Associated Banc-Corp (NYSE:ASB) Receives Average Recommendation of “Hold” from Brokerages

Associated Banc-Corp (NYSE:ASB) has been given a consensus recommendation of “Hold” by the ten analysts that are presently covering the company, Marketbeat.com reports. Seven research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $28.1111.

ASB has been the subject of a number of analyst reports. Piper Sandler boosted their price objective on shares of Associated Banc from $24.00 to $27.00 and gave the company a “neutral” rating in a research report on Friday, July 25th. Wells Fargo & Company boosted their price objective on shares of Associated Banc from $28.00 to $30.00 and gave the company an “overweight” rating in a research report on Thursday, July 10th. Royal Bank Of Canada boosted their price objective on shares of Associated Banc from $27.00 to $28.00 and gave the company a “sector perform” rating in a research report on Friday, October 10th. Weiss Ratings reissued a “hold (c)” rating on shares of Associated Banc in a research report on Friday. Finally, Truist Financial boosted their price objective on shares of Associated Banc from $26.00 to $27.00 and gave the company a “hold” rating in a research report on Monday, July 28th.

Insider Buying and Selling

In related news, EVP Patrick Edward Ahern sold 3,342 shares of the company’s stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $26.20, for a total transaction of $87,560.40. Following the completion of the transaction, the executive vice president owned 41,472 shares of the company’s stock, valued at approximately $1,086,566.40. This represents a 7.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP John A. Utz sold 13,000 shares of the company’s stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $27.24, for a total transaction of $354,120.00. Following the transaction, the executive vice president directly owned 111,228 shares of the company’s stock, valued at $3,029,850.72. This trade represents a 10.46% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 18,342 shares of company stock valued at $494,360. Insiders own 1.45% of the company’s stock.

Hedge Funds Weigh In On Associated Banc

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Bayforest Capital Ltd increased its position in Associated Banc by 155.2% during the third quarter. Bayforest Capital Ltd now owns 3,547 shares of the bank’s stock worth $91,000 after purchasing an additional 2,157 shares during the last quarter. Forum Financial Management LP acquired a new position in Associated Banc during the third quarter worth approximately $218,000. Merit Financial Group LLC increased its position in Associated Banc by 17.5% during the third quarter. Merit Financial Group LLC now owns 14,536 shares of the bank’s stock worth $374,000 after purchasing an additional 2,168 shares during the last quarter. Ethic Inc. acquired a new stake in shares of Associated Banc in the third quarter worth $266,000. Finally, Burney Co. increased its position in shares of Associated Banc by 2.2% in the third quarter. Burney Co. now owns 46,828 shares of the bank’s stock worth $1,204,000 after acquiring an additional 1,016 shares in the last quarter. Institutional investors and hedge funds own 82.98% of the company’s stock.

Associated Banc Stock Up 1.2%

Shares of NYSE ASB opened at $25.61 on Friday. Associated Banc has a 12-month low of $18.32 and a 12-month high of $28.18. The company has a market capitalization of $4.25 billion, a PE ratio of 27.25, a price-to-earnings-growth ratio of 1.01 and a beta of 0.82. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.92 and a quick ratio of 0.91. The firm’s 50-day moving average is $25.94 and its two-hundred day moving average is $24.37.

Associated Banc (NYSE:ASB) last posted its quarterly earnings data on Thursday, October 23rd. The bank reported $0.73 earnings per share for the quarter, beating analysts’ consensus estimates of $0.66 by $0.07. The business had revenue of $386.49 million during the quarter, compared to analyst estimates of $377.94 million. Associated Banc had a net margin of 7.23% and a return on equity of 9.54%. During the same quarter in the previous year, the business posted $0.56 earnings per share. Equities analysts anticipate that Associated Banc will post 2.43 EPS for the current fiscal year.

Associated Banc Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Tuesday, September 2nd were given a dividend of $0.23 per share. The ex-dividend date of this dividend was Tuesday, September 2nd. This represents a $0.92 annualized dividend and a yield of 3.6%. Associated Banc’s dividend payout ratio is 97.87%.

Associated Banc Company Profile

Associated Banc-Corp, a bank holding company, provides various banking and nonbanking products to individuals and businesses in Wisconsin, Illinois, and Minnesota. The company offers lending solutions, including commercial loans and lines of credit, commercial real estate financing, construction loans, letters of credit, leasing, asset based lending and equipment finance, loan syndications products, residential mortgages, home equity loans and lines of credit, personal and installment loans, auto finance and business loans, and business lines of credit.