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

Associated Banc-Corp (NYSE:ASB)’s stock price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $28.06 and last traded at $28.0050, with a volume of 810661 shares changing hands. The stock had previously closed at $27.26.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on ASB shares. UBS Group reiterated a “buy” rating and issued a $28.00 price objective on shares of Associated Banc in a report on Tuesday, December 2nd. Wall Street Zen cut shares of Associated Banc from a “buy” rating to a “hold” rating in a report on Sunday. Barclays dropped their target price on shares of Associated Banc from $32.00 to $30.00 and set an “equal weight” rating on the stock in a report on Tuesday, November 11th. Truist Financial boosted their target price on shares of Associated Banc from $29.00 to $30.00 and gave the company a “hold” rating in a research note on Monday, January 26th. Finally, Piper Sandler raised their price target on Associated Banc from $27.00 to $30.00 and gave the stock a “neutral” rating in a research note on Friday, January 23rd. Three analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $29.20.

Associated Banc Price Performance

The firm has a market cap of $4.63 billion, a PE ratio of 10.08, a P/E/G ratio of 1.25 and a beta of 0.79. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.81. The firm’s fifty day simple moving average is $26.45 and its two-hundred day simple moving average is $25.85.

Associated Banc (NYSE:ASB) last announced its quarterly earnings data on Thursday, January 22nd. The bank reported $0.80 EPS for the quarter, beating the consensus estimate of $0.69 by $0.11. Associated Banc had a return on equity of 10.25% and a net margin of 19.31%.The business had revenue of $393.52 million for the quarter, compared to the consensus estimate of $382.06 million. During the same period in the previous year, the business earned $0.72 earnings per share. As a group, research analysts expect that Associated Banc-Corp will post 2.43 EPS for the current year.

Associated Banc Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Investors of record on Monday, March 2nd will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date is Monday, March 2nd. Associated Banc’s payout ratio is currently 34.66%.

Associated Banc announced that its board has approved a share repurchase program on Tuesday, January 27th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the bank to repurchase up to 2.2% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In other news, EVP John A. Utz sold 2,135 shares of the business’s stock in a transaction dated Tuesday, December 9th. The shares were sold at an average price of $26.41, for a total value of $56,385.35. Following the sale, the executive vice president directly owned 109,842 shares in the company, valued at $2,900,927.22. The trade was a 1.91% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Patrick Edward Ahern sold 30,489 shares of the business’s stock in a transaction that occurred on Thursday, December 4th. The stock was sold at an average price of $25.70, for a total value of $783,567.30. Following the sale, the executive vice president directly owned 24,055 shares in the company, valued at $618,213.50. The trade was a 55.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 35,951 shares of company stock worth $925,756. Corporate insiders own 1.45% of the company’s stock.

Hedge Funds Weigh In On Associated Banc

Several hedge funds have recently bought and sold shares of the business. Pictet Asset Management Holding SA raised its stake in shares of Associated Banc by 8.1% during the fourth quarter. Pictet Asset Management Holding SA now owns 25,982 shares of the bank’s stock valued at $669,000 after acquiring an additional 1,951 shares in the last quarter. Vanguard Group Inc. lifted its stake in Associated Banc by 3.0% in the fourth quarter. Vanguard Group Inc. now owns 18,538,157 shares of the bank’s stock worth $477,543,000 after acquiring an additional 545,185 shares during the period. N.E.W. Advisory Services LLC grew its holdings in Associated Banc by 53.3% during the 4th quarter. N.E.W. Advisory Services LLC now owns 17,999 shares of the bank’s stock worth $464,000 after acquiring an additional 6,258 shares in the last quarter. Ruffer LLP purchased a new position in Associated Banc during the 4th quarter valued at about $3,134,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Associated Banc by 51.4% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 55,132 shares of the bank’s stock valued at $1,420,000 after purchasing an additional 18,728 shares in the last quarter. Institutional investors own 82.98% of the company’s stock.

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.