Associated Banc-Corp (NYSE:ASB) Receives $29.60 Average PT from Analysts

Associated Banc-Corp (NYSE:ASB) has been assigned an average recommendation of “Moderate Buy” from the twelve analysts that are presently covering the stock, Marketbeat reports. Six equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The average 1-year price target among brokers that have covered the stock in the last year is $29.60.

Several research firms have recently weighed in on ASB. Barclays upgraded Associated Banc from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $30.00 to $33.00 in a report on Tuesday, April 7th. Truist Financial reduced their price target on Associated Banc from $30.00 to $27.00 and set a “hold” rating on the stock in a report on Monday, March 23rd. Weiss Ratings upgraded Associated Banc from a “hold (c+)” rating to a “buy (b)” rating in a report on Tuesday, February 17th. Wall Street Zen upgraded Associated Banc from a “hold” rating to a “buy” rating in a report on Saturday. Finally, Keefe, Bruyette & Woods boosted their price target on Associated Banc from $29.00 to $30.00 and gave the stock a “market perform” rating in a report on Friday, January 23rd.

Insider Buying and Selling

In related news, Director John B. Williams sold 2,325 shares of Associated Banc stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $28.05, for a total value of $65,216.25. Following the transaction, the director directly owned 70,959 shares of the company’s stock, valued at $1,990,399.95. The trade was a 3.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Eileen A. Kamerick sold 6,600 shares of Associated Banc stock in a transaction that occurred on Thursday, February 19th. The stock was sold at an average price of $28.02, for a total value of $184,932.00. Following the completion of the transaction, the director directly owned 49,264 shares in the company, valued at approximately $1,380,377.28. This represents a 11.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 23,656 shares of company stock valued at $677,789 over the last ninety days. 0.71% of the stock is owned by company insiders.

Hedge Funds Weigh In On Associated Banc

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Hsbc Holdings PLC lifted its stake in shares of Associated Banc by 190.1% in the fourth quarter. Hsbc Holdings PLC now owns 37,576 shares of the bank’s stock worth $968,000 after acquiring an additional 24,622 shares during the period. Rockefeller Capital Management L.P. lifted its stake in Associated Banc by 20,284.4% in the fourth quarter. Rockefeller Capital Management L.P. now owns 104,572 shares of the bank’s stock valued at $2,694,000 after buying an additional 104,059 shares during the period. Caitong International Asset Management Co. Ltd lifted its stake in Associated Banc by 18,083.9% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 5,637 shares of the bank’s stock valued at $145,000 after buying an additional 5,606 shares during the period. Mercer Global Advisors Inc. ADV lifted its stake in Associated Banc by 29.8% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 15,501 shares of the bank’s stock valued at $399,000 after buying an additional 3,560 shares during the period. Finally, XTX Topco Ltd acquired a new position in Associated Banc in the fourth quarter valued at approximately $1,717,000. 82.98% of the stock is owned by institutional investors and hedge funds.

Associated Banc Stock Performance

NYSE:ASB opened at $27.85 on Friday. The stock has a market cap of $4.61 billion, a P/E ratio of 10.06, a price-to-earnings-growth ratio of 1.43 and a beta of 0.77. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.81. The stock’s 50-day moving average is $26.58 and its 200-day moving average is $26.19. Associated Banc has a 1-year low of $18.93 and a 1-year high of $29.51.

Associated Banc (NYSE:ASB) last released its quarterly earnings results on Thursday, January 22nd. The bank reported $0.80 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.11. The company had revenue of $393.52 million for the quarter, compared to analysts’ expectations of $382.06 million. Associated Banc had a return on equity of 10.25% and a net margin of 19.31%.During the same period in the previous year, the business posted $0.72 earnings per share. Equities research analysts anticipate that Associated Banc will post 2.43 earnings per share for the current year.

Associated Banc Dividend Announcement

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

Associated Banc declared that its board has approved a share buyback program on Tuesday, January 27th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the bank to purchase up to 2.2% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

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.