LSV Asset Management Sells 113,700 Shares of Associated Banc-Corp (NYSE:ASB)

Key Points

• LSV Asset Management reduced its stake in Associated Banc-Corp by 2.7%, selling 113,700 shares, and now owns approximately 4,059,962 shares valued at $91.47 million.
• Associated Banc-Corp's quarterly earnings per share of $0.65 exceeded analyst estimates, contributing to a revenue of $366.98 million for the quarter.
• The company announced a quarterly dividend of $0.23 per share, with a payout ratio currently at 119.48%, reflecting a dividend yield of 3.8%.

LSV Asset Management trimmed its stake in Associated Banc-Corp (NYSE:ASB - Free Report) by 2.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,059,962 shares of the bank's stock after selling 113,700 shares during the period. LSV Asset Management owned about 2.45% of Associated Banc worth $91,471,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Wealthquest Corp bought a new stake in shares of Associated Banc during the first quarter worth $232,000. N.E.W. Advisory Services LLC grew its holdings in shares of Associated Banc by 29.7% during the first quarter. N.E.W. Advisory Services LLC now owns 17,021 shares of the bank's stock worth $383,000 after purchasing an additional 3,897 shares during the last quarter. Mackenzie Financial Corp grew its holdings in shares of Associated Banc by 255.6% during the first quarter. Mackenzie Financial Corp now owns 32,868 shares of the bank's stock worth $741,000 after purchasing an additional 23,626 shares during the last quarter. Heartland Advisors Inc. grew its holdings in shares of Associated Banc by 92.4% during the first quarter. Heartland Advisors Inc. now owns 769,546 shares of the bank's stock worth $17,338,000 after purchasing an additional 369,546 shares during the last quarter. Finally, Cetera Investment Advisers grew its holdings in shares of Associated Banc by 36.3% during the first quarter. Cetera Investment Advisers now owns 13,091 shares of the bank's stock worth $295,000 after purchasing an additional 3,485 shares during the last quarter. 82.98% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently commented on ASB. Stephens decreased their target price on Associated Banc from $28.00 to $26.00 and set an "equal weight" rating on the stock in a report on Friday, April 25th. Robert W. Baird raised their price target on Associated Banc from $27.00 to $28.00 and gave the company a "neutral" rating in a report on Friday, July 25th. Barclays raised their price target on Associated Banc from $28.00 to $30.00 and gave the company an "equal weight" rating in a report on Monday, July 28th. Truist Financial raised their price target on Associated Banc from $26.00 to $27.00 and gave the company a "hold" rating in a report on Monday, July 28th. Finally, Piper Sandler raised their price target on Associated Banc from $24.00 to $27.00 and gave the company a "neutral" rating in a report on Friday, July 25th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $27.78.

Associated Banc Trading Down 2.7%

NYSE:ASB opened at $24.06 on Friday. Associated Banc-Corp has a 1-year low of $18.32 and a 1-year high of $28.18. The business's 50-day moving average price is $24.41 and its two-hundred day moving average price is $23.52. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.98. The firm has a market capitalization of $3.99 billion, a price-to-earnings ratio of 31.25, a PEG ratio of 0.88 and a beta of 0.84.

Associated Banc (NYSE:ASB - Get Free Report) last released its earnings results on Thursday, July 24th. The bank reported $0.65 earnings per share for the quarter, beating the consensus estimate 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 analyst estimates of $362.78 million. During the same quarter in the prior year, the firm posted $0.52 earnings per share. On average, equities analysts expect that Associated Banc-Corp will post 2.43 earnings per share for the current year.

Associated Banc Dividend Announcement

The business also recently announced 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 of this dividend is Tuesday, September 2nd. This represents a $0.92 annualized dividend and a yield of 3.8%. Associated Banc's dividend payout ratio is presently 119.48%.

Insiders Place Their Bets

In related news, CEO Andrew J. Harmening bought 12,910 shares of the business's stock in a transaction on Friday, May 9th. The shares were purchased at an average price of $23.25 per share, with a total value of $300,157.50. Following the completion of the purchase, the chief executive officer owned 319,269 shares of the company's stock, valued at $7,423,004.25. This represents a 4.21% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 1.45% of the company's stock.

Associated Banc Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.