Associated Banc (NYSE:ASB) Reaches New 52-Week High at $22.56

Shares of Associated Banc-Corp (NYSE:ASB) hit a new 52-week high during trading on Thursday . The stock traded as high as $22.56 and last traded at $22.56, with a volume of 211433 shares. The stock had previously closed at $22.39.

Analyst Ratings Changes

ASB has been the topic of several research reports. Raymond James upped their target price on Associated Banc from $21.00 to $25.00 and gave the company an “outperform” rating in a research report on Monday, January 29th. Royal Bank of Canada restated a “sector perform” rating and issued a $23.00 price target on shares of Associated Banc in a research note on Tuesday, April 9th. Barclays lifted their price objective on shares of Associated Banc from $22.00 to $24.00 and gave the stock an “equal weight” rating in a research note on Friday, April 26th. Wells Fargo & Company lifted their price target on shares of Associated Banc from $20.00 to $22.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 10th. Finally, Piper Sandler upped their price objective on shares of Associated Banc from $21.50 to $23.00 and gave the stock a “neutral” rating in a research report on Friday, January 26th. One research analyst has rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $23.13.

Associated Banc Stock Performance

The company has a 50-day moving average of $20.99 and a 200-day moving average of $20.12. The firm has a market capitalization of $3.37 billion, a P/E ratio of 22.63, a price-to-earnings-growth ratio of 1.30 and a beta of 0.99. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.47.

Associated Banc (NYSE:ASB) last announced its earnings results on Tuesday, April 30th. The bank reported $0.52 EPS for the quarter, beating the consensus estimate of $0.49 by $0.03. The business had revenue of $322.84 million for the quarter, compared to analysts’ expectations of $325.00 million. Associated Banc had a return on equity of 8.31% and a net margin of 6.86%. The firm’s revenue was down 3.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.66 earnings per share. On average, equities analysts anticipate that Associated Banc-Corp will post 2.11 earnings per share for the current fiscal year.

Associated Banc Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Monday, June 3rd will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, May 31st. This represents a $0.88 dividend on an annualized basis and a yield of 3.93%. Associated Banc’s dividend payout ratio (DPR) is currently 88.89%.

Insider Transactions at Associated Banc

In other news, EVP John A. Utz sold 14,010 shares of Associated Banc stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $21.20, for a total value of $297,012.00. Following the completion of the sale, the executive vice president now owns 89,880 shares in the company, valued at approximately $1,905,456. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, EVP John A. Utz sold 14,010 shares of the business’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $21.20, for a total value of $297,012.00. Following the completion of the sale, the executive vice president now directly owns 89,880 shares of the company’s stock, valued at approximately $1,905,456. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP John A. Utz sold 2,500 shares of the stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $22.18, for a total value of $55,450.00. Following the completion of the transaction, the executive vice president now owns 100,922 shares in the company, valued at approximately $2,238,449.96. The disclosure for this sale can be found here. In the last ninety days, insiders sold 26,529 shares of company stock valued at $564,115. Corporate insiders own 1.45% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Steph & Co. grew its holdings in shares of Associated Banc by 470.2% in the first quarter. Steph & Co. now owns 1,169 shares of the bank’s stock valued at $25,000 after acquiring an additional 964 shares in the last quarter. Creekmur Asset Management LLC bought a new stake in shares of Associated Banc during the 4th quarter worth $28,000. First Command Advisory Services Inc. purchased a new position in shares of Associated Banc in the 3rd quarter worth about $29,000. Parallel Advisors LLC grew its position in Associated Banc by 64.0% during the fourth quarter. Parallel Advisors LLC now owns 2,290 shares of the bank’s stock valued at $49,000 after buying an additional 894 shares during the period. Finally, Quadrant Capital Group LLC raised its position in Associated Banc by 183.2% in the fourth quarter. Quadrant Capital Group LLC now owns 2,860 shares of the bank’s stock worth $61,000 after acquiring an additional 1,850 shares during the period. Institutional investors own 82.98% of the company’s stock.

About Associated Banc

Associated Banc-Corp, a bank holding company, provides various banking and nonbanking products to individuals and businesses in Wisconsin, Illinois, and Minnesota. The company offers lending solutions, including commercial loans and lines of credit, commercial real estate financing, construction loans, letters of credit, leasing, asset based lending and equipment finance, loan syndications products, residential mortgages, home equity loans and lines of credit, personal and installment loans, auto finance and business loans, and business lines of credit.