Congress Wealth Management LLC DE Reduces Position in Associated Banc-Corp (NYSE:ASB)

Congress Wealth Management LLC DE trimmed its holdings in Associated Banc-Corp (NYSE:ASB) by 68.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 11,610 shares of the bank’s stock after selling 25,210 shares during the quarter. Congress Wealth Management LLC DE’s holdings in Associated Banc were worth $277,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Charles Schwab Investment Management Inc. lifted its position in shares of Associated Banc by 0.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,137,125 shares of the bank’s stock worth $46,034,000 after purchasing an additional 17,425 shares during the last quarter. Citigroup Inc. boosted its position in Associated Banc by 6.4% in the 3rd quarter. Citigroup Inc. now owns 296,155 shares of the bank’s stock valued at $6,379,000 after buying an additional 17,699 shares during the period. Cerity Partners LLC grew its stake in Associated Banc by 62.7% in the 3rd quarter. Cerity Partners LLC now owns 19,636 shares of the bank’s stock worth $423,000 after acquiring an additional 7,567 shares in the last quarter. Quantbot Technologies LP purchased a new position in shares of Associated Banc during the third quarter worth approximately $955,000. Finally, BNP Paribas Financial Markets raised its stake in shares of Associated Banc by 114.6% during the third quarter. BNP Paribas Financial Markets now owns 96,752 shares of the bank’s stock valued at $2,084,000 after acquiring an additional 51,672 shares in the last quarter. 82.98% of the stock is owned by institutional investors.

Associated Banc Trading Down 1.5 %

NYSE ASB opened at $22.38 on Friday. Associated Banc-Corp has a 52 week low of $19.76 and a 52 week high of $28.18. The company has a 50 day moving average price of $24.02 and a 200 day moving average price of $24.01. The company has a quick ratio of 0.86, a current ratio of 0.88 and a debt-to-equity ratio of 0.61. The firm has a market cap of $3.71 billion, a PE ratio of 28.33, a price-to-earnings-growth ratio of 1.52 and a beta of 0.90.

Associated Banc (NYSE:ASB) last issued its quarterly earnings results on Thursday, January 23rd. The bank reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $0.04. Associated Banc had a return on equity of 8.24% and a net margin of 5.15%. As a group, sell-side analysts forecast that Associated Banc-Corp will post 2.43 EPS for the current fiscal year.

Associated Banc Announces Dividend

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

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Royal Bank of Canada increased their price objective on Associated Banc from $26.00 to $27.00 and gave the stock a “sector perform” rating in a research note on Friday, January 24th. Piper Sandler raised their price target on Associated Banc from $26.00 to $28.00 and gave the company a “neutral” rating in a research note on Thursday, December 5th. Wells Fargo & Company lifted their price objective on Associated Banc from $26.00 to $27.00 and gave the company an “equal weight” rating in a report on Monday, January 27th. Raymond James dropped their target price on shares of Associated Banc from $30.00 to $28.00 and set an “outperform” rating on the stock in a report on Monday, March 10th. Finally, StockNews.com lowered shares of Associated Banc from a “hold” rating to a “sell” rating in a report on Friday, January 31st. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $27.11.

Insider Transactions at Associated Banc

In other Associated Banc news, Director Eileen A. Kamerick sold 7,000 shares of the business’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 sale, the director now 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director John B. Williams sold 2,830 shares of the firm’s stock in a transaction on Friday, February 14th. The stock was sold at an average price of $25.09, for a total transaction of $71,004.70. Following the completion of the transaction, the director now directly owns 66,915 shares of the company’s stock, valued at approximately $1,678,897.35. This represents a 4.06 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.45% of the company’s stock.

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.