Hotchkis & Wiley Capital Management LLC Sells 176,748 Shares of Associated Banc-Corp $ASB

Key Points

• Hotchkis & Wiley Capital Management LLC reduced its stake in Associated Banc-Corp by 12.0%, owning approximately 1,295,637 shares valued at $29.19 million after selling 176,748 shares during the first quarter.
• Analysts have cautiously raised their target prices for Associated Banc, with Wells Fargo increasing its target from $28.00 to $30.00 and a current consensus target of $27.78.
• Associated Banc-Corp declared a quarterly dividend of $0.23 per share, resulting in a dividend yield of 3.5%, with a payout ratio of 119.48%.

Hotchkis & Wiley Capital Management LLC decreased its holdings in Associated Banc-Corp (NYSE:ASB - Free Report) by 12.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,295,637 shares of the bank's stock after selling 176,748 shares during the quarter. Hotchkis & Wiley Capital Management LLC owned approximately 0.78% of Associated Banc worth $29,191,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of the company. Charles Schwab Investment Management Inc. boosted its position in Associated Banc by 3.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 2,321,120 shares of the bank's stock valued at $52,295,000 after acquiring an additional 72,685 shares during the last quarter. Northern Trust Corp boosted its position in Associated Banc by 19.9% during the fourth quarter. Northern Trust Corp now owns 2,182,882 shares of the bank's stock valued at $52,171,000 after acquiring an additional 362,267 shares during the last quarter. American Century Companies Inc. boosted its position in Associated Banc by 12.6% during the first quarter. American Century Companies Inc. now owns 1,841,927 shares of the bank's stock valued at $41,499,000 after acquiring an additional 206,259 shares during the last quarter. Balyasny Asset Management L.P. boosted its position in Associated Banc by 263.7% during the fourth quarter. Balyasny Asset Management L.P. now owns 1,597,950 shares of the bank's stock valued at $38,191,000 after acquiring an additional 1,158,576 shares during the last quarter. Finally, Wellington Management Group LLP bought a new stake in Associated Banc during the fourth quarter valued at $37,662,000. Institutional investors own 82.98% of the company's stock.

Associated Banc Stock Up 1.0%

Shares of ASB traded up $0.26 on Wednesday, reaching $26.97. The company's stock had a trading volume of 1,037,426 shares, compared to its average volume of 1,525,079. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.98. Associated Banc-Corp has a twelve month low of $18.32 and a twelve month high of $28.18. The stock has a market capitalization of $4.47 billion, a PE ratio of 35.02, a PEG ratio of 1.02 and a beta of 0.84. The firm has a fifty day moving average of $25.01 and a 200-day moving average of $23.51.

Associated Banc (NYSE:ASB - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The bank reported $0.65 EPS for the quarter, beating the consensus estimate of $0.62 by $0.03. The firm had revenue of $366.98 million during the quarter, compared to analyst estimates of $362.78 million. Associated Banc had a net margin of 5.79% and a return on equity of 8.86%. During the same quarter last year, the business posted $0.52 EPS. Equities analysts predict that Associated Banc-Corp will post 2.43 EPS for the current year.

Associated Banc Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be paid a $0.23 dividend. The ex-dividend date is Tuesday, September 2nd. This represents a $0.92 annualized dividend and a yield of 3.4%. Associated Banc's dividend payout ratio (DPR) is 119.48%.

Analyst Ratings Changes

ASB has been the topic of a number of research analyst reports. Truist Financial upped their price target on shares of Associated Banc from $26.00 to $27.00 and gave the company a "hold" rating in a research report on Monday, July 28th. Keefe, Bruyette & Woods upped their price objective on shares of Associated Banc from $27.00 to $28.00 and gave the company a "market perform" rating in a report on Friday, July 25th. Piper Sandler upped their price objective on shares of Associated Banc from $24.00 to $27.00 and gave the company a "neutral" rating in a report on Friday, July 25th. Wells Fargo & Company upped their price objective on shares of Associated Banc from $28.00 to $30.00 and gave the company an "overweight" rating in a report on Thursday, July 10th. Finally, Royal Bank Of Canada upped their price objective on shares of Associated Banc from $26.00 to $27.00 and gave the company a "sector perform" rating in a report on Friday, July 25th. Two equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. According to MarketBeat, Associated Banc 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.