Advantage Alpha Capital Partners LP Sells 14,769 Shares of Associated Banc-Corp $ASB

Key Points

• Advantage Alpha Capital Partners LP reduced its holdings in Associated Banc-Corp by 60.8%, selling 14,769 shares and ending with 9,523 shares valued at $215,000.
• Associated Banc-Corp announced a quarterly dividend of $0.23 per share, scheduled for payment on September 15th, which equates to an annualized yield of 3.5%.
• The bank reported $0.65 EPS in its latest quarterly earnings, beating analyst expectations of $0.62, with a revenue of $366.98 million compared to the expected $362.78 million.

Advantage Alpha Capital Partners LP cut its holdings in shares of Associated Banc-Corp (NYSE:ASB - Free Report) by 60.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 9,523 shares of the bank's stock after selling 14,769 shares during the quarter. Advantage Alpha Capital Partners LP's holdings in Associated Banc were worth $215,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of ASB. Wellington Management Group LLP bought a new stake in shares of Associated Banc during the fourth quarter worth $37,662,000. Balyasny Asset Management L.P. boosted its holdings in Associated Banc by 263.7% in the fourth quarter. Balyasny Asset Management L.P. now owns 1,597,950 shares of the bank's stock valued at $38,191,000 after acquiring an additional 1,158,576 shares during the last quarter. Nuveen LLC bought a new position in Associated Banc in the first quarter valued at about $23,510,000. Invesco Ltd. boosted its holdings in Associated Banc by 83.2% in the first quarter. Invesco Ltd. now owns 1,308,946 shares of the bank's stock valued at $29,491,000 after acquiring an additional 594,361 shares during the last quarter. Finally, Nuveen Asset Management LLC boosted its holdings in Associated Banc by 129.4% in the fourth quarter. Nuveen Asset Management LLC now owns 990,500 shares of the bank's stock valued at $23,673,000 after acquiring an additional 558,721 shares during the last quarter. 82.98% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Keefe, Bruyette & Woods raised their price target on Associated Banc from $27.00 to $28.00 and gave the company a "market perform" rating in a report on Friday, July 25th. Wells Fargo & Company raised their target price on Associated Banc from $28.00 to $30.00 and gave the stock an "overweight" rating in a report on Thursday, July 10th. Barclays raised their target price on Associated Banc from $28.00 to $30.00 and gave the stock an "equal weight" rating in a report on Monday, July 28th. Piper Sandler raised their target price on Associated Banc from $24.00 to $27.00 and gave the stock a "neutral" rating in a report on Friday, July 25th. Finally, Royal Bank Of Canada raised their target price on Associated Banc from $26.00 to $27.00 and gave the stock a "sector perform" rating in a report on Friday, July 25th. Two research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Associated Banc currently has an average rating of "Hold" and an average target price of $27.78.

Associated Banc Trading Up 1.0%

ASB traded up $0.26 during midday trading on Wednesday, hitting $26.97. 998,411 shares of the company were exchanged, compared to its average volume of 1,523,165. The firm has a market capitalization of $4.47 billion, a P/E ratio of 35.02, a P/E/G ratio of 1.02 and a beta of 0.84. Associated Banc-Corp has a 1-year low of $18.32 and a 1-year high of $28.18. The firm's 50 day moving average price is $25.01 and its 200-day moving average price is $23.51. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.98.

Associated Banc (NYSE:ASB - Get Free Report) last announced its 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 firm had revenue of $366.98 million for the quarter, compared to the consensus estimate of $362.78 million. Associated Banc had a return on equity of 8.86% and a net margin of 5.79%.During the same period in the previous year, the business earned $0.52 EPS. As a group, equities analysts forecast that Associated Banc-Corp will post 2.43 EPS for the current fiscal year.

Associated Banc Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Tuesday, September 2nd will be given a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date of this dividend is Tuesday, September 2nd. Associated Banc's payout ratio is presently 119.48%.

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.