Associated Banc (NYSE:ASB) Hits New 52-Week High – Time to Buy?

Associated Banc-Corp (NYSE:ASB) reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $31.52 and last traded at $31.5320, with a volume of 262791 shares. The stock had previously closed at $30.93.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on ASB shares. Keefe, Bruyette & Woods boosted their target price on shares of Associated Banc from $30.00 to $31.00 and gave the stock a “market perform” rating in a research report on Friday, April 24th. Wells Fargo & Company lifted their price target on Associated Banc from $30.00 to $31.00 and gave the company an “overweight” rating in a research report on Monday, March 30th. Truist Financial lifted their price objective on shares of Associated Banc from $30.00 to $32.00 and gave the company a “hold” rating in a report on Friday, July 10th. Raymond James Financial boosted their price objective on Associated Banc from $31.00 to $35.00 and gave the company an “outperform” rating in a research report on Wednesday, July 1st. Finally, Piper Sandler upped their price target on shares of Associated Banc from $29.00 to $30.00 and gave the stock a “neutral” rating in a research report on Friday, April 24th. Six equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $31.00.

Associated Banc Price Performance

The stock’s fifty day moving average price is $29.14 and its 200-day moving average price is $27.64. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.84. The firm has a market cap of $5.90 billion, a price-to-earnings ratio of 10.86, a P/E/G ratio of 1.17 and a beta of 0.76.

Associated Banc (NYSE:ASB) last announced its quarterly earnings results on Thursday, April 23rd. The bank reported $0.70 EPS for the quarter, beating the consensus estimate of $0.69 by $0.01. The business had revenue of $387.21 million for the quarter, compared to analyst estimates of $384.20 million. Associated Banc had a return on equity of 10.46% and a net margin of 19.88%.During the same quarter in the prior year, the company posted $0.59 EPS. As a group, equities research analysts forecast that Associated Banc-Corp will post 2.91 earnings per share for the current fiscal year.

Associated Banc Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were given a $0.24 dividend. The ex-dividend date of this dividend was Monday, June 1st. This represents a $0.96 dividend on an annualized basis and a yield of 3.1%. Associated Banc’s payout ratio is presently 33.33%.

Insider Transactions at Associated Banc

In related news, Director John B. Williams sold 4,000 shares of the stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $28.18, for a total transaction of $112,720.00. Following the transaction, the director owned 67,420 shares of the company’s stock, valued at approximately $1,899,895.60. This represents a 5.60% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Matthew R. Braeger sold 5,000 shares of the stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $28.17, for a total transaction of $140,850.00. Following the sale, the executive vice president directly owned 11,777 shares in the company, valued at $331,758.09. This represents a 29.80% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 28,299 shares of company stock worth $801,760 over the last quarter. 0.71% of the stock is owned by corporate insiders.

Institutional Trading of Associated Banc

A number of large investors have recently made changes to their positions in the company. California State Teachers Retirement System grew its stake in shares of Associated Banc by 0.3% during the 2nd quarter. California State Teachers Retirement System now owns 154,933 shares of the bank’s stock valued at $3,779,000 after buying an additional 394 shares during the period. LPL Financial LLC lifted its position in Associated Banc by 2.3% during the 4th quarter. LPL Financial LLC now owns 19,079 shares of the bank’s stock worth $491,000 after acquiring an additional 426 shares in the last quarter. Tidal Investments LLC boosted its position in Associated Banc by 2.0% in the 2nd quarter. Tidal Investments LLC now owns 27,354 shares of the bank’s stock valued at $667,000 after buying an additional 549 shares during the last quarter. Quadrant Capital Group LLC grew its holdings in Associated Banc by 1.8% during the 4th quarter. Quadrant Capital Group LLC now owns 34,801 shares of the bank’s stock worth $896,000 after acquiring an additional 619 shares in the last quarter. Finally, State of Michigan Retirement System grew its position in shares of Associated Banc by 1.8% in the 1st quarter. State of Michigan Retirement System now owns 39,378 shares of the bank’s stock worth $1,018,000 after acquiring an additional 700 shares in the last quarter. 82.98% of the stock is currently 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.