Associated Banc-Corp (NYSE:ASB) Short Interest Down 14.5% in October

by · The Markets Daily

Associated Banc-Corp (NYSE:ASB – Get Free Report) saw a large decrease in short interest in the month of October. As of October 15th, there was short interest totalling 4,670,000 shares, a decrease of 14.5% from the September 30th total of 5,460,000 shares. Approximately 3.1% of the shares of the company are short sold. Based on an average daily trading volume, of 1,360,000 shares, the days-to-cover ratio is currently 3.4 days.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. StockNews.com upgraded shares of Associated Banc from a “sell” rating to a “hold” rating in a research report on Thursday. Baird R W downgraded Associated Banc from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 17th. Piper Sandler raised their price objective on Associated Banc from $23.00 to $24.00 and gave the company a “neutral” rating in a report on Friday, July 26th. Barclays upped their target price on Associated Banc from $23.00 to $24.00 and gave the stock an “equal weight” rating in a research note on Friday, October 25th. Finally, Jefferies Financial Group decreased their target price on Associated Banc from $24.00 to $22.00 and set a “hold” rating on the stock in a research report on Wednesday, July 3rd. Ten research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, Associated Banc has a consensus rating of “Hold” and an average price target of $23.89.

Get Our Latest Stock Analysis on Associated Banc

Insider Buying and Selling

In related news, EVP John A. Utz sold 2,000 shares of the firm’s stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $22.78, for a total transaction of $45,560.00. Following the completion of the transaction, the executive vice president now owns 99,637 shares of the company’s stock, valued at $2,269,730.86. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, Director Lith Karen Van sold 8,061 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $20.48, for a total transaction of $165,089.28. Following the sale, the director now owns 54,114 shares of the company’s stock, valued at $1,108,254.72. This trade represents a 0.00 % decrease in their position. 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 2,000 shares of Associated Banc stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $22.78, for a total transaction of $45,560.00. Following the transaction, the executive vice president now directly owns 99,637 shares of the company’s stock, valued at approximately $2,269,730.86. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 29,105 shares of company stock worth $671,324. 1.45% of the stock is owned by company insiders.

Institutional Investors Weigh In On Associated Banc

Large investors have recently made changes to their positions in the stock. LSV Asset Management grew its holdings in shares of Associated Banc by 43.3% in the first quarter. LSV Asset Management now owns 4,050,813 shares of the bank’s stock valued at $87,133,000 after purchasing an additional 1,224,216 shares during the period. Millennium Management LLC grew its stake in shares of Associated Banc by 291.3% in the 2nd quarter. Millennium Management LLC now owns 1,563,274 shares of the bank’s stock valued at $33,063,000 after buying an additional 1,163,807 shares during the period. Point72 Asset Management L.P. increased its holdings in shares of Associated Banc by 12.0% during the 2nd quarter. Point72 Asset Management L.P. now owns 1,149,355 shares of the bank’s stock worth $24,309,000 after buying an additional 123,271 shares during the last quarter. Interval Partners LP increased its holdings in shares of Associated Banc by 27.6% during the 2nd quarter. Interval Partners LP now owns 442,947 shares of the bank’s stock worth $9,368,000 after buying an additional 95,928 shares during the last quarter. Finally, M&G PLC raised its position in shares of Associated Banc by 2.9% during the 3rd quarter. M&G PLC now owns 423,903 shares of the bank’s stock valued at $9,326,000 after buying an additional 12,142 shares during the period. 82.98% of the stock is currently owned by hedge funds and other institutional investors.

Associated Banc Price Performance

NYSE ASB traded down $0.29 during mid-day trading on Thursday, hitting $23.73. The stock had a trading volume of 1,766,561 shares, compared to its average volume of 1,339,491. The firm’s 50 day moving average is $21.93 and its 200 day moving average is $21.53. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.89 and a quick ratio of 0.89. The stock has a market capitalization of $3.58 billion, a price-to-earnings ratio of 23.96, a PEG ratio of 1.66 and a beta of 0.93. Associated Banc has a twelve month low of $15.94 and a twelve month high of $24.31.

Associated Banc (NYSE:ASB – Get Free Report) last issued its earnings results on Thursday, October 24th. The bank reported $0.56 EPS for the quarter, beating analysts’ consensus estimates of $0.50 by $0.06. The business had revenue of $607.54 million during the quarter, compared to analysts’ expectations of $336.52 million. Associated Banc had a net margin of 7.93% and a return on equity of 8.14%. During the same period in the prior year, the business earned $0.53 earnings per share. Equities research analysts forecast that Associated Banc will post 2.06 earnings per share for the current fiscal year.

Associated Banc Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be issued a dividend of $0.23 per share. This is a boost from Associated Banc’s previous quarterly dividend of $0.22. This represents a $0.92 annualized dividend and a dividend yield of 3.88%. The ex-dividend date is Monday, December 2nd. Associated Banc’s payout ratio is currently 88.89%.

Associated Banc Company Profile

(Get Free Report)

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.

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