Nuveen Asset Management LLC Boosts Stake in Associated Banc-Corp (NYSE:ASB)

Nuveen Asset Management LLC grew its holdings in shares of Associated Banc-Corp (NYSE:ASB - Free Report) by 129.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 990,500 shares of the bank's stock after acquiring an additional 558,721 shares during the period. Nuveen Asset Management LLC owned 0.65% of Associated Banc worth $23,673,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Norges Bank acquired a new position in shares of Associated Banc during the 4th quarter valued at $36,144,000. Vanguard Group Inc. raised its holdings in Associated Banc by 8.7% during the fourth quarter. Vanguard Group Inc. now owns 18,066,871 shares of the bank's stock worth $431,798,000 after buying an additional 1,444,068 shares during the last quarter. Proficio Capital Partners LLC acquired a new stake in shares of Associated Banc in the 4th quarter worth about $353,000. FMR LLC increased its holdings in Associated Banc by 9.4% during the 4th quarter. FMR LLC now owns 14,838,422 shares of the bank's stock worth $354,638,000 after purchasing an additional 1,272,441 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in Associated Banc by 5.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,248,435 shares of the bank's stock valued at $53,738,000 after buying an additional 111,310 shares during the last quarter. 82.98% of the stock is owned by institutional investors and hedge funds.

Associated Banc Price Performance

NYSE ASB traded down $0.14 during trading on Wednesday, reaching $23.38. The company's stock had a trading volume of 127,033 shares, compared to its average volume of 1,601,666. The stock has a market capitalization of $3.88 billion, a PE ratio of 29.62, a P/E/G ratio of 1.52 and a beta of 0.79. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.88 and a quick ratio of 0.86. The firm has a fifty day moving average of $21.98 and a 200 day moving average of $23.84. Associated Banc-Corp has a one year low of $18.32 and a one year high of $28.18.

Associated Banc (NYSE:ASB - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The bank reported $0.59 earnings per share for the quarter, beating analysts' consensus estimates of $0.57 by $0.02. Associated Banc had a return on equity of 8.24% and a net margin of 5.15%. The business had revenue of $348.97 million for the quarter, compared to the consensus estimate of $347.86 million. During the same quarter last year, the business posted $0.52 earnings per share. The company's revenue for the quarter was up 6.8% on a year-over-year basis. Analysts expect that Associated Banc-Corp will post 2.43 EPS for the current fiscal year.

Associated Banc Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Monday, June 2nd will be paid a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 3.93%. The ex-dividend date is Monday, June 2nd. Associated Banc's dividend payout ratio (DPR) is presently 106.98%.

Analysts Set New Price Targets

ASB has been the topic of several analyst reports. Wall Street Zen cut shares of Associated Banc from a "hold" rating to a "sell" rating in a report on Friday, January 31st. Barclays decreased their price objective on shares of Associated Banc from $28.00 to $25.00 and set an "equal weight" rating for the company in a report on Tuesday, April 8th. Raymond James reaffirmed an "outperform" rating and issued a $27.00 price target on shares of Associated Banc in a report on Monday, April 28th. Truist Financial initiated coverage on Associated Banc in a research note on Tuesday, May 13th. They issued a "hold" rating and a $26.00 target price on the stock. Finally, Wells Fargo & Company upgraded shares of Associated Banc from an "equal weight" rating to an "overweight" rating and cut their target price for the stock from $27.00 to $26.00 in a research report on Wednesday, April 9th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, Associated Banc presently has a consensus rating of "Hold" and an average price target of $26.00.

Insider Activity

In other news, Director Eileen A. Kamerick sold 7,000 shares of the business's stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $24.71, for a total value of $172,970.00. Following the completion of the sale, the director now owns 49,495 shares of the company's stock, valued at approximately $1,223,021.45. The trade was a 12.39% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Andrew J. Harmening purchased 12,910 shares of the firm's stock in a transaction on Friday, May 9th. The stock was bought at an average cost of $23.25 per share, for a total transaction of $300,157.50. Following the completion of the purchase, the chief executive officer now directly owns 319,269 shares in the company, valued at approximately $7,423,004.25. This trade represents a 4.21% increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.10% of the stock is owned by corporate insiders.

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.