Associated Banc (NYSE:ASB) Cut to “Hold” at Wall Street Zen

Wall Street Zen downgraded shares of Associated Banc (NYSE:ASB) from a buy rating to a hold rating in a research note published on Saturday morning.

A number of other equities research analysts also recently commented on ASB. Barclays decreased their target price on Associated Banc from $32.00 to $30.00 and set an “equal weight” rating on the stock in a research report on Tuesday, November 11th. Raymond James Financial reaffirmed an “outperform” rating and set a $30.00 price objective (up from $29.00) on shares of Associated Banc in a report on Monday, October 27th. Weiss Ratings reissued a “hold (c+)” rating on shares of Associated Banc in a report on Monday, December 29th. UBS Group reaffirmed a “buy” rating and set a $28.00 price target on shares of Associated Banc in a research note on Tuesday, December 2nd. Finally, Truist Financial increased their price objective on shares of Associated Banc from $27.00 to $29.00 and gave the company a “hold” rating in a research report on Monday, December 22nd. Three analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat.com, Associated Banc presently has an average rating of “Hold” and a consensus target price of $28.40.

Associated Banc Price Performance

ASB stock opened at $26.45 on Friday. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.90 and a current ratio of 0.90. The company’s fifty day moving average price is $25.83 and its 200-day moving average price is $25.62. Associated Banc has a one year low of $18.32 and a one year high of $27.58. The company has a market capitalization of $4.39 billion, a PE ratio of 28.13, a price-to-earnings-growth ratio of 0.73 and a beta of 0.79.

Associated Banc (NYSE:ASB) last posted its earnings results on Thursday, October 23rd. The bank reported $0.73 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.07. Associated Banc had a net margin of 7.23% and a return on equity of 9.45%. The company had revenue of $390.71 million during the quarter, compared to analysts’ expectations of $377.94 million. During the same period last year, the company posted $0.56 earnings per share. On average, equities analysts anticipate that Associated Banc will post 2.43 EPS for the current fiscal year.

Associated Banc Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Monday, December 1st were paid a $0.24 dividend. This is an increase from Associated Banc’s previous quarterly dividend of $0.23. This represents a $0.96 annualized dividend and a dividend yield of 3.6%. The ex-dividend date of this dividend was Monday, December 1st. Associated Banc’s payout ratio is currently 102.13%.

Insider Activity

In related news, EVP Patrick Edward Ahern sold 30,489 shares of the company’s stock in a transaction dated Thursday, December 4th. The shares were sold at an average price of $25.70, for a total transaction of $783,567.30. Following the transaction, the executive vice president directly owned 24,055 shares in the company, valued at approximately $618,213.50. This represents a 55.90% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP John A. Utz sold 2,135 shares of the stock in a transaction dated Tuesday, December 9th. The stock was sold at an average price of $26.41, for a total transaction of $56,385.35. Following the completion of the sale, the executive vice president directly owned 109,842 shares in the company, valued at $2,900,927.22. This trade represents a 1.91% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 35,951 shares of company stock valued at $925,756 in the last 90 days. Company insiders own 1.10% of the company’s stock.

Institutional Investors Weigh In On Associated Banc

Institutional investors and hedge funds have recently modified their holdings of the business. JPMorgan Chase & Co. grew its position in Associated Banc by 24.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 984,537 shares of the bank’s stock valued at $25,312,000 after acquiring an additional 194,307 shares during the last quarter. Swiss Life Asset Management Ltd purchased a new stake in shares of Associated Banc during the third quarter valued at $200,000. CIBC Private Wealth Group LLC bought a new position in shares of Associated Banc in the third quarter worth about $51,000. CIBC Bancorp USA Inc. bought a new position in shares of Associated Banc in the third quarter worth about $456,000. Finally, Coldstream Capital Management Inc. purchased a new position in Associated Banc in the 3rd quarter worth about $225,000. 82.98% of the stock is owned by institutional investors.

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.