Legal & General Group Plc Makes New Investment in Associated Banc-Corp $ASB

Key Points

• Legal & General Group Plc acquired 231,357 shares of Associated Banc-Corp in the second quarter, valued at roughly $7.1 million and representing about 0.12% of the bank.
• Institutional investors own 82.98% of Associated Banc’s stock, with BlackRock, Vanguard, Dimensional Fund Advisors, State Street and First Trust among the largest holders.
• Associated Banc reported quarterly EPS of $0.73, slightly above expectations, and announced a quarterly dividend of $0.24 per share, implying a 3.1% annualized yield. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $32.

Legal & General Group Plc purchased a new stake in Associated Banc-Corp (NYSE:ASB - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 231,357 shares of the bank's stock, valued at approximately $7,119,000. Legal & General Group Plc owned about 0.12% of Associated Banc at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. BlackRock Inc. bought a new position in shares of Associated Banc during the second quarter worth about $715,927,000. Vanguard Group Inc. boosted its holdings in Associated Banc by 3.0% in the fourth quarter. Vanguard Group Inc. now owns 18,538,157 shares of the bank's stock valued at $477,543,000 after acquiring an additional 545,185 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Associated Banc by 1.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 9,811,228 shares of the bank's stock valued at $253,709,000 after purchasing an additional 170,080 shares during the period. State Street Corp increased its position in Associated Banc by 1.7% during the 4th quarter. State Street Corp now owns 8,711,346 shares of the bank's stock valued at $224,404,000 after purchasing an additional 147,372 shares during the period. Finally, First Trust Advisors LP raised its holdings in Associated Banc by 127.6% during the 1st quarter. First Trust Advisors LP now owns 5,971,227 shares of the bank's stock worth $154,416,000 after purchasing an additional 3,347,699 shares during the last quarter. Institutional investors and hedge funds own 82.98% of the company's stock.

Insider Buying and Selling

In other news, 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 value of $307,400.00. Following the completion of the sale, the executive vice president directly owned 61,662 shares of the company's stock, valued at $1,895,489.88. This represents a 13.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Randall J. Erickson sold 43,561 shares of the stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $32.04, for a total value of $1,395,694.44. Following the completion of the sale, the executive vice president directly owned 56,091 shares of the company's stock, valued at $1,797,155.64. The trade was a 43.71% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 87,524 shares of company stock worth $2,746,671 over the last quarter. Corporate insiders own 0.71% of the company's stock.

Associated Banc Price Performance

Shares of NYSE ASB opened at $30.60 on Thursday. The firm's 50-day moving average price is $31.00 and its 200-day moving average price is $28.59. Associated Banc-Corp has a 1-year low of $23.86 and a 1-year high of $32.46. The firm has a market capitalization of $5.78 billion, a P/E ratio of 10.70, a P/E/G ratio of 1.01 and a beta of 0.76. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.95.

Associated Banc (NYSE:ASB - Get Free Report) last issued its 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. Associated Banc had a return on equity of 10.64% and a net margin of 19.66%.The company had revenue of $454.54 million during the quarter, compared to the consensus estimate of $438.01 million. During the same period last year, the business posted $0.65 EPS. Equities research analysts anticipate that Associated Banc-Corp will post 2.94 earnings per share 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. Stockholders of record on Tuesday, September 1st will be issued a dividend of $0.24 per share. The ex-dividend date is Tuesday, September 1st. This represents a $0.96 annualized dividend and a dividend yield of 3.1%. Associated Banc's payout ratio is currently 33.57%.

Wall Street Analyst Weigh In

ASB has been the subject of several recent analyst reports. Weiss Ratings reiterated a "buy (b)" rating on shares of Associated Banc in a research report on Wednesday, June 24th. Wells Fargo & Company boosted their target price on shares of Associated Banc from $32.00 to $36.00 and gave the company an "overweight" rating in a report on Monday, August 10th. Truist Financial upped their price target on shares of Associated Banc from $32.00 to $33.00 and gave the company a "hold" rating in a research report on Tuesday, August 4th. Raymond James Financial lifted their price objective on Associated Banc from $31.00 to $35.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 1st. Finally, Barclays boosted their price objective on Associated Banc from $33.00 to $34.00 and gave the company an "overweight" rating in a research note on Tuesday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $32.00.

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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