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

Associated Banc-Corp (NYSE:ASB) has received a consensus rating of “Moderate Buy” from the twelve ratings firms that are presently covering the company, MarketBeat reports. Six equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $32.00.

ASB has been the topic of several recent research reports. Raymond James Financial upped their price objective on Associated Banc from $31.00 to $35.00 and gave the stock an “outperform” rating in a report on Wednesday, July 1st. Truist Financial raised their target price on shares of Associated Banc from $32.00 to $33.00 and gave the company a “hold” rating in a report on Tuesday, August 4th. Piper Sandler restated a “neutral” rating and issued a $34.00 price target on shares of Associated Banc in a research report on Wednesday, August 26th. Barclays upped their price target on shares of Associated Banc from $34.00 to $35.00 and gave the company an “overweight” rating in a research note on Monday. Finally, Wells Fargo & Company lowered their price objective on shares of Associated Banc from $36.00 to $35.00 and set an “overweight” rating for the company in a research report on Tuesday, September 29th.

Insider Activity

In other Associated Banc news, EVP Randall J. Erickson sold 43,561 shares of the business’s stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $32.04, for a total transaction of $1,395,694.44. Following the sale, the executive vice president directly owned 56,091 shares of the company’s stock, valued at $1,797,155.64. The trade was a 43.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Nicole M. Kitowski sold 7,663 shares of the business’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $30.91, for a total value of $236,863.33. Following the sale, the executive vice president directly owned 45,327 shares in the company, valued at $1,401,057.57. The trade was a 14.46% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 78,833 shares of company stock worth $2,502,103. 0.71% of the stock is owned by insiders.

Institutional Investors Weigh In On Associated Banc

Several institutional investors have recently modified their holdings of the stock. IAG Wealth Partners LLC increased its position in shares of Associated Banc by 4,250.0% during the 1st quarter. IAG Wealth Partners LLC now owns 1,218 shares of the bank’s stock valued at $31,000 after purchasing an additional 1,190 shares during the last quarter. Eurizon Capital SGR S.p.A. purchased a new stake in Associated Banc during the 4th quarter valued at $33,000. Global Retirement Partners LLC bought a new stake in Associated Banc in the second quarter worth $68,000. Western Wealth Management LLC purchased a new position in Associated Banc during the first quarter worth $59,000. Finally, Nykredit A S purchased a new position in Associated Banc during the second quarter worth $73,000. 82.98% of the stock is owned by institutional investors.

Associated Banc Price Performance

NYSE:ASB opened at $28.41 on Friday. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.95. The company has a market capitalization of $5.36 billion, a P/E ratio of 9.93, a P/E/G ratio of 0.97 and a beta of 0.80. Associated Banc has a 12 month low of $23.86 and a 12 month high of $32.46. The business’s 50-day moving average is $30.40 and its 200 day moving average is $29.16.

Associated Banc (NYSE:ASB) last released its quarterly earnings results on Thursday, July 23rd. The bank reported $0.73 earnings per share for the quarter, beating the consensus estimate of $0.72 by $0.01. Associated Banc had a return on equity of 10.64% and a net margin of 19.66%.The business had revenue of $454.54 million during the quarter, compared to analysts’ expectations of $438.01 million. During the same quarter last year, the business posted $0.65 EPS. On average, equities research analysts forecast that Associated Banc will post 2.95 earnings per share for the current fiscal year.

Associated Banc Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st were given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 3.4%. The ex-dividend date was Tuesday, September 1st. Associated Banc’s dividend payout ratio is currently 33.57%.

About Associated Banc

Associated Banc-Corp (NYSE: ASB) is a bank holding company headquartered in Green Bay, Wisconsin. Its principal subsidiary, Associated Bank, provides banking and financial services to consumers, businesses, institutions and municipalities.

The company offers deposit accounts, residential and commercial real estate lending, business loans, consumer financing, cash-management and treasury services, credit cards, wealth management, investment services and insurance products. Associated also provides specialized financial services for commercial and corporate clients, including relationship banking and capital-market support.

Associated Bank serves customers through branches, offices and digital banking channels across Wisconsin and portions of Illinois and Minnesota.