Associated Banc Corp Boosts Holdings in Exxon Mobil Corporation (NYSE:XOM)

Key Points

• Associated Banc Corp increased its holdings in Exxon Mobil by 3.5%, acquiring an additional 17,674 shares, bringing its total to 523,473 shares valued at approximately $62.3 million.
• Exxon Mobil reported earnings of $1.64 per share for its latest quarter, surpassing analysts’ expectations, with quarterly revenue of $81.51 billion.
• The company announced a quarterly dividend of $0.99 per share, indicating a 3.7% dividend yield and a payout ratio of 56.25%.

Associated Banc Corp raised its position in shares of Exxon Mobil Corporation (NYSE:XOM - Free Report) by 3.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 523,473 shares of the oil and gas company's stock after buying an additional 17,674 shares during the quarter. Exxon Mobil comprises 1.9% of Associated Banc Corp's portfolio, making the stock its 11th biggest holding. Associated Banc Corp's holdings in Exxon Mobil were worth $62,257,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. GAMMA Investing LLC increased its position in shares of Exxon Mobil by 14,242.7% during the 1st quarter. GAMMA Investing LLC now owns 9,457,554 shares of the oil and gas company's stock valued at $1,124,787,000 after purchasing an additional 9,391,614 shares during the last quarter. Northern Trust Corp boosted its stake in Exxon Mobil by 7.0% during the fourth quarter. Northern Trust Corp now owns 46,017,358 shares of the oil and gas company's stock worth $4,950,087,000 after buying an additional 2,998,892 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Exxon Mobil during the fourth quarter worth $240,653,000. Massachusetts Financial Services Co. MA increased its position in Exxon Mobil by 8.3% during the first quarter. Massachusetts Financial Services Co. MA now owns 20,256,504 shares of the oil and gas company's stock valued at $2,409,106,000 after acquiring an additional 1,550,248 shares during the last quarter. Finally, Federated Hermes Inc. raised its stake in shares of Exxon Mobil by 68.3% in the first quarter. Federated Hermes Inc. now owns 3,406,119 shares of the oil and gas company's stock valued at $405,090,000 after acquiring an additional 1,382,760 shares during the period. 61.80% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Barclays reaffirmed a "hold" rating on shares of Exxon Mobil in a research note on Thursday, May 22nd. Scotiabank reiterated an "outperform" rating on shares of Exxon Mobil in a report on Friday, July 11th. Piper Sandler boosted their price objective on Exxon Mobil from $131.00 to $134.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. Wall Street Zen upgraded Exxon Mobil from a "sell" rating to a "hold" rating in a research note on Friday, June 27th. Finally, Wells Fargo & Company set a $127.00 target price on Exxon Mobil and gave the stock an "overweight" rating in a research report on Thursday, June 26th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $125.26.

Exxon Mobil Stock Down 0.5%

Shares of NYSE:XOM traded down $0.52 during trading hours on Thursday, hitting $105.99. The company's stock had a trading volume of 13,455,331 shares, compared to its average volume of 15,527,678. The firm's fifty day moving average price is $109.79 and its 200 day moving average price is $109.00. Exxon Mobil Corporation has a 52 week low of $97.80 and a 52 week high of $126.34. The company has a market capitalization of $451.85 billion, a price-to-earnings ratio of 15.06, a P/E/G ratio of 2.00 and a beta of 0.53. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.25 and a quick ratio of 0.88.

Exxon Mobil (NYSE:XOM - Get Free Report) last issued its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.64 EPS for the quarter, topping analysts' consensus estimates of $1.47 by $0.17. Exxon Mobil had a net margin of 9.17% and a return on equity of 11.34%. The company had revenue of $81.51 billion during the quarter, compared to the consensus estimate of $79.07 billion. During the same quarter in the previous year, the firm posted $2.14 earnings per share. Exxon Mobil's revenue for the quarter was down 12.4% compared to the same quarter last year. As a group, research analysts expect that Exxon Mobil Corporation will post 7.43 EPS for the current year.

Exxon Mobil Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Friday, August 15th will be paid a $0.99 dividend. This represents a $3.96 annualized dividend and a yield of 3.7%. The ex-dividend date is Friday, August 15th. Exxon Mobil's payout ratio is 56.25%.

Exxon Mobil Profile

Exxon Mobil Corporation engages in the exploration and production of crude oil and natural gas in the United States and internationally. It operates through Upstream, Energy Products, Chemical Products, and Specialty Products segments. The Upstream segment explores for and produces crude oil and natural gas.