Associated Banc (NYSE:ASB) Reaches New 1-Year High – Should You Buy?

Associated Banc-Corp (NYSE:ASB) hit a new 52-week high on Wednesday . The stock traded as high as $30.12 and last traded at $30.1670, with a volume of 123188 shares trading hands. The stock had previously closed at $29.88.

Analysts Set New Price Targets

A number of brokerages recently issued reports on ASB. Zacks Research cut Associated Banc from a “strong-buy” rating to a “hold” rating in a report on Monday, April 6th. Keefe, Bruyette & Woods lifted their target price on Associated Banc from $30.00 to $31.00 and gave the company a “market perform” rating in a report on Friday, April 24th. Piper Sandler increased their price target on shares of Associated Banc from $29.00 to $30.00 and gave the stock a “neutral” rating in a report on Friday, April 24th. Robert W. Baird raised their price objective on shares of Associated Banc from $29.00 to $30.00 and gave the company a “neutral” rating in a research report on Friday, April 24th. Finally, Stephens upgraded shares of Associated Banc from an “equal weight” rating to an “overweight” rating and cut their price objective for the company from $30.00 to $29.00 in a research report on Friday, March 27th. Six analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $30.30.

Associated Banc Stock Up 1.4%

The company has a market cap of $5.82 billion, a P/E ratio of 10.72, a price-to-earnings-growth ratio of 1.76 and a beta of 0.77. The company has a 50 day moving average of $28.26 and a 200-day moving average of $27.18. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.90 and a quick ratio of 0.90.

Associated Banc (NYSE:ASB) last posted its earnings results on Thursday, April 23rd. The bank reported $0.70 EPS for the quarter, topping the consensus estimate of $0.69 by $0.01. The business had revenue of $387.21 million during the quarter, compared to analysts’ expectations of $384.20 million. Associated Banc had a return on equity of 10.46% and a net margin of 19.88%.During the same period in the previous year, the business earned $0.59 earnings per share. On average, equities analysts predict that Associated Banc-Corp will post 2.92 earnings per share for the current year.

Associated Banc Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were issued a dividend of $0.24 per share. The ex-dividend date of this dividend was Monday, June 1st. This represents a $0.96 annualized dividend and a dividend yield of 3.1%. Associated Banc’s payout ratio is presently 33.33%.

Insider Activity at Associated Banc

In other Associated Banc news, EVP Matthew R. Braeger sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $28.17, for a total value of $140,850.00. Following the completion of the transaction, the executive vice president owned 11,777 shares of the company’s stock, valued at $331,758.09. The trade was a 29.80% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP John A. Utz sold 5,000 shares of the stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $28.82, for a total transaction of $144,100.00. Following the completion of the transaction, the executive vice president directly owned 118,156 shares in the company, valued at $3,405,255.92. The trade was a 4.06% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 28,299 shares of company stock valued at $801,760 in the last ninety days. 0.71% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ASB. Empowered Funds LLC bought a new stake in Associated Banc during the first quarter worth about $210,000. Parallel Advisors LLC increased its position in shares of Associated Banc by 27.7% during the 1st quarter. Parallel Advisors LLC now owns 3,305 shares of the bank’s stock valued at $85,000 after purchasing an additional 717 shares during the last quarter. NewEdge Advisors LLC raised its holdings in shares of Associated Banc by 239.0% during the 1st quarter. NewEdge Advisors LLC now owns 4,464 shares of the bank’s stock valued at $115,000 after buying an additional 3,147 shares in the last quarter. Glenmede Trust Co. NA lifted its position in Associated Banc by 27.6% in the 1st quarter. Glenmede Trust Co. NA now owns 13,625 shares of the bank’s stock worth $352,000 after buying an additional 2,949 shares during the last quarter. Finally, Segall Bryant & Hamill LLC lifted its position in Associated Banc by 24.2% in the 1st quarter. Segall Bryant & Hamill LLC now owns 13,206 shares of the bank’s stock worth $342,000 after buying an additional 2,577 shares during the last quarter. 82.98% of the stock is currently owned by hedge funds and other institutional investors.

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.