Brokerages Set Associated Banc-Corp (NYSE:ASB) Target Price at $31.60

Shares of Associated Banc-Corp (NYSE:ASB) have received a consensus rating of “Moderate Buy” from the twelve ratings firms that are currently covering the company, MarketBeat.com reports. Six investment analysts have rated the stock with a hold recommendation, five have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $31.60.

ASB has been the topic of several recent research reports. Keefe, Bruyette & Woods upped their price target on shares of Associated Banc from $30.00 to $31.00 and gave the company a “market perform” rating in a report on Friday, April 24th. Piper Sandler lifted their price objective on Associated Banc from $29.00 to $30.00 and gave the company a “neutral” rating in a research note on Friday, April 24th. Truist Financial boosted their price objective on Associated Banc from $32.00 to $33.00 and gave the company a “hold” rating in a report on Tuesday, August 4th. Barclays upped their target price on Associated Banc from $33.00 to $34.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 7th. Finally, Wells Fargo & Company raised their target price on Associated Banc from $32.00 to $36.00 and gave the stock an “overweight” rating in a report on Monday, August 10th.

Associated Banc Stock Down 1.2%

ASB stock opened at $31.68 on Friday. The company has a market capitalization of $5.98 billion, a P/E ratio of 11.08, a price-to-earnings-growth ratio of 1.10 and a beta of 0.77. Associated Banc has a 12 month low of $23.86 and a 12 month high of $32.46. The firm’s fifty day simple moving average is $30.70 and its 200-day simple moving average is $28.40. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.93 and a quick ratio of 0.93.

Associated Banc (NYSE:ASB) last issued its earnings results on Thursday, July 23rd. The bank reported $0.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.01. The firm had revenue of $454.54 million during the quarter, compared to analysts’ expectations of $438.01 million. Associated Banc had a net margin of 19.66% and a return on equity of 10.64%. During the same quarter last year, the company posted $0.65 earnings per share. As a group, equities research analysts forecast that Associated Banc will post 2.92 earnings per share for the current year.

Associated Banc Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 3.0%. The ex-dividend date is Tuesday, September 1st. Associated Banc’s dividend payout ratio is currently 33.57%.

Insiders Place Their Bets

In related news, EVP Randall J. Erickson sold 43,561 shares of the business’s stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $32.04, for a total value of $1,395,694.44. Following the completion of the transaction, the executive vice president directly owned 56,091 shares in the company, valued at $1,797,155.64. The trade was a 43.71% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP John A. Utz sold 5,000 shares of the business’s stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $28.82, for a total transaction of $144,100.00. Following the completion of the transaction, the executive vice president owned 118,156 shares of the company’s stock, valued at approximately $3,405,255.92. This represents a 4.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 101,823 shares of company stock worth $3,150,761. Corporate insiders own 0.71% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in shares of Associated Banc during the second quarter valued at about $715,927,000. First Trust Advisors LP lifted its holdings in shares of Associated Banc by 127.6% in the 1st quarter. First Trust Advisors LP now owns 5,971,227 shares of the bank’s stock worth $154,416,000 after acquiring an additional 3,347,699 shares during the last quarter. Norges Bank purchased a new position in shares of Associated Banc during the 4th quarter worth approximately $54,660,000. Pzena Investment Management LLC purchased a new position in shares of Associated Banc during the 2nd quarter worth approximately $61,240,000. Finally, Goldman Sachs Group Inc. boosted its position in shares of Associated Banc by 139.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,748,667 shares of the bank’s stock worth $61,927,000 after purchasing an additional 1,598,951 shares during the period. Hedge funds and other institutional investors own 82.98% of the company’s stock.

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.