Associated Banc-Corp $ASB Shares Purchased by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. boosted its holdings in Associated Banc-Corp (NYSE:ASB) by 17.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 9,720 shares of the bank’s stock after buying an additional 1,437 shares during the period. PNC Financial Services Group Inc.’s holdings in Associated Banc were worth $219,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in ASB. Wells Fargo & Company MN lifted its stake in shares of Associated Banc by 21.9% in the 4th quarter. Wells Fargo & Company MN now owns 115,710 shares of the bank’s stock valued at $2,765,000 after purchasing an additional 20,805 shares in the last quarter. Invesco Ltd. lifted its stake in shares of Associated Banc by 15.8% in the 4th quarter. Invesco Ltd. now owns 714,585 shares of the bank’s stock valued at $17,079,000 after purchasing an additional 97,524 shares in the last quarter. Renaissance Technologies LLC acquired a new position in shares of Associated Banc in the 4th quarter valued at about $6,525,000. Barclays PLC lifted its stake in shares of Associated Banc by 23.7% in the 4th quarter. Barclays PLC now owns 459,420 shares of the bank’s stock valued at $10,981,000 after purchasing an additional 87,972 shares in the last quarter. Finally, Mariner LLC lifted its stake in shares of Associated Banc by 3.3% in the 4th quarter. Mariner LLC now owns 17,882 shares of the bank’s stock valued at $427,000 after purchasing an additional 566 shares in the last quarter. 82.98% of the stock is owned by institutional investors and hedge funds.

Associated Banc Price Performance

Shares of ASB opened at $24.87 on Monday. The company has a market cap of $4.12 billion, a P/E ratio of 32.30, a PEG ratio of 0.96 and a beta of 0.84. The stock has a fifty day moving average price of $24.67 and a 200 day moving average price of $23.46. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.92 and a quick ratio of 0.91. Associated Banc-Corp has a 12 month low of $18.32 and a 12 month high of $28.18.

Associated Banc (NYSE:ASB) last issued its quarterly earnings data on Thursday, July 24th. The bank reported $0.65 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.03. The firm had revenue of $366.98 million during the quarter, compared to the consensus estimate of $362.78 million. Associated Banc had a return on equity of 8.86% and a net margin of 5.79%. During the same period in the prior year, the business earned $0.52 EPS. On average, research analysts forecast that Associated Banc-Corp will post 2.43 earnings per share for the current year.

Associated Banc Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Tuesday, September 2nd will be paid a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date is Tuesday, September 2nd. Associated Banc’s dividend payout ratio is presently 119.48%.

Analyst Ratings Changes

Several research firms have recently weighed in on ASB. Stephens reduced their price objective on Associated Banc from $28.00 to $26.00 and set an “equal weight” rating on the stock in a research note on Friday, April 25th. Raymond James Financial reiterated an “outperform” rating and set a $27.00 target price on shares of Associated Banc in a report on Monday, April 28th. Piper Sandler raised their target price on Associated Banc from $24.00 to $27.00 and gave the company a “neutral” rating in a report on Friday, July 25th. Keefe, Bruyette & Woods raised their target price on Associated Banc from $27.00 to $28.00 and gave the company a “market perform” rating in a report on Friday, July 25th. Finally, Wells Fargo & Company raised their target price on Associated Banc from $28.00 to $30.00 and gave the company an “overweight” rating in a report on Thursday, July 10th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, Associated Banc has a consensus rating of “Hold” and an average target price of $27.78.

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.