Picton Mahoney Asset Management Sells 30,200 Shares of Associated Banc Corp (NYSE:ASB)

Picton Mahoney Asset Management cut its holdings in shares of Associated Banc Corp (NYSE:ASB) by 44.7% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 37,400 shares of the bank’s stock after selling 30,200 shares during the period. Picton Mahoney Asset Management’s holdings in Associated Banc were worth $791,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Executive Wealth Management LLC acquired a new position in Associated Banc during the 1st quarter worth $25,000. Nisa Investment Advisors LLC acquired a new position in Associated Banc during the 2nd quarter worth $67,000. Avestar Capital LLC acquired a new position in Associated Banc during the 2nd quarter worth $150,000. Qube Research & Technologies Ltd acquired a new position in Associated Banc during the 2nd quarter worth $201,000. Finally, Fox Run Management L.L.C. acquired a new position in Associated Banc during the 2nd quarter worth $228,000. Institutional investors and hedge funds own 74.46% of the company’s stock.

NYSE:ASB traded down $0.57 during trading hours on Friday, hitting $18.87. 830,449 shares of the stock were exchanged, compared to its average volume of 1,208,215. The company’s 50 day moving average is $20.48 and its two-hundred day moving average is $21.63. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.97. The company has a market capitalization of $3.15 billion, a P/E ratio of 9.30, a price-to-earnings-growth ratio of 1.26 and a beta of 1.17. Associated Banc Corp has a twelve month low of $18.53 and a twelve month high of $27.95.

Associated Banc (NYSE:ASB) last posted its quarterly earnings results on Thursday, July 25th. The bank reported $0.51 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.49 by $0.02. The company had revenue of $309.46 million for the quarter, compared to the consensus estimate of $315.84 million. Associated Banc had a return on equity of 9.86% and a net margin of 22.01%. During the same quarter in the prior year, the business posted $0.53 EPS. On average, equities research analysts expect that Associated Banc Corp will post 1.93 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Tuesday, September 3rd will be paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.60%. The ex-dividend date is Friday, August 30th. Associated Banc’s dividend payout ratio (DPR) is currently 33.50%.

Separately, Royal Bank of Canada set a $23.00 price objective on Associated Banc and gave the stock a “hold” rating in a report on Friday, July 26th. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the stock. Associated Banc currently has a consensus rating of “Hold” and a consensus target price of $24.78.

In other news, CFO Moral-Niles Christopher Del sold 3,972 shares of the stock in a transaction on Friday, August 9th. The stock was sold at an average price of $20.28, for a total value of $80,552.16. Following the transaction, the chief financial officer now owns 52,808 shares of the company’s stock, valued at approximately $1,070,946.24. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Christopher C. Piotrowski sold 10,726 shares of the stock in a transaction on Tuesday, July 30th. The shares were sold at an average price of $21.37, for a total value of $229,214.62. Following the completion of the transaction, the insider now directly owns 40,276 shares in the company, valued at approximately $860,698.12. The disclosure for this sale can be found here. In the last three months, insiders sold 16,698 shares of company stock worth $362,767. 2.69% of the stock is currently owned by company insiders.

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. Its Corporate and Commercial Specialty segment offers deposit and cash management solutions, such as commercial checking and interest-bearing deposit products, cash vault and night depository services, liquidity solutions, payables and receivables solutions, and information services; and lending solutions, including commercial loans and lines of credit, commercial real estate financing, construction loans, letters of credit, leasing, asset based lending, and loan syndications.

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Institutional Ownership by Quarter for Associated Banc (NYSE:ASB)

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