Associated Banc (NYSE:ASB) Rating Increased to Hold at Piper Sandler

Piper Sandler upgraded shares of Associated Banc (NYSE:ASB) to a hold rating in a research report sent to investors on Wednesday,Zacks.com reports.

Several other brokerages have also recently weighed in on ASB. Truist Financial raised their target price on shares of Associated Banc from $32.00 to $33.00 and gave the company a “hold” rating in a report on Tuesday, August 4th. Weiss Ratings reiterated a “buy (b)” rating on shares of Associated Banc in a report on Wednesday, June 24th. Barclays boosted their price target on shares of Associated Banc from $33.00 to $34.00 and gave the stock an “overweight” rating in a report on Tuesday, July 7th. Wall Street Zen downgraded shares of Associated Banc from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. Finally, Raymond James Financial raised their price objective on shares of Associated Banc from $31.00 to $35.00 and gave the company an “outperform” rating in a report on Wednesday, July 1st. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $32.00.

Associated Banc Price Performance

ASB stock opened at $30.88 on Wednesday. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.93 and a quick ratio of 0.93. The firm has a market capitalization of $5.83 billion, a P/E ratio of 10.80, a P/E/G ratio of 1.05 and a beta of 0.77. The business’s 50-day moving average is $30.91 and its two-hundred day moving average is $28.52. Associated Banc has a 1 year low of $23.86 and a 1 year high of $32.46.

Associated Banc (NYSE:ASB) last announced its quarterly earnings data on Thursday, July 23rd. The bank reported $0.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.01. Associated Banc had a return on equity of 10.64% and a net margin of 19.66%.The business had revenue of $454.54 million during the quarter, compared to analysts’ expectations of $438.01 million. During the same quarter last year, the business posted $0.65 EPS. Analysts anticipate that Associated Banc will post 2.92 earnings per share for the current fiscal year.

Associated Banc Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be paid a dividend of $0.24 per share. The ex-dividend date is Tuesday, September 1st. This represents a $0.96 annualized dividend and a yield of 3.1%. Associated Banc’s payout ratio is presently 33.57%.

Insider Activity

In related news, EVP Derek S. Meyer sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $30.74, for a total value of $307,400.00. Following the completion of the transaction, the executive vice president directly owned 61,662 shares of the company’s stock, valued at $1,895,489.88. This represents a 13.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP John A. Utz sold 5,000 shares of the stock in a transaction that occurred 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 in the company, valued at $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. Insiders have sold 87,524 shares of company stock valued at $2,746,671 over the last 90 days. Insiders own 0.71% of the company’s stock.

Institutional Investors Weigh In On Associated Banc

Several large investors have recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Associated Banc by 6.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 97,570 shares of the bank’s stock worth $2,198,000 after purchasing an additional 5,531 shares during the period. Millennium Management LLC boosted its holdings in Associated Banc by 90.4% in the 1st quarter. Millennium Management LLC now owns 287,890 shares of the bank’s stock valued at $6,486,000 after purchasing an additional 136,648 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Associated Banc by 139.1% in the first quarter. Goldman Sachs Group Inc. now owns 2,748,667 shares of the bank’s stock valued at $61,927,000 after buying an additional 1,598,951 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Associated Banc by 13.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 496,392 shares of the bank’s stock worth $11,184,000 after purchasing an additional 60,758 shares in the last quarter. Finally, Sivia Capital Partners LLC purchased a new position in shares of Associated Banc in the 2nd quarter valued at about $328,000. 82.98% of the stock is owned by institutional investors and hedge funds.

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.