Associated Banc (NYSE:ASB) Downgraded by StockNews.com

StockNews.com cut shares of Associated Banc (NYSE:ASB) from a hold rating to a sell rating in a research note published on Wednesday morning.

A number of other equities research analysts have also recently weighed in on ASB. Robert W. Baird dropped their price objective on Associated Banc from $27.00 to $25.00 and set a “neutral” rating for the company in a research note on Friday, July 26th. Royal Bank of Canada lifted their target price on Associated Banc from $23.00 to $25.00 and gave the company a “sector perform” rating in a research report on Friday, July 26th. Baird R W cut shares of Associated Banc from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 17th. Barclays lifted their price objective on shares of Associated Banc from $22.00 to $23.00 and gave the company an “equal weight” rating in a report on Friday, September 27th. Finally, Piper Sandler increased their target price on shares of Associated Banc from $23.00 to $24.00 and gave the stock a “neutral” rating in a report on Friday, July 26th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and one has given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $23.89.

Associated Banc Trading Up 1.1 %

NYSE ASB opened at $22.93 on Wednesday. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.89 and a quick ratio of 0.89. The stock has a market capitalization of $3.46 billion, a P/E ratio of 23.16, a PEG ratio of 1.66 and a beta of 0.93. The firm’s 50-day moving average is $21.79 and its two-hundred day moving average is $21.46. Associated Banc has a 12 month low of $15.59 and a 12 month high of $24.21.

Associated Banc (NYSE:ASB) last issued its quarterly earnings data on Thursday, October 24th. The bank reported $0.56 EPS for the quarter, topping the consensus estimate of $0.50 by $0.06. Associated Banc had a net margin of 7.93% and a return on equity of 8.14%. The firm had revenue of $607.54 million for the quarter, compared to analyst estimates of $336.52 million. During the same period in the prior year, the business posted $0.53 EPS. On average, sell-side analysts anticipate that Associated Banc will post 2.06 earnings per share for the current year.

Associated Banc Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Tuesday, September 3rd were given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.84%. The ex-dividend date was Tuesday, September 3rd. Associated Banc’s dividend payout ratio is presently 88.89%.

Insider Transactions at Associated Banc

In related news, EVP Randall J. Erickson sold 23,774 shares of the stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $22.99, for a total value of $546,564.26. Following the transaction, the executive vice president now owns 128,680 shares of the company’s stock, valued at $2,958,353.20. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, EVP John A. Utz sold 2,000 shares of the company’s stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $22.78, for a total value of $45,560.00. Following the completion of the transaction, the executive vice president now owns 99,637 shares in the company, valued at approximately $2,269,730.86. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Randall J. Erickson sold 23,774 shares of the stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $22.99, for a total transaction of $546,564.26. Following the completion of the transaction, the executive vice president now directly owns 128,680 shares in the company, valued at $2,958,353.20. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 33,835 shares of company stock valued at $757,214. Insiders own 1.45% of the company’s stock.

Hedge Funds Weigh In On Associated Banc

Several large investors have recently bought and sold shares of ASB. Vanguard Group Inc. lifted its holdings in shares of Associated Banc by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 15,639,171 shares of the bank’s stock valued at $334,522,000 after purchasing an additional 184,813 shares during the last quarter. Tidal Investments LLC purchased a new stake in Associated Banc during the first quarter worth about $866,000. State Board of Administration of Florida Retirement System grew its position in Associated Banc by 71.1% during the first quarter. State Board of Administration of Florida Retirement System now owns 73,961 shares of the bank’s stock worth $1,591,000 after buying an additional 30,732 shares during the period. M&G Plc increased its holdings in Associated Banc by 12.4% in the second quarter. M&G Plc now owns 411,761 shares of the bank’s stock valued at $8,647,000 after buying an additional 45,542 shares in the last quarter. Finally, Bayesian Capital Management LP acquired a new stake in shares of Associated Banc during the 1st quarter valued at approximately $609,000. Institutional investors and hedge funds own 82.98% of the company’s stock.

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.