Associated Banc (NYSE:ASB) Reaches New 52-Week High – What’s Next?

Shares of Associated Banc-Corp (NYSE:ASB) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $31.36 and last traded at $31.0850, with a volume of 1401574 shares. The stock had previously closed at $30.77.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on ASB shares. Raymond James Financial increased their price objective on shares of Associated Banc from $31.00 to $35.00 and gave the stock an “outperform” rating in a report on Wednesday. Robert W. Baird upped their price target on shares of Associated Banc from $29.00 to $30.00 and gave the stock a “neutral” rating in a research report on Friday, April 24th. Truist Financial lifted their price target on shares of Associated Banc from $27.00 to $30.00 and gave the company a “hold” rating in a report on Monday, April 27th. Wall Street Zen cut shares of Associated Banc from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Associated Banc in a report on Wednesday, June 24th. Six equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $30.70.

Associated Banc Trading Up 1.2%

The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.90 and a current ratio of 0.90. The business’s 50 day moving average price is $28.46 and its 200-day moving average price is $27.28. The firm has a market cap of $5.88 billion, a price-to-earnings ratio of 10.81, a price-to-earnings-growth ratio of 1.79 and a beta of 0.77.

Associated Banc (NYSE:ASB) last released its earnings results on Thursday, April 23rd. The bank reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.01. The firm had revenue of $387.21 million during the quarter, compared to analyst estimates of $384.20 million. Associated Banc had a net margin of 19.88% and a return on equity of 10.46%. During the same quarter in the previous year, the firm earned $0.59 earnings per share. Equities analysts expect that Associated Banc-Corp will post 2.92 EPS for the current year.

Associated Banc Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were paid a $0.24 dividend. The ex-dividend date of this dividend was Monday, June 1st. This represents a $0.96 annualized dividend and a dividend yield of 3.1%. Associated Banc’s dividend payout ratio is presently 33.33%.

Insider Activity at Associated Banc

In other Associated Banc news, EVP Matthew R. Braeger sold 5,000 shares of the stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $28.17, for a total transaction of $140,850.00. Following the completion of the transaction, the executive vice president directly owned 11,777 shares of the company’s stock, valued at approximately $331,758.09. This trade represents a 29.80% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP John A. Utz sold 5,000 shares of Associated Banc stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $28.82, for a total transaction of $144,100.00. Following the completion of the transaction, the executive vice president directly owned 118,156 shares in the company, valued at $3,405,255.92. This represents a 4.06% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 28,299 shares of company stock worth $801,760. 0.71% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Associated Banc

A number of large investors have recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Associated Banc by 6.0% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 97,570 shares of the bank’s stock worth $2,198,000 after purchasing an additional 5,531 shares during the period. Millennium Management LLC raised its stake in Associated Banc by 90.4% during the 1st quarter. Millennium Management LLC now owns 287,890 shares of the bank’s stock valued at $6,486,000 after purchasing an additional 136,648 shares during the period. Goldman Sachs Group Inc. lifted its holdings in shares of Associated Banc by 139.1% in the first quarter. Goldman Sachs Group Inc. now owns 2,748,667 shares of the bank’s stock valued at $61,927,000 after purchasing an additional 1,598,951 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Associated Banc by 13.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 496,392 shares of the bank’s stock valued at $11,184,000 after purchasing an additional 60,758 shares in the last quarter. Finally, Sivia Capital Partners LLC acquired a new stake in shares of Associated Banc in the second quarter worth $328,000. Institutional investors and hedge funds own 82.98% of the company’s stock.

About Associated Banc

Associated Banc-Corp, through its primary subsidiary Associated Bank, N.A., is a regional financial services company headquartered in Green Bay, Wisconsin. The bank operates more than 200 branches across the Midwest, offering community-focused banking solutions for individuals, small businesses and commercial clients. Its emphasis on personalized service and regional decision-making supports long-standing customer relationships.

On the consumer side, Associated Bank provides checking and savings accounts, residential mortgages, home equity lines of credit, auto financing and credit card products.