Associated Banc (NYSE:ASB) Price Target Raised to $30.00

Associated Banc (NYSE:ASB) had its price target lifted by Truist Financial from $29.00 to $30.00 in a research note published on Monday, Marketbeat Ratings reports. The firm currently has a hold rating on the bank’s stock.

ASB has been the subject of a number of other reports. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Associated Banc in a report on Monday, December 29th. Royal Bank Of Canada raised their price target on Associated Banc from $29.00 to $30.00 and gave the stock a “sector perform” rating in a research note on Friday, January 23rd. Piper Sandler lifted their target price on shares of Associated Banc from $27.00 to $30.00 and gave the company a “neutral” rating in a report on Friday, January 23rd. Barclays reduced their target price on shares of Associated Banc from $32.00 to $30.00 and set an “equal weight” rating for the company in a report on Tuesday, November 11th. Finally, Raymond James Financial reiterated an “outperform” rating and issued a $30.00 target price (up from $29.00) on shares of Associated Banc in a research note on Monday, October 27th. Three investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $29.20.

Associated Banc Stock Up 0.2%

ASB stock opened at $26.80 on Monday. Associated Banc has a fifty-two week low of $18.32 and a fifty-two week high of $28.02. The company’s 50 day moving average price is $26.36 and its 200 day moving average price is $25.82. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.90 and a current ratio of 0.90. The firm has a market capitalization of $4.45 billion, a price-to-earnings ratio of 9.67, a PEG ratio of 1.23 and a beta of 0.79.

Associated Banc (NYSE:ASB) last posted its quarterly earnings results on Thursday, January 22nd. The bank reported $0.80 EPS for the quarter, topping the consensus estimate of $0.69 by $0.11. The company had revenue of $393.52 million during the quarter, compared to analysts’ expectations of $382.06 million. Associated Banc had a net margin of 19.31% and a return on equity of 10.25%. During the same quarter in the previous year, the business posted $0.72 EPS. On average, equities research analysts anticipate that Associated Banc will post 2.43 EPS for the current fiscal 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 dividend of $0.24 per share. The ex-dividend date is Monday, March 2nd. This represents a $0.96 dividend on an annualized basis and a yield of 3.6%. Associated Banc’s dividend payout ratio (DPR) is 34.66%.

Associated Banc declared that its Board of Directors has authorized a share repurchase program on Tuesday, January 27th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the bank to buy up to 2.2% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

In related news, EVP John A. Utz sold 2,135 shares of the company’s stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $2,900,927.22. This represents a 1.91% 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 Patrick Edward Ahern sold 30,489 shares of the business’s stock in a transaction on Thursday, December 4th. The shares were sold at an average price of $25.70, for a total transaction of $783,567.30. Following 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 35,951 shares of company stock worth $925,756 over the last quarter. 1.10% of the stock is currently owned by company insiders.

Institutional Trading of Associated Banc

Large investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC increased its position in Associated Banc by 1.6% in the second quarter. Geode Capital Management LLC now owns 4,151,111 shares of the bank’s stock worth $101,256,000 after purchasing an additional 67,219 shares during the period. Goldman Sachs Group Inc. raised its position in shares of Associated Banc by 139.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,748,667 shares of the bank’s stock valued at $61,927,000 after acquiring an additional 1,598,951 shares during the last quarter. American Century Companies Inc. boosted its position in shares of Associated Banc by 32.5% in the 3rd quarter. American Century Companies Inc. now owns 2,629,549 shares of the bank’s stock worth $67,606,000 after purchasing an additional 645,676 shares during the last quarter. First Trust Advisors LP lifted its stake in Associated Banc by 679.4% in the third quarter. First Trust Advisors LP now owns 2,223,694 shares of the bank’s stock valued at $57,171,000 after buying an additional 1,938,393 shares during the period. Finally, Norges Bank bought a new stake in shares of Associated Banc in the 2nd quarter valued at about $48,373,000. 82.98% of the stock is currently owned by institutional investors and hedge funds.

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.