23,267,058 Shares in Associated Banc-Corp $ASB Purchased by BlackRock Inc.

Key Points

• BlackRock acquired 23.27 million shares of Associated Banc-Corp in the second quarter, valued at roughly $715.9 million and representing a 12.32% stake. Institutional investors collectively own 82.98% of the company.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $31.60. Recent targets range from $33 to $36, although some analysts rate the stock “Hold.”
• Associated Banc exceeded quarterly expectations with $0.73 in EPS versus $0.72 expected and $454.5 million in revenue. The company also declared a quarterly dividend of $0.24, equivalent to a 3.1% annualized yield.

BlackRock Inc. bought a new stake in shares of Associated Banc-Corp (NYSE:ASB - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 23,267,058 shares of the bank's stock, valued at approximately $715,927,000. BlackRock Inc. owned 12.32% of Associated Banc at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of ASB. Pallas Capital Advisors LLC purchased a new stake in Associated Banc in the second quarter worth $540,000. Deutsche Bank AG purchased a new stake in shares of Associated Banc during the second quarter valued at $4,742,000. N.E.W. Advisory Services LLC bought a new position in shares of Associated Banc in the second quarter worth about $596,000. Global Retirement Partners LLC bought a new position in shares of Associated Banc in the second quarter worth about $68,000. Finally, Bank of New York Mellon Corp purchased a new position in Associated Banc in the 2nd quarter worth about $48,948,000. Institutional investors own 82.98% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on ASB shares. Weiss Ratings reissued a "buy (b)" rating on shares of Associated Banc in a research report on Wednesday, June 24th. Raymond James Financial lifted their price target on shares of Associated Banc from $31.00 to $35.00 and gave the company an "outperform" rating in a research note on Wednesday, July 1st. Wells Fargo & Company lifted their price target on shares of Associated Banc from $32.00 to $36.00 and gave the company an "overweight" rating in a research note on Monday, August 10th. Truist Financial increased their price objective on Associated Banc from $32.00 to $33.00 and gave the stock a "hold" rating in a research note on Tuesday, August 4th. Finally, Wall Street Zen cut Associated Banc from a "buy" rating to a "hold" rating in a research note on Saturday, May 2nd. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, Associated Banc has a consensus rating of "Moderate Buy" and an average price target of $31.60.

Associated Banc Stock Performance

Shares of Associated Banc stock opened at $30.86 on Friday. The company has a market capitalization of $5.83 billion, a PE ratio of 10.79, a P/E/G ratio of 1.05 and a beta of 0.77. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.93 and a current ratio of 0.93. The company has a 50-day simple moving average of $30.80 and a two-hundred day simple moving average of $28.47. Associated Banc-Corp has a one year low of $23.86 and a one year high of $32.46.

Associated Banc (NYSE:ASB - Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The bank reported $0.73 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.72 by $0.01. Associated Banc had a net margin of 19.66% and a return on equity of 10.64%. The firm had revenue of $454.54 million for the quarter, compared to the consensus estimate of $438.01 million. During the same quarter in the previous year, the firm earned $0.65 EPS. Research analysts expect that Associated Banc-Corp will post 2.92 EPS for the current fiscal year.

Associated Banc Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend is Tuesday, September 1st. Associated Banc's payout ratio is currently 33.57%.

Insider Buying and Selling at Associated Banc

In related news, EVP Dennis Deloye sold 14,299 shares of the business's stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $28.26, for a total transaction of $404,089.74. Following the transaction, the executive vice president directly owned 21,385 shares in the company, valued at $604,340.10. The trade was a 40.07% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Derek S. Meyer sold 10,000 shares of the firm's stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $30.74, for a total value of $307,400.00. Following the completion of the sale, the executive vice president directly owned 61,662 shares of the company's stock, valued at approximately $1,895,489.88. This represents a 13.95% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 101,823 shares of company stock valued at $3,150,761. Corporate insiders own 0.71% of the company's stock.

Associated Banc Company Profile

Associated Banc-Corp, through its primary subsidiary Associated Bank, N.A., is a regional financial services company headquartered in Green Bay, Wisconsin. The bank operates more than 200 branches across the Midwest, offering community-focused banking solutions for individuals, small businesses and commercial clients. Its emphasis on personalized service and regional decision-making supports long-standing customer relationships.

On the consumer side, Associated Bank provides checking and savings accounts, residential mortgages, home equity lines of credit, auto financing and credit card products.

Want to see what other hedge funds are holding ASB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Associated Banc-Corp (NYSE:ASB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source