Associated Banc-Corp (NYSE:ASB) Receives $29.20 Consensus Price Target from Brokerages

Shares of Associated Banc-Corp (NYSE:ASB) have been given an average rating of “Hold” by the eleven brokerages that are covering the firm, Marketbeat.com reports. Seven analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $29.20.

A number of research firms have issued reports on ASB. Royal Bank Of Canada upped 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. Wall Street Zen upgraded shares of Associated Banc from a “hold” rating to a “buy” rating in a report on Saturday, February 14th. Truist Financial lifted their target price on shares of Associated Banc from $29.00 to $30.00 and gave the stock a “hold” rating in a report on Monday, January 26th. Piper Sandler increased their price target on Associated Banc from $27.00 to $30.00 and gave the company a “neutral” rating in a research note on Friday, January 23rd. Finally, Weiss Ratings upgraded Associated Banc from a “hold (c+)” rating to a “buy (b)” rating in a research report on Tuesday, February 17th.

Associated Banc Stock Up 0.7%

NYSE:ASB opened at $28.55 on Friday. The company has a market cap of $4.74 billion, a price-to-earnings ratio of 10.31, a P/E/G ratio of 1.31 and a beta of 0.80. 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 stock’s fifty day moving average price is $27.09 and its two-hundred day moving average price is $26.19. Associated Banc has a 52-week low of $18.32 and a 52-week high of $29.51.

Associated Banc (NYSE:ASB) last released its earnings results on Thursday, January 22nd. The bank reported $0.80 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.11. The company had revenue of $393.52 million during the quarter, compared to the consensus estimate 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 in the previous year, the company posted $0.72 earnings per share. On average, analysts anticipate that Associated Banc will post 2.43 EPS for the current year.

Associated Banc Dividend Announcement

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

Associated Banc announced that its Board of Directors has approved a share repurchase plan on Tuesday, January 27th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the bank to purchase up to 2.2% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity

In related news, EVP John A. Utz sold 2,135 shares of Associated Banc 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 transaction, the executive vice president owned 109,842 shares of the company’s stock, valued at $2,900,927.22. This trade represents a 1.91% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John B. Williams sold 2,325 shares of the stock in a transaction on Tuesday, February 3rd. The stock was sold at an average price of $28.05, for a total transaction of $65,216.25. Following the completion of the sale, the director owned 70,959 shares in the company, valued at approximately $1,990,399.95. This trade represents a 3.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 59,607 shares of company stock valued at $1,603,545. Insiders own 1.10% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Hantz Financial Services Inc. raised its position in shares of Associated Banc by 2,033.9% during the second quarter. Hantz Financial Services Inc. now owns 1,195 shares of the bank’s stock worth $29,000 after purchasing an additional 1,139 shares during the period. Eurizon Capital SGR S.p.A. acquired a new stake in Associated Banc during the 4th quarter worth approximately $33,000. Smartleaf Asset Management LLC lifted its stake in Associated Banc by 46.8% in the third quarter. Smartleaf Asset Management LLC now owns 1,279 shares of the bank’s stock valued at $33,000 after buying an additional 408 shares in the last quarter. Quent Capital LLC acquired a new position in shares of Associated Banc in the third quarter valued at approximately $34,000. Finally, EverSource Wealth Advisors LLC increased its position in shares of Associated Banc by 345.5% during the second quarter. EverSource Wealth Advisors LLC now owns 1,350 shares of the bank’s stock worth $33,000 after acquiring an additional 1,047 shares in the last quarter. 82.98% of the stock is owned by institutional investors and hedge funds.

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.