Associated Banc (NYSE:ASB) Downgraded by Wall Street Zen to “Hold”

Wall Street Zen lowered shares of Associated Banc (NYSE:ASB) from a buy rating to a hold rating in a research report sent to investors on Sunday.

Several other analysts have also recently commented on ASB. Barclays lowered 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. Keefe, Bruyette & Woods raised their price target on Associated Banc from $29.00 to $30.00 and gave the company a “market perform” rating in a report on Friday, January 23rd. Raymond James Financial reaffirmed an “outperform” rating and issued a $30.00 price objective (up previously from $29.00) on shares of Associated Banc in a report on Monday, October 27th. UBS Group reissued a “buy” rating and set a $28.00 target price on shares of Associated Banc in a research note on Tuesday, December 2nd. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Associated Banc in a research report on Monday, December 29th. Three investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $29.20.

Associated Banc Stock Down 0.3%

Associated Banc stock opened at $27.26 on Friday. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.90 and a current ratio of 0.90. Associated Banc has a one year low of $18.32 and a one year high of $28.02. The company has a 50-day simple moving average of $26.45 and a 200-day simple moving average of $25.85. The firm has a market capitalization of $4.52 billion, a P/E ratio of 9.84, a P/E/G ratio of 1.25 and a beta of 0.80.

Associated Banc (NYSE:ASB) last posted its 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 during the quarter, compared to analyst estimates of $382.06 million. During the same period in the previous year, the business posted $0.72 EPS. As a group, equities analysts expect that Associated Banc will post 2.43 earnings per share for the current year.

Associated Banc declared that its board has initiated a stock buyback plan on Tuesday, January 27th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the bank to reacquire up to 2.2% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Associated Banc Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Investors of record on Monday, March 2nd will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date is Monday, March 2nd. Associated Banc’s payout ratio is presently 34.66%.

Insiders Place Their Bets

In other news, EVP Patrick Edward Ahern sold 30,489 shares of the business’s stock in a transaction on Thursday, December 4th. The stock was sold at an average price of $25.70, for a total transaction of $783,567.30. Following the sale, the executive vice president directly owned 24,055 shares of the company’s stock, valued at $618,213.50. The trade was a 55.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP John A. Utz sold 2,135 shares of the business’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 sale, the executive vice president owned 109,842 shares in the company, valued at approximately $2,900,927.22. The trade was a 1.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 35,951 shares of company stock worth $925,756 over the last ninety days. 1.10% of the stock is owned by insiders.

Hedge Funds Weigh In On Associated Banc

Several institutional investors and hedge funds have recently added to or reduced their stakes in ASB. Hantz Financial Services Inc. lifted its holdings in shares of Associated Banc by 2,033.9% in the second quarter. Hantz Financial Services Inc. now owns 1,195 shares of the bank’s stock valued at $29,000 after purchasing an additional 1,139 shares in the last quarter. Smartleaf Asset Management LLC lifted its stake in Associated Banc by 46.8% in the 3rd quarter. Smartleaf Asset Management LLC now owns 1,279 shares of the bank’s stock worth $33,000 after acquiring an additional 408 shares in the last quarter. EverSource Wealth Advisors LLC boosted its position in Associated Banc by 345.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,350 shares of the bank’s stock worth $33,000 after acquiring an additional 1,047 shares during the period. Bayforest Capital Ltd purchased a new position in Associated Banc during the 2nd quarter valued at about $34,000. Finally, Quent Capital LLC purchased a new position in Associated Banc during the 3rd quarter valued at about $34,000. 82.98% of the stock is currently owned by hedge funds and other 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.