Associated Banc-Corp $ASB Shares Sold by Wellington Management Group LLP

Key Points

• Wellington Management Group LLP has significantly reduced its stake in Associated Banc-Corp by 53.1%, selling 836,324 shares and now owning 739,497 shares worth approximately $16.7 million.
• Several institutional investors have adjusted their positions in Associated Banc, with notable increases from entities like Mariner LLC and Price T Rowe Associates, indicating a shift in investment strategies.
• Analysts have raised their target prices for Associated Banc, with Piper Sandler and Wells Fargo estimating targets of $27.00 and $30.00, respectively, suggesting a generally positive outlook amid a consensus rating of "Hold."

Wellington Management Group LLP trimmed its position in shares of Associated Banc-Corp (NYSE:ASB - Free Report) by 53.1% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 739,497 shares of the bank's stock after selling 836,324 shares during the quarter. Wellington Management Group LLP owned approximately 0.45% of Associated Banc worth $16,661,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of ASB. Quarry LP boosted its position in Associated Banc by 154.3% during the 4th quarter. Quarry LP now owns 1,073 shares of the bank's stock valued at $26,000 after acquiring an additional 651 shares in the last quarter. Versant Capital Management Inc boosted its position 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 worth $36,000 after purchasing an additional 1,280 shares in the last quarter. NewEdge Advisors LLC boosted its position 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 worth $84,000 after purchasing an additional 408 shares in the last quarter. Farther Finance Advisors LLC boosted its position 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 worth $90,000 after purchasing an additional 1,122 shares in the last quarter. Finally, GAMMA Investing LLC boosted its position 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 worth $118,000 after purchasing an additional 547 shares in the last quarter. 82.98% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently commented on ASB. Robert W. Baird boosted their price target on Associated Banc from $27.00 to $28.00 and gave the stock a "neutral" rating in a research report on Friday, July 25th. Royal Bank Of Canada upped their price objective on Associated Banc from $26.00 to $27.00 and gave the company a "sector perform" rating in a research report on Friday, July 25th. Truist Financial upped their price objective on Associated Banc from $26.00 to $27.00 and gave the company a "hold" rating in a research report on Monday, July 28th. Piper Sandler boosted their target price on shares of Associated Banc from $24.00 to $27.00 and gave the company a "neutral" rating in a research note on Friday, July 25th. Finally, Barclays upped their price objective on Associated Banc from $28.00 to $30.00 and gave the stock an "equal weight" rating in a research note on Monday, July 28th. Two equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. According to MarketBeat.com, Associated Banc has an average rating of "Hold" and an average target price of $27.78.

Associated Banc Trading Down 0.2%

Associated Banc stock traded down $0.04 during midday trading on Friday, reaching $26.97. The stock had a trading volume of 1,870,961 shares, compared to its average volume of 1,289,944. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.98. Associated Banc-Corp has a 52-week low of $18.32 and a 52-week high of $28.18. The firm has a market cap of $4.47 billion, a price-to-earnings ratio of 35.02, a price-to-earnings-growth ratio of 1.04 and a beta of 0.84. The company has a fifty day moving average of $25.25 and a 200 day moving average of $23.56.

Associated Banc (NYSE:ASB - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The bank reported $0.65 earnings per share for the quarter, topping analysts' consensus estimates of $0.62 by $0.03. The company had revenue of $366.98 million for the quarter, compared to analyst estimates of $362.78 million. Associated Banc had a net margin of 5.79% and a return on equity of 8.86%. During the same period in the prior year, the company posted $0.52 EPS. On average, analysts anticipate 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. Investors of record on Tuesday, September 2nd will be issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend is Tuesday, September 2nd. Associated Banc's dividend payout ratio (DPR) 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.