Associated Banc-Corp (NYSE:ASB) Shares Sold by LSV Asset Management

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 holdings in Associated Banc-Corp (NYSE:ASB - Free Report) by 2.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,059,962 shares of the bank's stock after selling 113,700 shares during the quarter. LSV Asset Management owned about 2.45% of Associated Banc worth $91,471,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of ASB. Quarry LP increased its holdings in shares of Associated Banc by 154.3% during the 4th quarter. Quarry LP now owns 1,073 shares of the bank's stock worth $26,000 after buying an additional 651 shares during the last quarter. Covestor Ltd increased its holdings in Associated Banc by 221.0% in the 4th quarter. Covestor Ltd now owns 1,499 shares of the bank's stock valued at $36,000 after purchasing an additional 1,032 shares during the last quarter. Versant Capital Management Inc increased its holdings in Associated Banc by 385.5% in the 1st quarter. Versant Capital Management Inc now owns 1,612 shares of the bank's stock valued at $36,000 after purchasing an additional 1,280 shares during the last quarter. NewEdge Advisors LLC increased its holdings in Associated Banc by 13.1% in the 4th quarter. NewEdge Advisors LLC now owns 3,518 shares of the bank's stock valued at $84,000 after purchasing an additional 408 shares during the last quarter. Finally, Quadrant Capital Group LLC increased its holdings in Associated Banc by 18.9% in the 4th quarter. Quadrant Capital Group LLC now owns 3,592 shares of the bank's stock valued at $86,000 after purchasing an additional 572 shares during the last quarter. 82.98% of the stock is owned by hedge funds and other institutional investors.

Associated Banc Price Performance

ASB traded down $0.18 on Thursday, hitting $23.84. 68,901 shares of the company were exchanged, compared to its average volume of 1,557,823. Associated Banc-Corp has a fifty-two week low of $18.32 and a fifty-two week high of $28.18. The firm has a market capitalization of $3.95 billion, a P/E ratio of 30.93, a price-to-earnings-growth ratio of 0.94 and a beta of 0.84. 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 business's fifty day moving average is $24.48 and its 200 day moving average is $23.51.

Associated Banc (NYSE:ASB - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The bank reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.03. The company had revenue of $366.98 million for the quarter, compared to the consensus estimate 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 in the prior year, the firm earned $0.52 earnings per share. As a group, sell-side analysts anticipate that Associated Banc-Corp will post 2.43 EPS for the current year.

Associated Banc Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be paid a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 3.9%. The ex-dividend date is Tuesday, September 2nd. Associated Banc's dividend payout ratio is 119.48%.

Analysts Set New Price Targets

ASB has been the subject of several research reports. Raymond James Financial reiterated an "outperform" rating and issued a $27.00 target price on shares of Associated Banc in a report on Monday, April 28th. Keefe, Bruyette & Woods boosted their price target on shares of Associated Banc from $27.00 to $28.00 and gave the stock a "market perform" rating in a research note on Friday, July 25th. Truist Financial boosted their price target on shares of Associated Banc from $26.00 to $27.00 and gave the stock a "hold" rating in a research note on Monday, July 28th. Wells Fargo & Company lifted their price objective on shares of Associated Banc from $28.00 to $30.00 and gave the stock an "overweight" rating in a research report on Thursday, July 10th. Finally, Barclays lifted their price objective on shares of Associated Banc from $28.00 to $30.00 and gave the stock an "equal weight" rating in a research report on Monday, July 28th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $27.78.

Insider Activity at Associated Banc

In related news, CEO Andrew J. Harmening acquired 12,910 shares of the firm's stock in a transaction on Friday, May 9th. The stock was bought at an average cost of $23.25 per share, with a total value of $300,157.50. Following the acquisition, the chief executive officer directly owned 319,269 shares in the company, valued at approximately $7,423,004.25. The trade was a 4.21% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.45% of the company's stock.

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.