Investors appeared to be quick to forgive Associated Banc-Corp for its weaker-than-expected fourth-quarter results Monday, sending the stock price up Tuesday after a common stock offering.
The company could not immediately comment on demand for the offering, but analysts said it appeared to have been received well, particularly since the shares closed at $12.01, up 4.62%.
The 39 million-share offering, which was increased to $435 million, from $400 million, priced Tuesday at $11.15.
Tuesday's stock climb came after a 7% drop Monday, prompted by Associated's report of a fourth-quarter swing into loss and reduction of the dividend. Investors' concerns about these issues appeared short-lived, analysts said, and the market is now focusing on the company's longer-term outlook.