Deutsche Bank AG Boosts Stake in Associated Banc-Corp $ASB

Key Points

• Deutsche Bank AG increased its stake in Associated Banc-Corp by 38.7% in the 1st quarter, acquiring an additional 73,081 shares for a total holding of approximately $5.9 million.
• Associated Banc-Corp reported a quarterly EPS of $0.65, exceeding analysts' expectations, alongside a revenue of $366.98 million for the quarter.
• The bank declared a $0.23 quarterly dividend scheduled for payment on September 15th, translating to an annualized yield of 3.7%.

Deutsche Bank AG boosted its position in shares of Associated Banc-Corp (NYSE:ASB - Free Report) by 38.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 262,100 shares of the bank's stock after buying an additional 73,081 shares during the period. Deutsche Bank AG owned 0.16% of Associated Banc worth $5,905,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of ASB. Wellington Management Group LLP purchased a new stake in Associated Banc during the 4th quarter worth approximately $37,662,000. Balyasny Asset Management L.P. increased its stake in Associated Banc by 263.7% during the 4th quarter. Balyasny Asset Management L.P. now owns 1,597,950 shares of the bank's stock worth $38,191,000 after buying an additional 1,158,576 shares in the last quarter. First Trust Advisors LP increased its stake in Associated Banc by 87.7% during the 4th quarter. First Trust Advisors LP now owns 1,997,553 shares of the bank's stock worth $47,742,000 after buying an additional 933,062 shares in the last quarter. Nuveen Asset Management LLC increased its stake in Associated Banc by 129.4% during the 4th quarter. Nuveen Asset Management LLC now owns 990,500 shares of the bank's stock worth $23,673,000 after buying an additional 558,721 shares in the last quarter. Finally, Leeward Investments LLC MA purchased a new stake in Associated Banc during the 1st quarter worth approximately $12,345,000. 82.98% of the stock is currently owned by hedge funds and other institutional investors.

Associated Banc Price Performance

Shares of ASB stock traded down $0.1350 during trading hours on Thursday, reaching $25.1950. The company had a trading volume of 645,310 shares, compared to its average volume of 1,508,625. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.91 and a current ratio of 0.92. The stock has a fifty day moving average of $24.79 and a 200-day moving average of $23.49. The company has a market capitalization of $4.18 billion, a price-to-earnings ratio of 32.72, a PEG ratio of 0.98 and a beta of 0.84. Associated Banc-Corp has a 12-month low of $18.32 and a 12-month high of $28.18.

Associated Banc (NYSE:ASB - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The bank reported $0.65 EPS for the quarter, beating analysts' consensus estimates of $0.62 by $0.03. Associated Banc had a return on equity of 8.86% and a net margin of 5.79%.The firm had revenue of $366.98 million for the quarter, compared to analysts' expectations of $362.78 million. During the same period in the prior year, the firm posted $0.52 earnings per share. On average, equities analysts anticipate that Associated Banc-Corp will post 2.43 earnings per share for the current year.

Associated Banc Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be given a $0.23 dividend. The ex-dividend date is Tuesday, September 2nd. This represents a $0.92 dividend on an annualized basis and a yield of 3.7%. Associated Banc's payout ratio is currently 119.48%.

Analyst Ratings Changes

Several equities research analysts have commented on ASB shares. Keefe, Bruyette & Woods boosted their price objective on Associated Banc from $27.00 to $28.00 and gave the stock a "market perform" rating in a research note on Friday, July 25th. Wells Fargo & Company boosted their price objective on Associated Banc from $28.00 to $30.00 and gave the stock an "overweight" rating in a research note on Thursday, July 10th. Truist Financial upped their price target on Associated Banc from $26.00 to $27.00 and gave the company a "hold" rating in a research report on Monday, July 28th. Stephens dropped their price target on Associated Banc from $28.00 to $26.00 and set an "equal weight" rating for the company in a research report on Friday, April 25th. Finally, Barclays upped their price target on Associated Banc from $28.00 to $30.00 and gave the company an "equal weight" rating in a research report on Monday, July 28th. Two equities 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.com, Associated Banc has an average rating of "Hold" and a consensus target price 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.