Associated Banc (NYSE:ASB) Upgraded at Wall Street Zen

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

A number of other research firms have also recently issued reports on ASB. UBS Group reissued a “buy” rating and set a $28.00 price objective on shares of Associated Banc in a research report on Tuesday, December 2nd. Raymond James Financial reiterated an “outperform” rating and issued a $30.00 price target (up previously from $29.00) on shares of Associated Banc in a report on Monday, October 27th. Weiss Ratings reissued a “hold (c+)” rating on shares of Associated Banc in a research note on Monday, December 29th. Royal Bank Of Canada upped their target price on Associated Banc from $29.00 to $30.00 and gave the stock a “sector perform” rating in a research report on Friday, January 23rd. Finally, Barclays reduced their price target on shares of Associated Banc from $32.00 to $30.00 and set an “equal weight” rating for the company in a research report on Tuesday, November 11th. Three equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Associated Banc has an average rating of “Hold” and a consensus price target of $29.20.

Associated Banc Price Performance

Associated Banc stock opened at $27.85 on Friday. The stock has a market capitalization of $4.62 billion, a price-to-earnings ratio of 10.05, a PEG ratio of 1.27 and a beta of 0.80. Associated Banc has a 52-week low of $18.32 and a 52-week high of $29.51. 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 stock’s 50 day moving average price is $26.97 and its two-hundred day moving average price is $26.08.

Associated Banc (NYSE:ASB) last released 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. The company had revenue of $393.52 million for the quarter, compared to the consensus estimate of $382.06 million. Associated Banc had a net margin of 19.31% and a return on equity of 10.25%. During the same quarter in the previous year, the company earned $0.72 EPS. On average, equities analysts predict that Associated Banc will post 2.43 earnings per share for the current year.

Associated Banc Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Monday, March 2nd will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date of this dividend is Monday, March 2nd. Associated Banc’s dividend payout ratio is presently 34.66%.

Associated Banc announced that its Board of Directors has approved a share 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 repurchase up to 2.2% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Insider Activity

In other Associated Banc news, EVP Patrick Edward Ahern sold 14,731 shares of Associated Banc stock in a transaction dated 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 owned 39,401 shares of the company’s stock, valued at approximately $1,143,811.03. The trade was a 27.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP John A. Utz sold 2,135 shares of the stock in a transaction that occurred on Tuesday, December 9th. The shares were sold at an average price of $26.41, for a total transaction of $56,385.35. Following the transaction, the executive vice president directly owned 109,842 shares of the company’s stock, valued at $2,900,927.22. This represents a 1.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 53,007 shares of company stock valued at $1,418,613 in the last ninety days. 1.10% of the stock is currently owned by insiders.

Institutional Trading of Associated Banc

Several hedge funds have recently made changes to their positions in the company. Hantz Financial Services Inc. increased its holdings in Associated Banc by 2,033.9% in the 2nd quarter. Hantz Financial Services Inc. now owns 1,195 shares of the bank’s stock worth $29,000 after acquiring an additional 1,139 shares during the last quarter. Smartleaf Asset Management LLC increased its stake in shares of Associated Banc by 46.8% in the third quarter. Smartleaf Asset Management LLC now owns 1,279 shares of the bank’s stock worth $33,000 after purchasing an additional 408 shares in the last quarter. Eurizon Capital SGR S.p.A. purchased a new position in shares of Associated Banc in the fourth quarter worth about $33,000. EverSource Wealth Advisors LLC raised its position in shares of Associated Banc by 345.5% in the second quarter. EverSource Wealth Advisors LLC now owns 1,350 shares of the bank’s stock valued at $33,000 after purchasing an additional 1,047 shares during the period. Finally, Bayforest Capital Ltd purchased a new stake in shares of Associated Banc during the 2nd quarter valued at approximately $34,000. 82.98% of the stock is currently owned by institutional investors.

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.