Vanguard Group Inc. Reduces Stock Position in Associated Banc-Corp $ASB

Key Points

• Vanguard Group Inc. has reduced its stake in Associated Banc-Corp by 0.8%, now owning approximately 10.81% of the company, valued at approximately $403.8 million.
• Associated Banc recently reported a quarterly earnings of $0.65 per share, surpassing analysts' expectations of $0.62, with a total revenue of $366.98 million.
• The bank announced a quarterly dividend of $0.23 per share, reflecting an annualized yield of 3.7%, set to be paid on September 15th.

Vanguard Group Inc. lessened its stake in Associated Banc-Corp (NYSE:ASB - Free Report) by 0.8% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 17,920,673 shares of the bank's stock after selling 146,198 shares during the quarter. Vanguard Group Inc. owned 10.81% of Associated Banc worth $403,753,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Quarry LP lifted its holdings in shares of Associated Banc by 154.3% in the 4th quarter. Quarry LP now owns 1,073 shares of the bank's stock valued at $26,000 after buying an additional 651 shares during the period. Versant Capital Management Inc lifted its holdings in shares of 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 buying an additional 1,280 shares during the period. NewEdge Advisors LLC lifted its holdings in shares of 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 buying an additional 408 shares during the period. Farther Finance Advisors LLC lifted its holdings in shares of Associated Banc by 38.0% in the 1st quarter. Farther Finance Advisors LLC now owns 4,072 shares of the bank's stock valued at $90,000 after buying an additional 1,122 shares during the period. Finally, GAMMA Investing LLC lifted its holdings in shares of Associated Banc by 11.6% in the 1st quarter. GAMMA Investing LLC now owns 5,251 shares of the bank's stock valued at $118,000 after buying an additional 547 shares during the period. Institutional investors and hedge funds own 82.98% of the company's stock.

Associated Banc Price Performance

NYSE:ASB traded up $0.1750 during trading hours on Wednesday, hitting $25.3050. 1,027,919 shares of the stock were exchanged, compared to its average volume of 1,547,261. Associated Banc-Corp has a 52-week low of $18.32 and a 52-week high of $28.18. The firm's fifty day moving average price is $24.75 and its 200 day moving average price is $23.49. 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 company has a market cap of $4.20 billion, a P/E ratio of 32.86, a P/E/G ratio of 0.97 and a beta of 0.84.

Associated Banc (NYSE:ASB - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The bank reported $0.65 EPS for the quarter, topping 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 company had revenue of $366.98 million during the quarter, compared to analyst estimates of $362.78 million. During the same period in the previous year, the business earned $0.52 EPS. As a group, equities research analysts anticipate that Associated Banc-Corp will post 2.43 EPS 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. Shareholders 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 yield of 3.6%. The ex-dividend date is Tuesday, September 2nd. Associated Banc's payout ratio is 119.48%.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the company. Robert W. Baird upped their price target on Associated Banc from $27.00 to $28.00 and gave the stock a "neutral" rating in a report on Friday, July 25th. Royal Bank Of Canada upped their price target on Associated Banc from $26.00 to $27.00 and gave the stock a "sector perform" rating in a report on Friday, July 25th. Raymond James Financial reaffirmed an "outperform" rating and issued a $27.00 price target on shares of Associated Banc in a report on Monday, April 28th. Keefe, Bruyette & Woods upped their price target on Associated Banc from $27.00 to $28.00 and gave the stock a "market perform" rating in a report on Friday, July 25th. Finally, Truist Financial upped their price target on Associated Banc from $26.00 to $27.00 and gave the stock a "hold" rating in a report on Monday, July 28th. Two 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, the company currently has a consensus rating of "Hold" and a consensus target price of $27.78.

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.