Trading Report: Today, Pzena Investment Management LLC Boosts Position in Associated Banc-Corp (ASB)

Today, Pzena Investment Management LLC Boosts Position in Associated Banc-Corp (ASB)

Pzena Investment Management LLC raised its position in shares of Associated Banc-Corp (NYSE:ASB) by 4.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,428,717 shares of the company’s stock after buying an additional 114,206 shares during the period. Pzena Investment Management LLC owned about 1.63% of Associated Banc-Corp worth $47,579,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of ASB. Chicago Partners Investment Group LLC increased its position in Associated Banc-Corp by 0.7% in the second quarter. Chicago Partners Investment Group LLC now owns 6,304 shares of the company’s stock worth $108,000 after buying an additional 41 shares in the last quarter. Quantbot Technologies LP purchased a new position in shares of Associated Banc-Corp during the third quarter worth $110,000. Schonfeld Strategic Advisors LLC purchased a new position in shares of Associated Banc-Corp during the first quarter worth $183,000. LS Investment Advisors LLC increased its position in shares of Associated Banc-Corp by 49.0% in the second quarter. LS Investment Advisors LLC now owns 11,828 shares of the company’s stock worth $203,000 after buying an additional 3,889 shares during the period. Finally, Calvert Investment Management Inc. increased its position in shares of Associated Banc-Corp by 1.5% in the second quarter. Calvert Investment Management Inc. now owns 12,014 shares of the company’s stock worth $206,000 after buying an additional 179 shares during the period. Institutional investors own 77.62% of the company’s stock.

Associated Banc-Corp (NYSE:ASB) opened at 23.10 on Friday. The firm has a market cap of $3.44 billion, a P/E ratio of 19.41 and a beta of 1.18. Associated Banc-Corp has a 52-week low of $15.45 and a 52-week high of $23.60. The company’s 50 day moving average is $20.57 and its 200 day moving average is $19.05.

Associated Banc-Corp (NYSE:ASB) last issued its quarterly earnings data on Thursday, October 20th. The company reported $0.34 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.32 by $0.02. Associated Banc-Corp had a net margin of 16.55% and a return on equity of 6.46%. During the same quarter in the prior year, the company posted $0.31 EPS. Equities research analysts forecast that Associated Banc-Corp will post $1.24 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Thursday, December 1st will be issued a $0.12 dividend. This is an increase from Associated Banc-Corp’s previous quarterly dividend of $0.11. The ex-dividend date is Tuesday, November 29th. This represents a $0.48 annualized dividend and a dividend yield of 2.08%. Associated Banc-Corp’s payout ratio is presently 36.98%.

ASB has been the subject of a number of analyst reports. Zacks Investment Research upgraded shares of Associated Banc-Corp from a “hold” rating to a “buy” rating and set a $26.00 price objective for the company in a research report on Tuesday. Jefferies Group reiterated a “buy” rating on shares of Associated Banc-Corp in a research report on Monday, August 1st. Deutsche Bank AG upped their price objective on shares of Associated Banc-Corp from $20.00 to $22.00 and gave the stock a “buy” rating in a research report on Tuesday, October 11th. Barclays PLC upped their price objective on shares of Associated Banc-Corp from $19.00 to $20.00 and gave the stock an “equal weight” rating in a research report on Tuesday, August 16th. Finally, DA Davidson initiated coverage on shares of Associated Banc-Corp in a research report on Monday, October 3rd. They issued an “underperform” rating and a $18.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $20.29.

In other news, insider John A. Utz sold 2,000 shares of Associated Banc-Corp stock in a transaction dated Wednesday, September 7th. The shares were sold at an average price of $19.54, for a total value of $39,080.00. Following the sale, the insider now owns 44,290 shares of the company’s stock, valued at $865,426.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider James Yee sold 4,350 shares of Associated Banc-Corp stock in a transaction dated Monday, October 31st. The shares were sold at an average price of $20.13, for a total transaction of $87,565.50. Following the completion of the sale, the insider now directly owns 58,035 shares in the company, valued at approximately $1,168,244.55. The disclosure for this sale can be found here. 2.09% of the stock is currently owned by insiders.

About Associated Banc-Corp

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