Commerce Bank Buys Shares of 24,783 Associated Banc-Corp $ASB

Commerce Bank bought a new position in Associated Banc-Corp (NYSE:ASB) in the second quarter, according to its most recent disclosure with the SEC. The firm bought 24,783 shares of the bank’s stock, valued at approximately $763,000.

A number of other hedge funds and other institutional investors have also modified their holdings of ASB. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Associated Banc in the second quarter valued at about $116,000. Quantbot Technologies LP purchased a new position in Associated Banc during the second quarter worth about $85,000. Ieq Capital LLC purchased a new position in Associated Banc during the second quarter worth about $4,414,000. Heartland Advisors Inc. acquired a new position in Associated Banc in the 2nd quarter valued at about $25,723,000. Finally, Allworth Financial LP acquired a new position in Associated Banc in the 2nd quarter valued at about $168,000. 82.98% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Weiss Ratings restated a “buy (b)” rating on shares of Associated Banc in a report on Wednesday, June 24th. Piper Sandler reiterated a “neutral” rating and issued a $34.00 price objective on shares of Associated Banc in a report on Wednesday. Raymond James Financial increased their price objective on Associated Banc from $31.00 to $35.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 1st. Barclays raised their target price on Associated Banc from $33.00 to $34.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 7th. Finally, Wells Fargo & Company lifted their target price on Associated Banc from $32.00 to $36.00 and gave the company an “overweight” rating in a research report on Monday, August 10th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $32.00.

Insider Transactions at Associated Banc

In other Associated Banc news, EVP Nicole M. Kitowski sold 7,663 shares of the firm’s stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $30.91, for a total value of $236,863.33. Following the completion of the transaction, the executive vice president owned 45,327 shares of the company’s stock, valued at $1,401,057.57. This trade represents a 14.46% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Gregory Warsek sold 16,300 shares of the firm’s stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $32.01, for a total transaction of $521,763.00. Following the completion of the transaction, the executive vice president directly owned 13,809 shares of the company’s stock, valued at $442,026.09. This represents a 54.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 87,524 shares of company stock valued at $2,746,671. 0.71% of the stock is owned by corporate insiders.

Associated Banc Stock Performance

Shares of Associated Banc stock opened at $30.88 on Thursday. The business has a 50-day moving average of $30.91 and a 200 day moving average of $28.52. Associated Banc-Corp has a 12 month low of $23.86 and a 12 month high of $32.46. The stock has a market capitalization of $5.83 billion, a price-to-earnings ratio of 10.80, a price-to-earnings-growth ratio of 1.05 and a beta of 0.77. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.93 and a quick ratio of 0.93.

Associated Banc (NYSE:ASB) last released its earnings results on Thursday, July 23rd. The bank reported $0.73 earnings per share for the quarter, beating the consensus estimate of $0.72 by $0.01. The company had revenue of $454.54 million during the quarter, compared to the consensus estimate of $438.01 million. Associated Banc had a return on equity of 10.64% and a net margin of 19.66%.During the same period in the previous year, the company posted $0.65 EPS. As a group, sell-side analysts forecast that Associated Banc-Corp will post 2.92 earnings per share for the current year.

Associated Banc Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be issued a $0.24 dividend. The ex-dividend date is Tuesday, September 1st. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.1%. Associated Banc’s payout ratio is 33.57%.

Associated Banc Profile

Associated Banc-Corp, through its primary subsidiary Associated Bank, N.A., is a regional financial services company headquartered in Green Bay, Wisconsin. The bank operates more than 200 branches across the Midwest, offering community-focused banking solutions for individuals, small businesses and commercial clients. Its emphasis on personalized service and regional decision-making supports long-standing customer relationships.

On the consumer side, Associated Bank provides checking and savings accounts, residential mortgages, home equity lines of credit, auto financing and credit card products.