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

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

Associated Banc Stock Down 1.2 %

NYSE ASB traded down $0.29 during trading on Thursday, reaching $23.73. 1,766,561 shares of the company’s stock were exchanged, compared to its average volume of 1,339,491. The company has a 50 day moving average price of $21.93 and a two-hundred day moving average price of $21.53. The stock has a market cap of $3.58 billion, a P/E ratio of 23.96, a price-to-earnings-growth ratio of 1.66 and a beta of 0.93. Associated Banc has a 1 year low of $15.94 and a 1 year high of $24.31. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.89 and a current ratio of 0.89.

Associated Banc (NYSE:ASB) last posted its earnings results on Thursday, October 24th. The bank reported $0.56 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.06. The firm had revenue of $607.54 million during the quarter, compared to analysts’ expectations of $336.52 million. Associated Banc had a return on equity of 8.14% and a net margin of 7.93%. During the same quarter in the previous year, the business earned $0.53 earnings per share. On average, equities research analysts anticipate that Associated Banc will post 2.06 EPS 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 $0.23 dividend. This is a boost from Associated Banc’s previous quarterly dividend of $0.22. The ex-dividend date is Monday, December 2nd. This represents a $0.92 annualized dividend and a dividend yield of 3.88%. Associated Banc’s dividend payout ratio is presently 88.89%.

Insider Buying and Selling

In other Associated Banc news, EVP John A. Utz sold 2,000 shares of Associated Banc stock in a transaction dated 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 sale, the executive vice president now directly owns 99,637 shares in the company, 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Lith Karen Van sold 8,061 shares of the firm’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $20.48, for a total transaction of $165,089.28. Following the completion of the transaction, the director now directly owns 54,114 shares in the company, valued at $1,108,254.72. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP John A. Utz sold 2,000 shares of Associated Banc stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $22.78, for a total value of $45,560.00. Following the completion of 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 represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 29,105 shares of company stock valued at $671,324. 1.45% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Associated Banc

Several hedge funds and other institutional investors have recently bought and sold shares of ASB. Bessemer Group Inc. increased its position in Associated Banc by 285.2% during the first quarter. Bessemer Group Inc. now owns 1,225 shares of the bank’s stock worth $26,000 after buying an additional 907 shares during the period. Quest Partners LLC acquired a new position in shares of Associated Banc in the 2nd quarter valued at $38,000. Farther Finance Advisors LLC raised its position in Associated Banc by 82.1% in the 3rd quarter. Farther Finance Advisors LLC now owns 3,190 shares of the bank’s stock valued at $69,000 after purchasing an additional 1,438 shares during the last quarter. Meeder Asset Management Inc. acquired a new stake in Associated Banc during the 1st quarter worth $74,000. Finally, Neo Ivy Capital Management purchased a new position in Associated Banc during the 2nd quarter worth $93,000. 82.98% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ASB has been the subject of a number of research reports. Baird R W cut shares of Associated Banc from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 17th. Barclays boosted their price target on shares of Associated Banc from $23.00 to $24.00 and gave the stock an “equal weight” rating in a research note on Friday, October 25th. Robert W. Baird cut their price objective on Associated Banc from $27.00 to $25.00 and set a “neutral” rating on the stock in a research report on Friday, July 26th. Piper Sandler lifted their target price on Associated Banc from $23.00 to $24.00 and gave the company a “neutral” rating in a report on Friday, July 26th. Finally, Keefe, Bruyette & Woods upped their price target on Associated Banc from $23.00 to $24.00 and gave the stock a “market perform” rating in a report on Friday, July 26th. Ten analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $23.89.

About Associated Banc

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.