Y Intercept Hong Kong Ltd Sells 12,731 Shares of Associated Banc-Corp (NYSE:ASB)

Y Intercept Hong Kong Ltd lowered its stake in Associated Banc-Corp (NYSE:ASB) by 28.7% in the 3rd quarter, HoldingsChannel reports. The fund owned 31,634 shares of the bank’s stock after selling 12,731 shares during the period. Y Intercept Hong Kong Ltd’s holdings in Associated Banc were worth $681,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in ASB. Quest Partners LLC purchased a new position in shares of Associated Banc in the 2nd quarter worth approximately $38,000. Point72 DIFC Ltd purchased a new stake in Associated Banc during the 3rd quarter valued at $39,000. Farther Finance Advisors LLC lifted its position in Associated Banc by 82.1% in the third quarter. Farther Finance Advisors LLC now owns 3,190 shares of the bank’s stock worth $69,000 after buying an additional 1,438 shares during the last quarter. Neo Ivy Capital Management purchased a new position in Associated Banc during the second quarter worth $93,000. Finally, nVerses Capital LLC bought a new position in Associated Banc during the second quarter valued at $140,000. 82.98% of the stock is owned by institutional investors.

Associated Banc Trading Down 1.3 %

ASB opened at $25.54 on Friday. Associated Banc-Corp has a 52 week low of $19.40 and a 52 week high of $28.18. The company has a market capitalization of $3.86 billion, a P/E ratio of 21.28, a PEG ratio of 1.90 and a beta of 0.93. The stock’s fifty day moving average is $24.88 and its two-hundred day moving average is $22.59. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.65.

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 the consensus estimate of $0.50 by $0.06. Associated Banc had a return on equity of 8.18% and a net margin of 8.15%. The firm had revenue of $607.54 million during the quarter, compared to the consensus estimate of $336.52 million. During the same period in the previous year, the company posted $0.53 earnings per share. Analysts forecast 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 will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be given a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 3.60%. The ex-dividend date of this dividend is Monday, December 2nd. This is a boost from Associated Banc’s previous quarterly dividend of $0.22. Associated Banc’s dividend payout ratio is presently 76.67%.

Insider Activity

In related news, EVP David L. Stein sold 29,536 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $27.43, for a total transaction of $810,172.48. Following the sale, the executive vice president now owns 81,021 shares of the company’s stock, valued at $2,222,406.03. This trade represents a 26.72 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 stock was sold at an average price of $24.19, for a total transaction of $460,674.36. Following the completion of the transaction, the executive vice president now owns 100,204 shares of the company’s stock, valued at $2,423,934.76. This represents a 15.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.45% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on ASB shares. Barclays raised their target price on shares of Associated Banc from $24.00 to $27.00 and gave the stock an “equal weight” rating in a report on Thursday, December 5th. Royal Bank of Canada reissued a “sector perform” rating and issued a $28.00 price objective on shares of Associated Banc in a research note on Thursday, December 5th. Wells Fargo & Company upped their target price on Associated Banc from $24.00 to $26.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 3rd. Keefe, Bruyette & Woods raised their price target on Associated Banc from $25.00 to $28.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 4th. Finally, Piper Sandler upped their price objective on Associated Banc from $26.00 to $28.00 and gave the company a “neutral” rating in a research report on Thursday, December 5th. Ten research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $25.89.

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.