Hsbc Holdings PLC Acquires New Position in Associated Banc-Corp $ASB

Key Points

• Hsbc Holdings PLC acquired 93,955 shares of Associated Banc-Corp in the second quarter, worth approximately $2.9 million. Institutional investors collectively own 82.98% of the company.
• Analysts maintain a “Moderate Buy” consensus rating with an average price target of $32.00, while individual targets range from $33 to $35.
• Associated Banc reported quarterly earnings of $0.73 per share, slightly beating estimates, and declared a quarterly dividend of $0.24 per share, representing a 3.1% annualized yield.

Hsbc Holdings PLC acquired a new stake in shares of Associated Banc-Corp (NYSE:ASB - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 93,955 shares of the bank's stock, valued at approximately $2,892,000.

Several other large investors have also bought and sold shares of ASB. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Associated Banc by 6.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 97,570 shares of the bank's stock valued at $2,198,000 after buying an additional 5,531 shares during the last quarter. Millennium Management LLC raised its holdings in Associated Banc by 90.4% in the 1st quarter. Millennium Management LLC now owns 287,890 shares of the bank's stock worth $6,486,000 after acquiring an additional 136,648 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in Associated Banc by 139.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,748,667 shares of the bank's stock valued at $61,927,000 after acquiring an additional 1,598,951 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Associated Banc by 13.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 496,392 shares of the bank's stock valued at $11,184,000 after acquiring an additional 60,758 shares in the last quarter. Finally, Sivia Capital Partners LLC purchased a new stake in Associated Banc during the 2nd quarter valued at $328,000. 82.98% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ASB has been the subject of a number of research analyst reports. Wall Street Zen lowered Associated Banc from a "buy" rating to a "hold" rating in a report on Saturday, May 2nd. 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. Truist Financial increased their price objective on Associated Banc from $32.00 to $33.00 and gave the company a "hold" rating in a research report on Tuesday, August 4th. Weiss Ratings reiterated a "buy (b)" rating on shares of Associated Banc in a report on Wednesday, June 24th. Finally, Raymond James Financial boosted their target price on Associated Banc from $31.00 to $35.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 1st. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $32.00.

Insider Buying and Selling at Associated Banc

In other news, EVP John A. Utz sold 5,000 shares of the company's stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $28.82, for a total transaction of $144,100.00. Following the completion of the sale, the executive vice president owned 118,156 shares of the company's stock, valued at $3,405,255.92. This represents a 4.06% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Derek S. Meyer sold 10,000 shares of the stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $30.74, for a total transaction of $307,400.00. Following the completion of the transaction, the executive vice president owned 61,662 shares in the company, valued at $1,895,489.88. This trade represents a 13.95% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 87,524 shares of company stock worth $2,746,671. 0.71% of the stock is owned by corporate insiders.

Associated Banc Trading Up 0.5%

NYSE:ASB opened at $30.94 on Friday. The company has a market cap of $5.84 billion, a PE ratio of 10.82, a price-to-earnings-growth ratio of 1.04 and a beta of 0.77. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.95. The company has a 50 day simple moving average of $30.97 and a two-hundred day simple moving average of $28.55. Associated Banc-Corp has a 12 month low of $23.86 and a 12 month high of $32.46.

Associated Banc (NYSE:ASB - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The bank reported $0.73 earnings per share for the quarter, beating the consensus estimate of $0.72 by $0.01. Associated Banc had a return on equity of 10.64% and a net margin of 19.66%.The firm had revenue of $454.54 million for the quarter, compared to analysts' expectations of $438.01 million. During the same period in the prior year, the firm earned $0.65 EPS. Research analysts forecast that Associated Banc-Corp will post 2.94 earnings per share for the current year.

Associated Banc Dividend Announcement

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

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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