Associated Banc-Corp (NYSE:ASB) Receives Consensus Rating of “Moderate Buy” from Brokerages

Associated Banc-Corp (NYSE:ASB) has received an average rating of “Moderate Buy” from the twelve research firms that are presently covering the company, MarketBeat reports. Six investment analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $30.30.

A number of equities analysts have issued reports on the stock. Weiss Ratings upgraded shares of Associated Banc from a “hold (c+)” rating to a “buy (b)” rating in a research report on Tuesday, February 17th. Stephens upgraded shares of Associated Banc from an “equal weight” rating to an “overweight” rating and dropped their target price for the stock from $30.00 to $29.00 in a report on Friday, March 27th. Piper Sandler raised their target price on Associated Banc from $29.00 to $30.00 and gave the stock a “neutral” rating in a research note on Friday, April 24th. Barclays upgraded Associated Banc from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $30.00 to $33.00 in a report on Tuesday, April 7th. Finally, Keefe, Bruyette & Woods increased their price objective on Associated Banc from $30.00 to $31.00 and gave the stock a “market perform” rating in a report on Friday, April 24th.

Insider Activity

In other Associated Banc news, Director Eileen A. Kamerick sold 6,600 shares of the firm’s stock in a transaction dated Thursday, February 19th. The shares were sold at an average price of $28.02, for a total value of $184,932.00. Following the completion of the sale, the director directly owned 49,264 shares in the company, valued at $1,380,377.28. This trade represents a 11.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Patrick Edward Ahern sold 14,731 shares of Associated Banc stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $29.03, for a total value of $427,640.93. Following the sale, the executive vice president directly owned 39,401 shares in the company, valued at approximately $1,143,811.03. The trade was a 27.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 25,331 shares of company stock valued at $725,293. Corporate insiders own 0.71% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Norges Bank purchased a new stake in Associated Banc in the fourth quarter worth $54,660,000. First Trust Advisors LP lifted its position in Associated Banc by 679.4% during the third quarter. First Trust Advisors LP now owns 2,223,694 shares of the bank’s stock valued at $57,171,000 after buying an additional 1,938,393 shares during the period. Goldman Sachs Group Inc. boosted its holdings in shares of Associated Banc by 139.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,748,667 shares of the bank’s stock valued at $61,927,000 after buying an additional 1,598,951 shares in the last quarter. Balyasny Asset Management L.P. boosted its holdings in shares of Associated Banc by 4,883.7% during the 3rd quarter. Balyasny Asset Management L.P. now owns 1,385,666 shares of the bank’s stock valued at $35,625,000 after buying an additional 1,357,862 shares in the last quarter. Finally, Freestone Grove Partners LP purchased a new stake in shares of Associated Banc in the 4th quarter worth about $27,819,000. Hedge funds and other institutional investors own 82.98% of the company’s stock.

Associated Banc Stock Performance

Shares of ASB stock opened at $28.54 on Wednesday. The company has a market capitalization of $4.74 billion, a P/E ratio of 9.91, a PEG ratio of 1.65 and a beta of 0.79. Associated Banc has a fifty-two week low of $22.40 and a fifty-two week high of $29.51. 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 stock has a 50 day moving average price of $26.49 and a two-hundred day moving average price of $26.45.

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

Associated Banc declared that its Board of Directors has approved a stock buyback program on Tuesday, January 27th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the bank to purchase up to 2.2% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.

Associated Banc Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 1st will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date is Monday, June 1st. Associated Banc’s dividend payout ratio is currently 33.33%.

Associated Banc Company Profile

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.