Wall Street Zen Downgrades Associated Banc (NYSE:ASB) to Hold

Associated Banc (NYSE:ASB) was downgraded by equities researchers at Wall Street Zen from a “buy” rating to a “hold” rating in a report issued on Sunday.

Other equities research analysts have also recently issued research reports about the stock. Piper Sandler upped their price objective on shares of Associated Banc from $27.00 to $30.00 and gave the stock a “neutral” rating in a research report on Friday, January 23rd. Royal Bank Of Canada boosted their target price on shares of Associated Banc from $29.00 to $30.00 and gave the company a “sector perform” rating in a research report on Friday, January 23rd. Raymond James Financial reaffirmed an “outperform” rating and set a $30.00 price target (up previously from $29.00) on shares of Associated Banc in a report on Monday, October 27th. Truist Financial lifted their price objective 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, UBS Group restated a “buy” rating and set a $28.00 target price on shares of Associated Banc in a research note on Tuesday, December 2nd. Three research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $29.20.

Associated Banc Trading Up 1.9%

Shares of ASB stock opened at $27.77 on Friday. The stock has a market cap of $4.61 billion, a P/E ratio of 10.03, a price-to-earnings-growth ratio of 1.25 and a beta of 0.80. Associated Banc has a 1 year low of $18.32 and a 1 year high of $28.15. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.81. The stock has a 50 day simple moving average of $26.49 and a 200 day simple moving average of $25.86.

Associated Banc (NYSE:ASB) last posted its quarterly earnings data on Thursday, January 22nd. The bank reported $0.80 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.11. The firm had revenue of $393.52 million for the quarter, compared to analyst estimates of $382.06 million. Associated Banc had a return on equity of 10.25% and a net margin of 19.31%.During the same quarter last year, the company earned $0.72 EPS. On average, research analysts predict that Associated Banc will post 2.43 earnings per share for the current fiscal year.

Associated Banc announced that its board has initiated a stock buyback program on Tuesday, January 27th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the bank to buy up to 2.2% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In related news, EVP John A. Utz sold 2,135 shares of the stock in a transaction dated Tuesday, December 9th. The shares were sold at an average price of $26.41, for a total transaction of $56,385.35. Following the completion of the transaction, the executive vice president owned 109,842 shares in the company, valued at approximately $2,900,927.22. This represents a 1.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Patrick Edward Ahern sold 30,489 shares of the firm’s stock in a transaction 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 completion of the sale, the executive vice president directly owned 24,055 shares of the company’s stock, valued at $618,213.50. This represents a 55.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 35,951 shares of company stock valued at $925,756 in the last 90 days. Corporate insiders own 1.10% of the company’s stock.

Institutional Trading of Associated Banc

Several institutional investors and hedge funds have recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Associated Banc by 6.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 97,570 shares of the bank’s stock valued at $2,198,000 after acquiring an additional 5,531 shares during the last quarter. Millennium Management LLC raised its stake in Associated Banc by 90.4% in the first quarter. Millennium Management LLC now owns 287,890 shares of the bank’s stock worth $6,486,000 after buying an additional 136,648 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in Associated Banc by 139.1% in the first 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 in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in 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 valued at $11,184,000 after acquiring an additional 60,758 shares during the period. Finally, Sivia Capital Partners LLC purchased a new stake in shares of Associated Banc in the 2nd quarter worth approximately $328,000. 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.