Corebridge Financial Inc. Boosts Stock Holdings in Associated Banc-Corp (NYSE:ASB)

Corebridge Financial Inc. grew its position in Associated Banc-Corp (NYSE:ASB) by 2.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 261,345 shares of the bank’s stock after acquiring an additional 6,775 shares during the quarter. Corebridge Financial Inc. owned about 0.17% of Associated Banc worth $6,246,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. GAMMA Investing LLC raised its stake in Associated Banc by 10.7% in the 4th quarter. GAMMA Investing LLC now owns 4,704 shares of the bank’s stock valued at $112,000 after purchasing an additional 455 shares during the last quarter. US Bancorp DE grew its holdings in shares of Associated Banc by 0.6% during the fourth quarter. US Bancorp DE now owns 80,294 shares of the bank’s stock worth $1,919,000 after buying an additional 494 shares in the last quarter. Smartleaf Asset Management LLC grew its holdings in shares of Associated Banc by 49.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,747 shares of the bank’s stock worth $42,000 after buying an additional 579 shares in the last quarter. Securian Asset Management Inc. raised its position in shares of Associated Banc by 5.4% in the fourth quarter. Securian Asset Management Inc. now owns 12,165 shares of the bank’s stock valued at $291,000 after buying an additional 619 shares during the last quarter. Finally, UMB Bank n.a. lifted its stake 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 buying an additional 677 shares in the last quarter. 82.98% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

ASB has been the subject of several research reports. Keefe, Bruyette & Woods upped their price objective on shares of Associated Banc from $29.00 to $30.00 and gave the company a “market perform” rating in a research note on Friday, January 24th. StockNews.com downgraded Associated Banc from a “hold” rating to a “sell” rating in a research report on Friday, January 31st. Piper Sandler upped their target price on Associated Banc from $26.00 to $28.00 and gave the company a “neutral” rating in a report on Thursday, December 5th. Royal Bank of Canada lifted their price target on Associated Banc from $26.00 to $27.00 and gave the stock a “sector perform” rating in a report on Friday, January 24th. Finally, Raymond James dropped their price objective on shares of Associated Banc from $30.00 to $28.00 and set an “outperform” rating for the company in a report on Monday, March 10th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and one has issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $27.11.

Insider Transactions at Associated Banc

In other Associated Banc news, Director John B. Williams sold 2,830 shares of the business’s stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $25.09, for a total transaction of $71,004.70. Following the sale, the director now directly owns 66,915 shares in the company, valued at $1,678,897.35. This represents a 4.06 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Eileen A. Kamerick sold 7,000 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $24.71, for a total transaction of $172,970.00. Following the completion of the transaction, the director now directly owns 49,495 shares of the company’s stock, valued at approximately $1,223,021.45. The trade was a 12.39 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.45% of the company’s stock.

Associated Banc Stock Down 1.5 %

Shares of NYSE:ASB opened at $22.38 on Friday. The company has a market capitalization of $3.71 billion, a price-to-earnings ratio of 28.33, a PEG ratio of 1.52 and a beta of 0.90. Associated Banc-Corp has a 12-month low of $19.76 and a 12-month high of $28.18. The business has a 50-day moving average price of $24.02 and a 200 day moving average price of $24.01. The company has a current ratio of 0.88, a quick ratio of 0.86 and a debt-to-equity ratio of 0.61.

Associated Banc (NYSE:ASB) last announced its quarterly earnings results on Thursday, January 23rd. The bank reported $0.57 earnings per share for the quarter, beating 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%. Sell-side analysts expect that Associated Banc-Corp will post 2.43 EPS for the current year.

Associated Banc Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Monday, March 3rd were paid a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 4.11%. The ex-dividend date of this dividend was Monday, March 3rd. Associated Banc’s dividend payout ratio (DPR) is 116.46%.

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.