Associated Banc (NYSE:ASB) Reaches New 52-Week High – Here’s Why

Associated Banc-Corp (NYSE:ASB) shares hit a new 52-week high on Friday . The company traded as high as $29.54 and last traded at $29.5750, with a volume of 394746 shares. The stock had previously closed at $28.96.

Analysts Set New Price Targets

ASB has been the topic of a number of analyst reports. Wall Street Zen cut Associated Banc from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. Stephens raised Associated Banc from an “equal weight” rating to an “overweight” rating and dropped their price target for the stock from $30.00 to $29.00 in a research note on Friday, March 27th. Piper Sandler lifted their price target on Associated Banc from $29.00 to $30.00 and gave the stock a “neutral” rating in a research note on Friday, April 24th. Robert W. Baird lifted their price target on Associated Banc from $29.00 to $30.00 and gave the stock a “neutral” rating in a research note on Friday, April 24th. Finally, Keefe, Bruyette & Woods lifted their price target on Associated Banc from $30.00 to $31.00 and gave the stock a “market perform” rating in a research note on Friday, April 24th. Six research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, Associated Banc presently has an average rating of “Moderate Buy” and a consensus target price of $30.30.

Associated Banc Stock Performance

The firm has a 50 day moving average of $27.78 and a 200-day moving average of $26.95. The stock has a market capitalization of $5.58 billion, a PE ratio of 10.27, a P/E/G ratio of 1.71 and a beta of 0.77. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.90 and a current ratio of 0.90.

Associated Banc (NYSE:ASB) last announced its quarterly earnings data on Thursday, April 23rd. The bank reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.01. The firm had revenue of $387.21 million during the quarter, compared to the consensus estimate of $384.20 million. Associated Banc had a return on equity of 10.46% and a net margin of 19.88%.During the same period in the prior year, the business earned $0.59 EPS. Research analysts forecast that Associated Banc-Corp will post 2.92 earnings per share for the current year.

Associated Banc Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 1st will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend is Monday, June 1st. Associated Banc’s dividend payout ratio is currently 33.33%.

Insiders Place Their Bets

In related news, EVP Matthew R. Braeger sold 5,000 shares of the stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $28.17, for a total transaction of $140,850.00. Following the completion of the sale, the executive vice president directly owned 11,777 shares in the company, valued at approximately $331,758.09. This trade represents a 29.80% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Dennis Deloye sold 14,299 shares of the stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $28.26, for a total value of $404,089.74. Following the sale, the executive vice president owned 21,385 shares of the company’s stock, valued at approximately $604,340.10. This represents a 40.07% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 28,299 shares of company stock valued at $801,760 in the last 90 days. Insiders own 0.71% of the company’s stock.

Institutional Investors Weigh In On Associated Banc

Hedge funds and other institutional investors have recently made changes to their positions in the company. IAG Wealth Partners LLC raised its stake 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 worth $31,000 after purchasing an additional 1,190 shares in the last quarter. Smartleaf Asset Management LLC raised its stake in shares of Associated Banc by 46.8% during the 3rd 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 stake in shares of Associated Banc during the 4th quarter worth about $33,000. EverSource Wealth Advisors LLC raised its stake in shares of 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 purchasing an additional 1,047 shares in the last quarter. Finally, CIBC Private Wealth Group LLC purchased a new stake in shares of Associated Banc during the 3rd quarter worth about $51,000. 82.98% of the stock is owned by hedge funds and other 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.