Pallas Capital Advisors LLC Buys New Position in Associated Banc-Corp $ASB

Key Points

• Pallas Capital Advisors LLC acquired 17,298 shares of Associated Banc-Corp, valued at approximately $422,000, during the second quarter.
• Goldman Sachs increased its holdings in Associated Banc by 139.1%, now owning nearly 2.75 million shares worth around $61.9 million.
• The bank recently announced a quarterly dividend of $0.23, translating to an annual yield of 3.5% on a payout ratio of 119.48%.

Pallas Capital Advisors LLC acquired a new position in shares of Associated Banc-Corp (NYSE:ASB - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 17,298 shares of the bank's stock, valued at approximately $422,000.

Several other institutional investors also recently bought and sold shares of ASB. Goldman Sachs Group Inc. grew its stake in Associated Banc by 139.1% during the first quarter. Goldman Sachs Group Inc. now owns 2,748,667 shares of the bank's stock worth $61,927,000 after buying an additional 1,598,951 shares during the period. Wellington Management Group LLP acquired a new position in shares of Associated Banc during the fourth quarter worth $37,662,000. AQR Capital Management LLC lifted its position in shares of Associated Banc by 200.3% during the first quarter. AQR Capital Management LLC now owns 1,930,329 shares of the bank's stock worth $42,853,000 after purchasing an additional 1,287,458 shares in the last quarter. Nuveen LLC acquired a new position in shares of Associated Banc during the first quarter worth $23,510,000. Finally, Invesco Ltd. lifted its position in shares of Associated Banc by 83.2% during the first quarter. Invesco Ltd. now owns 1,308,946 shares of the bank's stock worth $29,491,000 after purchasing an additional 594,361 shares in the last quarter. 82.98% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Royal Bank Of Canada boosted their target price on shares of Associated Banc from $26.00 to $27.00 and gave the stock a "sector perform" rating in a research report on Friday, July 25th. Truist Financial boosted their target price on shares of Associated Banc from $26.00 to $27.00 and gave the stock a "hold" rating in a research report on Monday, July 28th. Piper Sandler boosted their target price on shares of Associated Banc from $24.00 to $27.00 and gave the stock a "neutral" rating in a research report on Friday, July 25th. Robert W. Baird upped their price target on shares of Associated Banc from $27.00 to $28.00 and gave the company a "neutral" rating in a report on Friday, July 25th. Finally, Wells Fargo & Company upped their price target on shares of Associated Banc from $28.00 to $30.00 and gave the company an "overweight" rating in a report on Thursday, July 10th. Two research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $27.78.

Associated Banc Stock Performance

Shares of Associated Banc stock traded up $0.15 during trading on Tuesday, hitting $25.97. 373,798 shares of the stock were exchanged, compared to its average volume of 1,511,122. The stock's fifty day moving average is $25.63 and its 200 day moving average is $23.76. The stock has a market cap of $4.31 billion, a PE ratio of 33.71, a P/E/G ratio of 1.01 and a beta of 0.84. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.91 and a current ratio of 0.92. Associated Banc-Corp has a 12 month low of $18.32 and a 12 month high of $28.18.

Associated Banc (NYSE:ASB - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The bank reported $0.65 EPS for the quarter, topping the consensus estimate of $0.62 by $0.03. The business had revenue of $366.98 million during the quarter, compared to analyst estimates of $362.78 million. Associated Banc had a net margin of 5.79% and a return on equity of 8.86%. During the same quarter in the prior year, the firm earned $0.52 earnings per share. As a group, sell-side analysts anticipate that Associated Banc-Corp will post 2.43 EPS for the current year.

Associated Banc Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Tuesday, September 2nd were given a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date was Tuesday, September 2nd. Associated Banc's dividend payout ratio is currently 119.48%.

Insider Activity at Associated Banc

In related news, EVP Matthew R. Braeger sold 2,000 shares of the stock in a transaction dated Tuesday, September 9th. The shares were sold at an average price of $26.34, for a total value of $52,680.00. Following the completion of the transaction, the executive vice president owned 13,346 shares in the company, valued at $351,533.64. This represents a 13.03% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Patrick Edward Ahern sold 3,342 shares of the stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $26.20, for a total transaction of $87,560.40. Following the completion of the transaction, the executive vice president owned 41,472 shares of the company's stock, valued at $1,086,566.40. This represents a 7.46% decrease in their position. The disclosure for this sale can be found here. Insiders sold 18,342 shares of company stock worth $494,360 in the last 90 days. Corporate insiders own 1.10% 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.