Associated Banc-Corp $ASB Shares Sold by Northern Trust Corp

Key Points

• Northern Trust Corp has reduced its stake in Associated Banc-Corp by 1.0%, leaving it with over 2.16 million shares worth approximately $48.68 million.
• Associated Banc-Corp reported $0.65 earnings per share for the latest quarter, exceeding analysts' expectations, and the firm has declared a quarterly dividend of $0.23 per share with a yield of 3.4%.
• Analysts have raised their target prices for Associated Banc-Corp, with recommendations ranging from "Buy" to "Hold," reflecting a positive outlook on the company's performance.

Northern Trust Corp cut its position in Associated Banc-Corp (NYSE:ASB - Free Report) by 1.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,160,677 shares of the bank's stock after selling 22,205 shares during the quarter. Northern Trust Corp owned 1.30% of Associated Banc worth $48,680,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. Quarry LP grew its stake in shares of Associated Banc by 154.3% in the fourth quarter. Quarry LP now owns 1,073 shares of the bank's stock valued at $26,000 after buying an additional 651 shares in the last quarter. Versant Capital Management Inc grew its stake in shares of Associated Banc by 385.5% in the first quarter. Versant Capital Management Inc now owns 1,612 shares of the bank's stock valued at $36,000 after buying an additional 1,280 shares in the last quarter. NewEdge Advisors LLC grew its stake in shares of Associated Banc by 13.1% in the fourth quarter. NewEdge Advisors LLC now owns 3,518 shares of the bank's stock valued at $84,000 after buying an additional 408 shares in the last quarter. Farther Finance Advisors LLC grew its stake in shares of Associated Banc by 38.0% in the first quarter. Farther Finance Advisors LLC now owns 4,072 shares of the bank's stock valued at $90,000 after buying an additional 1,122 shares in the last quarter. Finally, GAMMA Investing LLC grew its stake in shares of Associated Banc by 11.6% in the first quarter. GAMMA Investing LLC now owns 5,251 shares of the bank's stock valued at $118,000 after buying an additional 547 shares in the last quarter. 82.98% of the stock is owned by institutional investors and hedge funds.

Associated Banc Stock Up 1.0%

Shares of NYSE ASB opened at $26.97 on Thursday. The company has a market capitalization of $4.47 billion, a price-to-earnings ratio of 35.02, a price-to-earnings-growth ratio of 1.03 and a beta of 0.84. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.92 and a quick ratio of 0.91. The business has a 50-day moving average of $25.09 and a two-hundred day moving average of $23.53. Associated Banc-Corp has a 1 year low of $18.32 and a 1 year high of $28.18.

Associated Banc (NYSE:ASB - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The bank reported $0.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.62 by $0.03. The company had revenue of $366.98 million during 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. On average, analysts forecast that Associated Banc-Corp will post 2.43 earnings per share for the current fiscal year.

Associated Banc Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be issued a dividend of $0.23 per share. 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 119.48%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on ASB. Royal Bank Of Canada lifted their target price on Associated Banc from $26.00 to $27.00 and gave the company a "sector perform" rating in a report on Friday, July 25th. Barclays lifted their target price on Associated Banc from $28.00 to $30.00 and gave the company an "equal weight" rating in a report on Monday, July 28th. Truist Financial lifted their target price on Associated Banc from $26.00 to $27.00 and gave the company a "hold" rating in a report on Monday, July 28th. Wells Fargo & Company lifted their target price on Associated Banc from $28.00 to $30.00 and gave the company an "overweight" rating in a report on Thursday, July 10th. Finally, Piper Sandler lifted their target price on Associated Banc from $24.00 to $27.00 and gave the company a "neutral" rating in a report on Friday, July 25th. Two research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat, Associated Banc currently has an average rating of "Hold" and a consensus target price of $27.78.

Associated Banc 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.

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