Bank of New York Mellon Corp Makes New $48.95 Million Investment in Associated Banc-Corp $ASB

Key Points

• Bank of New York Mellon acquired 1.59 million shares of Associated Banc-Corp in the second quarter, valued at approximately $48.95 million and representing a 0.84% stake. Institutional investors collectively own 82.98% of the company.
• Analysts maintain a generally positive outlook, with Associated Banc receiving a “Moderate Buy” consensus rating and an average price target of $32.00. Recent targets range from $33 to $36, while one analyst downgraded the stock to “Hold.”
• Associated Banc reported quarterly EPS of $0.73, slightly exceeding estimates, and revenue of $454.54 million. The company also declared a quarterly dividend of $0.24 per share, equating to a 3.1% annualized yield.

Bank of New York Mellon Corp acquired a new stake in Associated Banc-Corp (NYSE:ASB - Free Report) during the second quarter, according to its most recent 13F filing with the SEC. The fund acquired 1,590,776 shares of the bank's stock, valued at approximately $48,948,000. Bank of New York Mellon Corp owned 0.84% of Associated Banc as of its most recent filing with the SEC.

Several other institutional investors have also recently made changes to their positions in ASB. State of Wyoming bought a new stake in Associated Banc during the 2nd quarter worth approximately $155,000. Walleye Capital LLC bought a new stake in shares of Associated Banc in the 2nd quarter valued at about $346,000. Wedge Capital Management L L P NC purchased a new stake in Associated Banc during the 2nd quarter valued at $2,048,000. Gradient Investments LLC grew its stake in shares of Associated Banc by 11.5% in the second quarter. Gradient Investments LLC now owns 77,334 shares of the bank's stock worth $2,380,000 after purchasing an additional 8,003 shares during the last quarter. Finally, Assenagon Asset Management S.A. purchased a new position in shares of Associated Banc during the second quarter valued at approximately $30,927,000. Hedge funds and other institutional investors own 82.98% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on ASB. Piper Sandler reaffirmed a "neutral" rating and issued a $34.00 price target on shares of Associated Banc in a research note on Wednesday. Barclays upped their price target on Associated Banc from $33.00 to $34.00 and gave the company an "overweight" rating in a report on Tuesday, July 7th. Wells Fargo & Company upped their price objective on Associated Banc from $32.00 to $36.00 and gave the company an "overweight" rating in a research report on Monday, August 10th. Truist Financial boosted their price objective on Associated Banc from $32.00 to $33.00 and gave the company a "hold" rating in a research note on Tuesday, August 4th. Finally, Wall Street Zen cut shares of Associated Banc from a "buy" rating to a "hold" rating in a research report on Saturday, May 2nd. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, Associated Banc currently has an average rating of "Moderate Buy" and an average target price of $32.00.

Associated Banc Stock Down 0.1%

NYSE:ASB opened at $30.82 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. The company has a 50-day moving average of $30.94 and a 200 day moving average of $28.53. Associated Banc-Corp has a 1-year low of $23.86 and a 1-year high of $32.46. The firm has a market cap of $5.82 billion, a PE ratio of 10.77, a price-to-earnings-growth ratio of 1.05 and a beta of 0.77.

Associated Banc (NYSE:ASB - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The bank reported $0.73 EPS for the quarter, beating the consensus estimate of $0.72 by $0.01. The business had revenue of $454.54 million during the quarter, compared to analyst estimates of $438.01 million. Associated Banc had a net margin of 19.66% and a return on equity of 10.64%. During the same period in the prior year, the firm posted $0.65 earnings per share. As a group, research analysts anticipate that Associated Banc-Corp will post 2.92 EPS for the current fiscal year.

Associated Banc Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be given a $0.24 dividend. The ex-dividend date is Tuesday, September 1st. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.1%. Associated Banc's dividend payout ratio is 33.57%.

Insider Buying and Selling

In other news, EVP Nicole M. Kitowski sold 7,663 shares of the firm's stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $30.91, for a total value of $236,863.33. Following the transaction, the executive vice president directly owned 45,327 shares of the company's stock, valued at approximately $1,401,057.57. This trade represents a 14.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Randall J. Erickson sold 43,561 shares of the business's stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $32.04, for a total value of $1,395,694.44. Following the transaction, the executive vice president directly owned 56,091 shares in the company, valued at $1,797,155.64. This trade represents a 43.71% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 87,524 shares of company stock worth $2,746,671 in the last ninety days. 0.71% of the stock is owned by corporate insiders.

About Associated Banc

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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