Bank of New York Mellon Corp Has $41.78 Million Holdings in Associated Banc-Corp (NYSE:ASB)

Bank of New York Mellon Corp cut its position in Associated Banc-Corp (NYSE:ASB) by 0.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,975,256 shares of the bank’s stock after selling 5,788 shares during the quarter. Bank of New York Mellon Corp owned about 1.31% of Associated Banc worth $41,777,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. New York State Common Retirement Fund lifted its stake in Associated Banc by 30.0% in the 4th quarter. New York State Common Retirement Fund now owns 80,363 shares of the bank’s stock valued at $1,719,000 after purchasing an additional 18,527 shares during the last quarter. Russell Investments Group Ltd. boosted its stake in shares of Associated Banc by 13.2% during the 4th quarter. Russell Investments Group Ltd. now owns 37,336 shares of the bank’s stock worth $799,000 after acquiring an additional 4,353 shares during the period. LSV Asset Management boosted its stake in shares of Associated Banc by 21.0% during the 4th quarter. LSV Asset Management now owns 2,826,597 shares of the bank’s stock worth $60,461,000 after acquiring an additional 490,321 shares during the period. Summit Trail Advisors LLC acquired a new position in shares of Associated Banc during the 4th quarter worth approximately $216,000. Finally, N.E.W. Advisory Services LLC raised its stake in Associated Banc by 7.5% in the 4th quarter. N.E.W. Advisory Services LLC now owns 11,963 shares of the bank’s stock valued at $256,000 after acquiring an additional 835 shares during the period. 82.98% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have commented on ASB. Baird R W cut shares of Associated Banc from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 17th. Piper Sandler upped their price target on shares of Associated Banc from $23.00 to $24.00 and gave the company a “neutral” rating in a research note on Friday, July 26th. Stephens restated an “equal weight” rating and set a $24.00 price objective on shares of Associated Banc in a research report on Tuesday, July 30th. Barclays decreased their target price on Associated Banc from $24.00 to $22.00 and set an “equal weight” rating on the stock in a research report on Monday, June 24th. Finally, Jefferies Financial Group dropped their price target on Associated Banc from $24.00 to $22.00 and set a “hold” rating for the company in a report on Wednesday, July 3rd. Ten investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $23.67.

Insider Buying and Selling

In other Associated Banc news, EVP Randall J. Erickson sold 23,774 shares of the company’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $22.99, for a total transaction of $546,564.26. Following the completion of the sale, the executive vice president now directly owns 128,680 shares in the company, valued at $2,958,353.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Associated Banc news, EVP Randall J. Erickson sold 23,774 shares of Associated Banc stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $22.99, for a total value of $546,564.26. Following the transaction, the executive vice president now owns 128,680 shares in the company, valued at $2,958,353.20. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP John A. Utz sold 2,000 shares of the stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $22.78, for a total transaction of $45,560.00. Following the completion of the transaction, the executive vice president now directly owns 99,637 shares of the company’s stock, valued at approximately $2,269,730.86. The disclosure for this sale can be found here. 1.45% of the stock is currently owned by company insiders.

Associated Banc Price Performance

Shares of NYSE ASB opened at $22.88 on Monday. The business has a fifty day moving average price of $21.67 and a two-hundred day moving average price of $21.23. The stock has a market capitalization of $3.45 billion, a PE ratio of 23.11, a P/E/G ratio of 2.50 and a beta of 0.95. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.89 and a quick ratio of 0.89. Associated Banc-Corp has a fifty-two week low of $15.16 and a fifty-two week high of $24.21.

Associated Banc (NYSE:ASB) last posted its quarterly earnings results on Thursday, July 25th. The bank reported $0.52 EPS for the quarter, meeting analysts’ consensus estimates of $0.52. The business had revenue of $321.75 million during the quarter, compared to the consensus estimate of $330.69 million. Associated Banc had a return on equity of 8.14% and a net margin of 7.93%. Associated Banc’s revenue for the quarter was down .5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.56 earnings per share. As a group, equities analysts predict that Associated Banc-Corp will post 2.07 earnings per share for the current fiscal year.

Associated Banc Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Tuesday, September 3rd will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.85%. The ex-dividend date of this dividend is Tuesday, September 3rd. Associated Banc’s dividend payout ratio (DPR) is presently 88.89%.

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.