Associated Banc (NYSE:ASB) Sets New 12-Month High at $22.56

Associated Banc-Corp (NYSE:ASB)’s share price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $22.56 and last traded at $22.56, with a volume of 211433 shares. The stock had previously closed at $22.39.

Wall Street Analysts Forecast Growth

ASB has been the subject of a number of recent research reports. Wells Fargo & Company lifted their price objective on Associated Banc from $20.00 to $22.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 10th. Piper Sandler raised their price objective on shares of Associated Banc from $21.50 to $23.00 and gave the stock a “neutral” rating in a research note on Friday, January 26th. Barclays increased their price target on shares of Associated Banc from $22.00 to $24.00 and gave the stock an “equal weight” rating in a report on Friday, April 26th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $23.00 price objective on shares of Associated Banc in a research report on Tuesday, April 9th. Finally, Stephens reaffirmed an “equal weight” rating and issued a $23.00 price target on shares of Associated Banc in a report on Friday, April 26th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, Associated Banc currently has a consensus rating of “Hold” and a consensus target price of $23.13.

Associated Banc Stock Performance

The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.86 and a current ratio of 0.86. The firm’s 50 day moving average is $20.99 and its 200-day moving average is $20.12. The company has a market cap of $3.37 billion, a PE ratio of 22.63, a PEG ratio of 1.30 and a beta of 0.99.

Associated Banc (NYSE:ASB) last released its quarterly earnings data on Tuesday, April 30th. The bank reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates of $0.49 by $0.03. The company had revenue of $322.84 million for the quarter, compared to analyst estimates of $325.00 million. Associated Banc had a return on equity of 8.31% and a net margin of 6.86%. The firm’s revenue for the quarter was down 3.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.66 earnings per share. On average, research analysts anticipate that Associated Banc-Corp will post 2.11 earnings per share for the current fiscal year.

Associated Banc Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Monday, June 3rd will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 3.93%. The ex-dividend date is Friday, May 31st. Associated Banc’s dividend payout ratio (DPR) is presently 88.89%.

Insider Activity at Associated Banc

In other news, EVP John A. Utz sold 2,500 shares of the company’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $22.18, for a total value of $55,450.00. Following the transaction, the executive vice president now directly owns 100,922 shares in the company, valued at approximately $2,238,449.96. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, EVP John A. Utz sold 14,010 shares of the firm’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $21.20, for a total transaction of $297,012.00. Following the sale, the executive vice president now owns 89,880 shares of the company’s stock, valued at approximately $1,905,456. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP John A. Utz sold 2,500 shares of the stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $22.18, for a total transaction of $55,450.00. Following the completion of the transaction, the executive vice president now owns 100,922 shares in the company, valued at $2,238,449.96. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 26,529 shares of company stock worth $564,115. Company 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 the stock. Louisiana State Employees Retirement System purchased a new stake in Associated Banc in the fourth quarter valued at approximately $892,000. Walleye Capital LLC purchased a new stake in shares of Associated Banc in the third quarter valued at about $7,561,000. AQR Capital Management LLC grew its holdings in shares of Associated Banc by 92.2% during the third quarter. AQR Capital Management LLC now owns 1,433,301 shares of the bank’s stock worth $24,524,000 after buying an additional 687,552 shares during the last quarter. LSV Asset Management increased its position in Associated Banc by 21.0% in the 4th quarter. LSV Asset Management now owns 2,826,597 shares of the bank’s stock valued at $60,461,000 after acquiring an additional 490,321 shares during the period. Finally, Deutsche Bank AG lifted its position in Associated Banc by 7.7% during the 3rd quarter. Deutsche Bank AG now owns 123,392 shares of the bank’s stock worth $2,111,000 after acquiring an additional 8,836 shares during the period. Institutional investors and hedge funds own 82.98% of the company’s stock.

About Associated Banc

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.