Associated Banc-Corp (NYSE:ASB) Receives Consensus Rating of “Hold” from Brokerages

Associated Banc-Corp (NYSE:ASB) has earned an average recommendation of “Hold” from the ten brokerages that are covering the company, Marketbeat reports. Nine equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $23.67.

ASB has been the subject of a number of recent research reports. Keefe, Bruyette & Woods lifted their price target on shares of Associated Banc from $23.00 to $24.00 and gave the company a “market perform” rating in a research report on Friday, July 26th. Jefferies Financial Group lowered their target price on shares of Associated Banc from $24.00 to $22.00 and set a “hold” rating for the company in a report on Wednesday, July 3rd. Barclays cut their price target on Associated Banc from $24.00 to $22.00 and set an “equal weight” rating on the stock in a research note on Monday, June 24th. Stephens reaffirmed an “equal weight” rating and set a $24.00 price objective on shares of Associated Banc in a research report on Tuesday, July 30th. Finally, Piper Sandler boosted their target price on Associated Banc from $23.00 to $24.00 and gave the stock a “neutral” rating in a report on Friday, July 26th.

Insider Activity at Associated Banc

In other Associated Banc news, EVP Randall J. Erickson sold 23,774 shares of the business’s stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $22.99, for a total value of $546,564.26. Following the completion of the transaction, the executive vice president now owns 128,680 shares of the company’s stock, valued at approximately $2,958,353.20. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, EVP Randall J. Erickson sold 23,774 shares of Associated Banc stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $22.99, for a total value of $546,564.26. Following the completion of the sale, the executive vice president now directly owns 128,680 shares in the company, valued at $2,958,353.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP John A. Utz sold 2,000 shares of the business’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $22.78, for a total transaction of $45,560.00. Following the transaction, the executive vice president now directly owns 99,637 shares of the company’s stock, valued at $2,269,730.86. The disclosure for this sale can be found here. Insiders have sold 33,835 shares of company stock valued at $757,214 over the last ninety days. Insiders own 1.45% of the company’s stock.

Hedge Funds Weigh In On Associated Banc

Hedge funds and other institutional investors have recently modified their holdings of the company. Norges Bank purchased a new stake in Associated Banc during the fourth quarter valued at $36,722,000. LSV Asset Management increased its position in shares of Associated Banc by 43.3% during the 1st quarter. LSV Asset Management now owns 4,050,813 shares of the bank’s stock valued at $87,133,000 after purchasing an additional 1,224,216 shares during the last quarter. Millennium Management LLC lifted its stake in shares of Associated Banc by 291.3% in the 2nd quarter. Millennium Management LLC now owns 1,563,274 shares of the bank’s stock worth $33,063,000 after purchasing an additional 1,163,807 shares during the period. Verition Fund Management LLC boosted its holdings in shares of Associated Banc by 50.2% in the fourth quarter. Verition Fund Management LLC now owns 2,181,042 shares of the bank’s stock worth $46,652,000 after buying an additional 728,555 shares during the last quarter. Finally, M&G Plc bought a new stake in Associated Banc during the first quarter valued at approximately $8,057,000. 82.98% of the stock is owned by institutional investors.

Associated Banc Stock Up 3.0 %

Shares of NYSE:ASB opened at $22.19 on Friday. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.89 and a current ratio of 0.89. Associated Banc has a 52-week low of $15.16 and a 52-week high of $24.21. The firm has a market capitalization of $3.35 billion, a P/E ratio of 22.41, a P/E/G ratio of 2.24 and a beta of 0.93. The stock has a 50 day moving average price of $21.91 and a 200-day moving average price of $21.30.

Associated Banc (NYSE:ASB) last posted its quarterly earnings data on Thursday, July 25th. The bank reported $0.52 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.52. Associated Banc had a return on equity of 8.14% and a net margin of 7.93%. The business had revenue of $321.75 million during the quarter, compared to the consensus estimate of $330.69 million. During the same quarter in the prior year, the company earned $0.56 earnings per share. The firm’s quarterly revenue was down .5% compared to the same quarter last year. As a group, equities research analysts anticipate that Associated Banc will post 2.07 EPS for the current fiscal year.

Associated Banc Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Tuesday, September 3rd were issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.97%. The ex-dividend date of this dividend was Tuesday, September 3rd. Associated Banc’s payout ratio is currently 88.89%.

Associated Banc Company Profile

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.