Brokerages Set Associated Banc-Corp (NYSE:ASB) PT at $29.10

Associated Banc-Corp (NYSE:ASB) has received an average recommendation of “Hold” from the eleven brokerages that are currently covering the company, Marketbeat Ratings reports. Eight investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 12-month target price among brokers that have covered the stock in the last year is $29.20.

A number of research firms have commented on ASB. Piper Sandler lifted their target price on shares of Associated Banc from $27.00 to $30.00 and gave the stock a “neutral” rating in a research report on Friday, January 23rd. Royal Bank Of Canada upped their price objective on Associated Banc from $29.00 to $30.00 and gave the company a “sector perform” rating in a research report on Friday, January 23rd. Truist Financial raised their target price on Associated Banc from $29.00 to $30.00 and gave the stock a “hold” rating in a research report on Monday. Barclays cut their price target on Associated Banc from $32.00 to $30.00 and set an “equal weight” rating for the company in a research note on Tuesday, November 11th. Finally, UBS Group reiterated a “buy” rating and issued a $28.00 price objective on shares of Associated Banc in a research note on Tuesday, December 2nd.

Associated Banc Price Performance

Shares of NYSE:ASB opened at $26.80 on Monday. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.90 and a current ratio of 0.90. The firm has a market cap of $4.45 billion, a price-to-earnings ratio of 9.67, a price-to-earnings-growth ratio of 1.23 and a beta of 0.79. The business has a 50-day simple moving average of $26.36 and a two-hundred day simple moving average of $25.82. Associated Banc has a fifty-two week low of $18.32 and a fifty-two week high of $28.02.

Associated Banc (NYSE:ASB) last announced its quarterly earnings results on Thursday, January 22nd. The bank reported $0.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.69 by $0.11. Associated Banc had a net margin of 19.31% and a return on equity of 10.25%. The firm had revenue of $393.52 million for the quarter, compared to the consensus estimate of $382.06 million. During the same quarter last year, the firm posted $0.72 EPS. On average, analysts expect that Associated Banc will post 2.43 earnings per share for the current year.

Associated Banc declared that its Board of Directors has authorized a stock buyback program on Tuesday, January 27th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the bank to reacquire up to 2.2% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its stock is undervalued.

Associated Banc Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 16th. Stockholders of record on Monday, March 2nd will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 3.6%. The ex-dividend date is Monday, March 2nd. Associated Banc’s dividend payout ratio (DPR) is currently 34.66%.

Insider Buying and Selling at Associated Banc

In other Associated Banc news, EVP John A. Utz sold 2,135 shares of the company’s stock in a transaction dated Tuesday, December 9th. The stock was sold at an average price of $26.41, for a total value of $56,385.35. Following the completion of the sale, the executive vice president owned 109,842 shares in the company, valued at $2,900,927.22. This represents a 1.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Patrick Edward Ahern sold 30,489 shares of the firm’s stock in a transaction dated Thursday, December 4th. The stock was sold at an average price of $25.70, for a total value of $783,567.30. Following the completion of the transaction, the executive vice president directly owned 24,055 shares in the company, valued at $618,213.50. This trade represents a 55.90% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 35,951 shares of company stock valued at $925,756 over the last 90 days. 1.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Associated Banc

Large investors have recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Associated Banc in the second quarter worth approximately $48,373,000. First Trust Advisors LP boosted its holdings in Associated Banc by 679.4% in the 3rd quarter. First Trust Advisors LP now owns 2,223,694 shares of the bank’s stock worth $57,171,000 after buying an additional 1,938,393 shares during the period. Goldman Sachs Group Inc. increased its stake in Associated Banc by 139.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,748,667 shares of the bank’s stock worth $61,927,000 after buying an additional 1,598,951 shares in the last quarter. Balyasny Asset Management L.P. increased its stake in Associated Banc by 4,883.7% in the 3rd quarter. Balyasny Asset Management L.P. now owns 1,385,666 shares of the bank’s stock worth $35,625,000 after buying an additional 1,357,862 shares in the last quarter. Finally, American Century Companies Inc. raised its holdings in Associated Banc by 32.5% during the third quarter. American Century Companies Inc. now owns 2,629,549 shares of the bank’s stock valued at $67,606,000 after acquiring an additional 645,676 shares during the period. Hedge funds and other institutional investors own 82.98% of the company’s stock.

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.