Assenagon Asset Management S.A. Invests $30.93 Million in Associated Banc-Corp $ASB

Key Points

• Assenagon Asset Management purchased 1,005,101 shares of Associated Banc-Corp worth approximately $30.93 million, giving it a 0.53% stake. Institutional investors collectively own 82.98% of the bank’s shares.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $31.10. Recent targets range from $30 to $35.
• Associated Banc beat quarterly estimates with earnings of $0.73 per share and revenue of $454.54 million. The company also declared a quarterly dividend of $0.24 per share, representing a 3.1% annualized yield.

Assenagon Asset Management S.A. purchased a new position in Associated Banc-Corp (NYSE:ASB - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 1,005,101 shares of the bank's stock, valued at approximately $30,927,000. Assenagon Asset Management S.A. owned about 0.53% of Associated Banc as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Associated Banc by 6.0% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 97,570 shares of the bank's stock worth $2,198,000 after buying an additional 5,531 shares during the last quarter. Millennium Management LLC increased its position in shares of Associated Banc by 90.4% during the first quarter. Millennium Management LLC now owns 287,890 shares of the bank's stock valued at $6,486,000 after acquiring an additional 136,648 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in Associated Banc by 139.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,748,667 shares of the bank's stock worth $61,927,000 after acquiring an additional 1,598,951 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Associated Banc by 13.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 496,392 shares of the bank's stock worth $11,184,000 after purchasing an additional 60,758 shares in the last quarter. Finally, Sivia Capital Partners LLC bought a new stake in shares of Associated Banc in the 2nd quarter worth $328,000. 82.98% of the stock is owned by institutional investors.

Analyst Ratings Changes

ASB has been the topic of a number of research analyst reports. Truist Financial upped their price target on Associated Banc from $32.00 to $33.00 and gave the company a "hold" rating in a report on Tuesday. Wall Street Zen downgraded Associated Banc from a "buy" rating to a "hold" rating in a report on Saturday, May 2nd. Robert W. Baird boosted their target price on Associated Banc from $29.00 to $30.00 and gave the stock a "neutral" rating in a research report on Friday, April 24th. Raymond James Financial upped their target price 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. Finally, Barclays lifted their price target on shares of Associated Banc from $33.00 to $34.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 7th. Six investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, Associated Banc currently has a consensus rating of "Moderate Buy" and an average target price of $31.10.

Associated Banc Stock Performance

ASB stock opened at $31.28 on Friday. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.93 and a quick ratio of 0.93. Associated Banc-Corp has a 1 year low of $23.66 and a 1 year high of $32.00. The company has a market cap of $5.91 billion, a P/E ratio of 10.94, a price-to-earnings-growth ratio of 1.06 and a beta of 0.77. The stock's fifty day moving average price is $30.09 and its 200-day moving average price is $28.14.

Associated Banc (NYSE:ASB - Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The bank reported $0.73 EPS for the quarter, beating analysts' consensus estimates of $0.72 by $0.01. Associated Banc had a return on equity of 10.64% and a net margin of 19.66%.The company had revenue of $454.54 million during the quarter, compared to analysts' expectations of $438.01 million. During the same quarter in the prior year, the business earned $0.65 earnings per share. On average, equities analysts forecast that Associated Banc-Corp will post 2.91 earnings per share for the current year.

Associated Banc Announces Dividend

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

Insider Activity

In other news, EVP Matthew R. Braeger sold 5,000 shares of Associated Banc stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $28.17, for a total transaction of $140,850.00. Following the transaction, the executive vice president owned 11,777 shares in the company, valued at $331,758.09. This trade represents a 29.80% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Derek S. Meyer sold 10,000 shares of the business's stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $30.74, for a total transaction of $307,400.00. Following the sale, the executive vice president directly owned 61,662 shares of the company's stock, valued at approximately $1,895,489.88. The trade was a 13.95% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 41,962 shares of company stock worth $1,233,303. Company 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.

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