Associated Banc-Corp dips after $604 million deal for American National

Shares of regional lender Associated Banc-Corp ASB.N fall as much as 1.2%; last down 0.6% at $25.89

ASB will buy smaller rival American National in a $604 million all-stock deal, expanding into the Omaha market and strengthening its foothold in the Twin Cities and across the Midwest

"We see the potential for modest underperformance as ASB loses any take-out premium assumed in the price," Stephens analyst Terry McEvoy says

Two of 10 brokerages rate the stock "buy" and eight "hold"; median PT $29 - data compiled by LSEG

As of last close, ASB up 9% YTD