Wellington Management Group LLP Has $58.70 Million Stock Holdings in Associated Banc-Corp $ASB

Key Points

• Wellington Management increased its Associated Banc-Corp stake by 17% in the second quarter, acquiring 276,560 additional shares and bringing its holdings to 1.91 million shares valued at approximately $58.7 million.
• Analysts maintain a generally positive outlook, with the stock receiving a consensus “Moderate Buy” rating and an average price target of $32.00. Recent quarterly earnings of $0.73 per share exceeded estimates, while revenue also surpassed expectations.
• Associated Banc announced a quarterly dividend of $0.24 per share, equivalent to $0.96 annually and a 3.1% yield. Meanwhile, company insiders sold 87,524 shares worth about $2.75 million over the past 90 days.

Wellington Management Group LLP lifted its holdings in Associated Banc-Corp (NYSE:ASB - Free Report) by 17.0% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,907,826 shares of the bank's stock after buying an additional 276,560 shares during the quarter. Wellington Management Group LLP owned about 1.01% of Associated Banc worth $58,704,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in ASB. IAG Wealth Partners LLC grew its stake in shares of Associated Banc by 4,250.0% during the first quarter. IAG Wealth Partners LLC now owns 1,218 shares of the bank's stock valued at $31,000 after purchasing an additional 1,190 shares during the last quarter. Eurizon Capital SGR S.p.A. acquired a new position in Associated Banc during the 4th quarter worth $33,000. EverSource Wealth Advisors LLC boosted its position in Associated Banc by 345.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,350 shares of the bank's stock valued at $33,000 after buying an additional 1,047 shares during the last quarter. CIBC Private Wealth Group LLC acquired a new stake in shares of Associated Banc in the 3rd quarter valued at $51,000. Finally, Global Retirement Partners LLC acquired a new stake in shares of Associated Banc in the 4th quarter valued at $56,000. Institutional investors and hedge funds own 82.98% of the company's stock.

Insider Buying and Selling

In other news, EVP Gregory Warsek sold 16,300 shares of Associated Banc stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $32.01, for a total transaction of $521,763.00. Following the transaction, the executive vice president owned 13,809 shares in the company, valued at $442,026.09. The trade was a 54.14% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Derek Meyer sold 10,000 shares of the business's stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $30.74, for a total value of $307,400.00. Following the completion of the transaction, the executive vice president owned 61,662 shares of the company's stock, valued at $1,895,489.88. This represents a 13.95% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 87,524 shares of company stock valued at $2,746,671. 0.71% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research firms recently issued reports on ASB. Weiss Ratings reiterated a "buy (b)" rating on shares of Associated Banc in a report on Wednesday, June 24th. Wells Fargo & Company raised their target price on shares of Associated Banc from $32.00 to $36.00 and gave the company an "overweight" rating in a research note on Monday, August 10th. Piper Sandler reiterated a "neutral" rating and set a $34.00 price target on shares of Associated Banc in a research report on Wednesday, August 26th. Barclays increased their price objective on shares of Associated Banc from $33.00 to $34.00 and gave the company an "overweight" rating in a report on Tuesday, July 7th. Finally, Truist Financial raised their price objective on shares of Associated Banc from $32.00 to $33.00 and gave the company a "hold" rating in a research note on Tuesday, August 4th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $32.00.

Associated Banc Stock Up 1.2%

Shares of NYSE:ASB opened at $30.94 on Friday. Associated Banc-Corp has a 52 week low of $23.86 and a 52 week high of $32.46. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.93 and a current ratio of 0.93. The company has a market capitalization of $5.84 billion, a PE ratio of 10.82, a PEG ratio of 1.03 and a beta of 0.76. The company has a 50 day moving average price of $31.00 and a two-hundred day moving average price of $28.61.

Associated Banc (NYSE:ASB - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The bank reported $0.73 earnings per share for the quarter, topping analysts' consensus estimates of $0.72 by $0.01. Associated Banc had a net margin of 19.66% and a return on equity of 10.64%. The company had revenue of $454.54 million for the quarter, compared to analysts' expectations of $438.01 million. During the same period last year, the firm posted $0.65 earnings per share. Analysts forecast that Associated Banc-Corp will post 2.94 earnings per share for the current year.

Associated Banc Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend is Tuesday, September 1st. Associated Banc's payout ratio is presently 33.57%.

Associated Banc Profile

Associated Banc-Corp, through its primary subsidiary Associated Bank, N.A., is a regional financial services company headquartered in Green Bay, Wisconsin. The bank operates more than 200 branches across the Midwest, offering community-focused banking solutions for individuals, small businesses and commercial clients. Its emphasis on personalized service and regional decision-making supports long-standing customer relationships.

On the consumer side, Associated Bank provides checking and savings accounts, residential mortgages, home equity lines of credit, auto financing and credit card products.

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