Wellington Management Group LLP Makes New $37.66 Million Investment in Associated Banc-Corp (NYSE:ASB)

Wellington Management Group LLP purchased a new stake in shares of Associated Banc-Corp (NYSE:ASB - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 1,575,821 shares of the bank's stock, valued at approximately $37,662,000. Wellington Management Group LLP owned 0.95% of Associated Banc at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Norges Bank purchased a new position in Associated Banc during the 4th quarter valued at about $36,144,000. Vanguard Group Inc. lifted its holdings in shares of Associated Banc by 8.7% during the fourth quarter. Vanguard Group Inc. now owns 18,066,871 shares of the bank's stock valued at $431,798,000 after purchasing an additional 1,444,068 shares during the last quarter. FMR LLC lifted its holdings in shares of Associated Banc by 9.4% during the fourth quarter. FMR LLC now owns 14,838,422 shares of the bank's stock valued at $354,638,000 after purchasing an additional 1,272,441 shares during the last quarter. Balyasny Asset Management L.P. boosted its position in shares of Associated Banc by 263.7% in the 4th quarter. Balyasny Asset Management L.P. now owns 1,597,950 shares of the bank's stock worth $38,191,000 after purchasing an additional 1,158,576 shares in the last quarter. Finally, First Trust Advisors LP grew its stake in shares of Associated Banc by 87.7% in the 4th quarter. First Trust Advisors LP now owns 1,997,553 shares of the bank's stock worth $47,742,000 after buying an additional 933,062 shares during the last quarter. 82.98% of the stock is owned by institutional investors.

Insider Transactions at Associated Banc

In other Associated Banc news, CEO Andrew J. Harmening bought 12,910 shares of the business's stock in a transaction that occurred on Friday, May 9th. The stock was bought at an average cost of $23.25 per share, for a total transaction of $300,157.50. Following the completion of the transaction, the chief executive officer now owns 319,269 shares of the company's stock, valued at $7,423,004.25. This represents a 4.21% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.45% of the company's stock.

Associated Banc Stock Performance

Shares of NYSE ASB traded down $0.17 during trading on Monday, reaching $23.00. 1,134,847 shares of the company traded hands, compared to its average volume of 1,544,252. The firm has a 50 day simple moving average of $21.99 and a 200-day simple moving average of $23.73. Associated Banc-Corp has a 52-week low of $18.32 and a 52-week high of $28.18. The stock has a market capitalization of $3.81 billion, a PE ratio of 29.11, a P/E/G ratio of 1.52 and a beta of 0.79. The company has a quick ratio of 0.86, a current ratio of 0.88 and a debt-to-equity ratio of 0.61.

Associated Banc (NYSE:ASB - Get Free Report) last issued its quarterly earnings data on Thursday, April 24th. The bank reported $0.59 earnings per share for the quarter, beating analysts' consensus estimates of $0.57 by $0.02. Associated Banc had a net margin of 5.15% and a return on equity of 8.24%. The company had revenue of $348.97 million for the quarter, compared to the consensus estimate of $347.86 million. During the same quarter in the prior year, the firm earned $0.52 earnings per share. The firm's revenue for the quarter was up 6.8% compared to the same quarter last year. Equities research analysts anticipate that Associated Banc-Corp will post 2.43 earnings per share for the current year.

Associated Banc Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Monday, June 2nd will be paid a $0.23 dividend. The ex-dividend date of this dividend is Monday, June 2nd. This represents a $0.92 dividend on an annualized basis and a dividend yield of 4.00%. Associated Banc's dividend payout ratio (DPR) is currently 106.98%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on ASB. Raymond James reiterated an "outperform" rating and set a $27.00 price objective on shares of Associated Banc in a research note on Monday, April 28th. Stephens lowered their price target on Associated Banc from $28.00 to $26.00 and set an "equal weight" rating for the company in a research report on Friday, April 25th. Truist Financial began coverage on shares of Associated Banc in a research note on Tuesday, May 13th. They issued a "hold" rating and a $26.00 price target on the stock. Wells Fargo & Company raised shares of Associated Banc from an "equal weight" rating to an "overweight" rating and cut their price objective for the company from $27.00 to $26.00 in a research report on Wednesday, April 9th. Finally, Barclays decreased their target price on shares of Associated Banc from $28.00 to $25.00 and set an "equal weight" rating for the company in a report on Tuesday, April 8th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $26.00.

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.