Nuveen LLC Invests $23.51 Million in Associated Banc-Corp $ASB

Key Points

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Nuveen LLC bought a new position in Associated Banc-Corp (NYSE:ASB - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 1,043,477 shares of the bank's stock, valued at approximately $23,510,000. Nuveen LLC owned 0.63% of Associated Banc as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings 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 purchasing an additional 72,685 shares during the last quarter. Northern Trust Corp increased its stake in shares of Associated Banc by 19.9% in the fourth quarter. Northern Trust Corp now owns 2,182,882 shares of the bank's stock worth $52,171,000 after purchasing an additional 362,267 shares during the period. First Trust Advisors LP increased its stake in shares of Associated Banc by 87.7% in the fourth quarter. First Trust Advisors LP now owns 1,997,553 shares of the bank's stock worth $47,742,000 after purchasing an additional 933,062 shares during the period. Balyasny Asset Management L.P. increased its stake 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 period. Finally, Wellington Management Group LLP bought a new position in Associated Banc during the fourth quarter valued at about $37,662,000. Institutional investors and hedge funds own 82.98% of the company's stock.

Associated Banc Trading Up 5.1%

NYSE:ASB traded up $1.2750 during trading hours on Friday, hitting $26.4850. 720,909 shares of the stock were exchanged, compared to its average volume of 1,529,947. The company's 50 day moving average is $24.79 and its two-hundred day moving average is $23.49. Associated Banc-Corp has a twelve month low of $18.32 and a twelve month high of $28.18. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.98. The company has a market capitalization of $4.39 billion, a P/E ratio of 34.42, a price-to-earnings-growth ratio of 0.98 and a beta of 0.84.

Associated Banc (NYSE:ASB - Get Free Report) last issued its earnings results on Thursday, July 24th. The bank reported $0.65 EPS for the quarter, beating the consensus estimate of $0.62 by $0.03. The company had revenue of $366.98 million during the quarter, compared to analysts' expectations 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 previous year, the company posted $0.52 EPS. On average, sell-side analysts anticipate that Associated Banc-Corp will post 2.43 earnings per share for the current fiscal year.

Associated Banc Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Tuesday, September 2nd will be given a $0.23 dividend. The ex-dividend date is Tuesday, September 2nd. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.5%. Associated Banc's dividend payout ratio is currently 119.48%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on ASB shares. Keefe, Bruyette & Woods boosted their price target on Associated Banc from $27.00 to $28.00 and gave the company a "market perform" rating in a research note on Friday, July 25th. Raymond James Financial reaffirmed an "outperform" rating and set a $27.00 price objective on shares of Associated Banc in a report on Monday, April 28th. Royal Bank Of Canada lifted their price objective on Associated Banc from $26.00 to $27.00 and gave the company a "sector perform" rating in a report on Friday, July 25th. Barclays lifted their price objective on Associated Banc from $28.00 to $30.00 and gave the company an "equal weight" rating in a report on Monday, July 28th. Finally, Piper Sandler lifted their price objective on Associated Banc from $24.00 to $27.00 and gave the company a "neutral" rating in a report on Friday, July 25th. Two research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $27.78.

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.