Nuveen LLC Takes $23.51 Million Position in Associated Banc-Corp $ASB

Key Points

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Nuveen LLC acquired 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 fund acquired 1,043,477 shares of the bank's stock, valued at approximately $23,510,000. Nuveen LLC owned 0.63% of Associated Banc at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of ASB. Quarry LP grew its holdings in shares of Associated Banc by 154.3% in the fourth quarter. Quarry LP now owns 1,073 shares of the bank's stock worth $26,000 after acquiring an additional 651 shares during the period. Versant Capital Management Inc grew its holdings in shares of Associated Banc by 385.5% in the first quarter. Versant Capital Management Inc now owns 1,612 shares of the bank's stock worth $36,000 after acquiring an additional 1,280 shares during the period. NewEdge Advisors LLC grew its holdings in shares of Associated Banc by 13.1% in the fourth quarter. NewEdge Advisors LLC now owns 3,518 shares of the bank's stock worth $84,000 after acquiring an additional 408 shares during the period. Farther Finance Advisors LLC grew its holdings in shares of Associated Banc by 38.0% in the first quarter. Farther Finance Advisors LLC now owns 4,072 shares of the bank's stock worth $90,000 after acquiring an additional 1,122 shares during the period. Finally, GAMMA Investing LLC grew its holdings in shares of Associated Banc by 11.6% in the first quarter. GAMMA Investing LLC now owns 5,251 shares of the bank's stock worth $118,000 after acquiring an additional 547 shares during the period. Institutional investors own 82.98% of the company's stock.

Analysts Set New Price Targets

Several analysts recently commented on ASB shares. Wells Fargo & Company lifted their price objective on Associated Banc from $28.00 to $30.00 and gave the stock an "overweight" rating in a report on Thursday, July 10th. Stephens cut their price target on Associated Banc from $28.00 to $26.00 and set an "equal weight" rating for the company in a report on Friday, April 25th. Piper Sandler boosted 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. Barclays boosted 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. Finally, 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 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 company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $27.78.

Associated Banc Price Performance

Shares of Associated Banc stock traded up $1.2840 during trading hours on Friday, hitting $26.4940. The company's stock had a trading volume of 1,544,087 shares, compared to its average volume of 1,430,906. The business has a 50 day moving average price of $24.86 and a two-hundred day moving average price of $23.49. Associated Banc-Corp has a 12-month low of $18.32 and a 12-month high of $28.18. The company has a market cap of $4.39 billion, a PE ratio of 34.41, a PEG ratio of 1.02 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.

Associated Banc (NYSE:ASB - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The bank reported $0.65 EPS 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 business had revenue of $366.98 million for the quarter, compared to the consensus estimate of $362.78 million. During the same period in the previous year, the business earned $0.52 earnings per share. Analysts expect that Associated Banc-Corp will post 2.43 earnings per share for the current fiscal year.

Associated Banc Announces Dividend

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

About Associated Banc

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.