KBW Reiterates Underperform on Associated Banc-Corp

KBW is out with its report today on Associated Banc-Corp

, reiterating Underperform. In a note to clients, KBW writes, "Associated reported 2Q11 operating EPS of $0.20 per share, which was above our estimate. Results included $0.11/share of reserve release versus our expectation for $0.06. The quarter was characterized by improving credit quality and better-than-expected loan growth; however, we believe the shares remain fully valued at current levels. Raising estimates; but reiterate Underperform rating and $12 price target." Shares of ASBC closed Thursday at $13.58.