Brandywine Global Investment Management LLC Has $6.28 Million Stake in Associated Banc-Corp $ASB

Key Points

• Brandywine Global Investment Management LLC reduced its holdings in Associated Banc-Corp by 3.8%, selling 11,110 shares and now owning 278,684 shares valued at approximately $6.3 million.
• The average target price for Associated Banc-Corp is $27.78, with a mix of ratings including one sell, seven holds, and two buys from analysts.
• Associated Banc-Corp announced a quarterly dividend of $0.23 per share, with a dividend yield of 3.7%, set to be paid on September 15th.

Brandywine Global Investment Management LLC decreased its holdings in Associated Banc-Corp (NYSE:ASB - Free Report) by 3.8% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 278,684 shares of the bank's stock after selling 11,110 shares during the period. Brandywine Global Investment Management LLC owned about 0.17% of Associated Banc worth $6,279,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the company. Fox Run Management L.L.C. bought a new position in shares of Associated Banc during the first quarter worth approximately $232,000. Kovitz Investment Group Partners LLC bought a new position in shares of Associated Banc during the first quarter worth approximately $292,000. Russell Investments Group Ltd. increased its stake in shares of Associated Banc by 7.5% during the first quarter. Russell Investments Group Ltd. now owns 30,330 shares of the bank's stock worth $683,000 after purchasing an additional 2,117 shares during the period. HighTower Advisors LLC bought a new position in shares of Associated Banc during the first quarter worth approximately $311,000. Finally, Nuveen LLC bought a new position in shares of Associated Banc during the first quarter worth approximately $23,510,000. Institutional investors own 82.98% of the company's stock.

Associated Banc Price Performance

Shares of ASB stock traded up $1.2840 during trading hours on Friday, reaching $26.4940. The company's stock had a trading volume of 1,544,087 shares, compared to its average volume of 1,430,906. The firm's 50 day simple moving average is $24.86 and its 200-day simple moving average is $23.51. The company has a market capitalization of $4.39 billion, a price-to-earnings ratio of 34.41, a PEG ratio of 0.97 and a beta of 0.84. Associated Banc-Corp has a fifty-two week low of $18.32 and a fifty-two week high of $28.18. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.98.

Associated Banc (NYSE:ASB - Get Free Report) last issued its earnings results on Thursday, July 24th. The bank reported $0.65 earnings per share for the quarter, beating analysts' consensus estimates of $0.62 by $0.03. The firm had revenue of $366.98 million for 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 quarter last year, the business posted $0.52 EPS. Sell-side analysts forecast that Associated Banc-Corp will post 2.43 earnings per share for the current year.

Associated Banc Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Tuesday, September 2nd will be issued a dividend of $0.23 per share. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $0.92 annualized dividend and a dividend yield of 3.5%. Associated Banc's dividend payout ratio (DPR) is 119.48%.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on ASB shares. Royal Bank Of Canada increased their target price on Associated Banc from $26.00 to $27.00 and gave the stock a "sector perform" rating in a research note on Friday, July 25th. Truist Financial increased their target price on Associated Banc from $26.00 to $27.00 and gave the stock a "hold" rating in a research note on Monday, July 28th. Barclays increased their target price on Associated Banc from $28.00 to $30.00 and gave the stock an "equal weight" rating in a research note on Monday, July 28th. Robert W. Baird increased their price target on Associated Banc from $27.00 to $28.00 and gave the stock a "neutral" rating in a research report on Friday, July 25th. Finally, Piper Sandler increased their price target on Associated Banc from $24.00 to $27.00 and gave the stock a "neutral" rating in a research report on Friday, July 25th. Two analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $27.78.

About Associated Banc

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.