Associated Banc-Corp (NYSE:ASB) Stock Position Lifted by Nuveen Asset Management LLC

Nuveen Asset Management LLC boosted its stake in shares of Associated Banc-Corp (NYSE:ASB) by 129.4% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 990,500 shares of the bank’s stock after purchasing an additional 558,721 shares during the period. Nuveen Asset Management LLC owned about 0.65% of Associated Banc worth $23,673,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Norges Bank purchased a new position in Associated Banc in the fourth quarter valued at about $36,144,000. Vanguard Group Inc. grew its stake in Associated Banc by 8.7% in the fourth quarter. Vanguard Group Inc. now owns 18,066,871 shares of the bank’s stock valued at $431,798,000 after purchasing an additional 1,444,068 shares in the last quarter. Proficio Capital Partners LLC purchased a new position in Associated Banc in the fourth quarter valued at about $353,000. FMR LLC grew its stake in Associated Banc by 9.4% in the fourth quarter. FMR LLC now owns 14,838,422 shares of the bank’s stock valued at $354,638,000 after purchasing an additional 1,272,441 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in Associated Banc by 5.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,248,435 shares of the bank’s stock valued at $53,738,000 after purchasing an additional 111,310 shares in the last quarter. 82.98% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO Andrew J. Harmening acquired 12,910 shares of the firm’s stock in a transaction dated Friday, May 9th. The shares were bought at an average price of $23.25 per share, with a total value of $300,157.50. Following the acquisition, the chief executive officer now owns 319,269 shares of the company’s stock, valued at $7,423,004.25. This trade represents a 4.21% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Eileen A. Kamerick sold 7,000 shares of Associated Banc stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $24.71, for a total value of $172,970.00. Following the sale, the director now directly owns 49,495 shares in the company, valued at $1,223,021.45. The trade was a 12.39% decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.45% of the company’s stock.

Wall Street Analysts Forecast Growth

ASB has been the subject of several recent research reports. Wall Street Zen downgraded shares of Associated Banc from a “hold” rating to a “sell” rating in a research report on Friday, January 31st. Raymond James reissued an “outperform” rating and issued a $27.00 target price on shares of Associated Banc in a research report on Monday, April 28th. Barclays decreased their target price on shares of Associated Banc from $28.00 to $25.00 and set an “equal weight” rating for the company in a research report on Tuesday, April 8th. Truist Financial started coverage on Associated Banc in a research note on Tuesday, May 13th. They set a “hold” rating and a $26.00 price target for the company. Finally, 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 research note on Friday, January 24th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $26.00.

Associated Banc Stock Performance

ASB opened at $23.10 on Friday. The firm has a market capitalization of $3.83 billion, a P/E ratio of 29.25, a price-to-earnings-growth ratio of 1.52 and a beta of 0.79. The stock’s 50 day moving average price is $21.95 and its two-hundred day moving average price is $23.92. The company has a quick ratio of 0.86, a current ratio of 0.88 and a debt-to-equity ratio of 0.61. Associated Banc-Corp has a 12-month low of $18.32 and a 12-month high of $28.18.

Associated Banc (NYSE:ASB) last released its earnings results on Thursday, April 24th. The bank reported $0.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.02. The firm had revenue of $348.97 million for the quarter, compared to analyst estimates of $347.86 million. Associated Banc had a return on equity of 8.24% and a net margin of 5.15%. The company’s revenue was up 6.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.52 EPS. On average, equities analysts forecast that Associated Banc-Corp will post 2.43 earnings per share for the current year.

Associated Banc Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Monday, June 2nd will be given a $0.23 dividend. The ex-dividend date is Monday, June 2nd. This represents a $0.92 annualized dividend and a yield of 3.98%. Associated Banc’s dividend payout ratio is 106.98%.

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.