report on Friday, January 24th. StockNews.com cut shares of Associated Banc from a “hold” rating to a “sell” rating in a research report on Friday, January 31st. Wells Fargo & Company lifted their price target on shares of Associated Banc from $26.00 to $27.00 and gave the company an “equal weight” rating in a research report on Monday, January 27th. Finally, Piper Sandler lifted their price target on shares of Associated Banc from $26.00 to $28.00 and gave the company a “neutral” rating in a research report on Thursday, December 5th. One investment analyst has rated the stock with a sell rating and nine have assigned a hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $27.00.

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.