Associated Banc (NYSE:ASB) Upgraded by Piper Sandler to Hold Rating

Key Points

• Piper Sandler upgraded Associated Banc to a “Hold” rating, while the stock maintains a consensus “Moderate Buy” rating and an average analyst price target of $32.00.
• Associated Banc reported quarterly earnings of $0.73 per share, exceeding the $0.72 consensus estimate, while revenue of $454.54 million also surpassed expectations.
• Company insiders sold 87,524 shares worth approximately $2.75 million over the past 90 days, although institutional investors own nearly 83% of the stock.

Associated Banc (NYSE:ASB - Get Free Report) was upgraded by equities researchers at Piper Sandler to a "hold" rating in a research note issued on Wednesday,Zacks.com reports.

A number of other research firms have also recently weighed in on ASB. Wells Fargo & Company increased their price objective on shares of Associated Banc from $32.00 to $36.00 and gave the stock an "overweight" rating in a report on Monday, August 10th. Raymond James Financial boosted their target price on shares of Associated Banc from $31.00 to $35.00 and gave the company an "outperform" rating in a research note on Wednesday, July 1st. Weiss Ratings restated a "buy (b)" rating on shares of Associated Banc in a research report on Wednesday, June 24th. Wall Street Zen lowered shares of Associated Banc from a "buy" rating to a "hold" rating in a research note on Saturday, May 2nd. Finally, Truist Financial lifted their price target on Associated Banc from $32.00 to $33.00 and gave the company a "hold" rating in a report on Tuesday, August 4th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, Associated Banc currently has an average rating of "Moderate Buy" and a consensus target price of $32.00.

Associated Banc Price Performance

Shares of ASB opened at $30.88 on Wednesday. The company has a market cap of $5.83 billion, a P/E ratio of 10.80, a PEG ratio of 1.05 and a beta of 0.77. The stock has a fifty day moving average price of $30.91 and a 200 day moving average price of $28.52. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.93 and a quick ratio of 0.93. Associated Banc has a 12 month low of $23.86 and a 12 month high of $32.46.

Associated Banc (NYSE:ASB - Get Free Report) last issued its earnings results on Thursday, July 23rd. The bank reported $0.73 earnings per share for the quarter, topping the consensus estimate of $0.72 by $0.01. The firm had revenue of $454.54 million for the quarter, compared to analyst estimates of $438.01 million. Associated Banc had a return on equity of 10.64% and a net margin of 19.66%.During the same period last year, the company earned $0.65 earnings per share. On average, research analysts forecast that Associated Banc will post 2.92 earnings per share for the current year.

Insider Buying and Selling at Associated Banc

In other Associated Banc news, EVP Gregory Warsek sold 16,300 shares of the company's stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $32.01, for a total value of $521,763.00. Following the completion of the sale, the executive vice president directly owned 13,809 shares in the company, valued at $442,026.09. This represents a 54.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Randall J. Erickson sold 43,561 shares of the stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $32.04, for a total value of $1,395,694.44. Following the transaction, the executive vice president directly owned 56,091 shares of the company's stock, valued at approximately $1,797,155.64. The trade was a 43.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 87,524 shares of company stock valued at $2,746,671. 0.71% of the stock is currently owned by company insiders.

Institutional Trading of Associated Banc

Several institutional investors have recently modified their holdings of ASB. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Associated Banc by 6.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 97,570 shares of the bank's stock worth $2,198,000 after acquiring an additional 5,531 shares during the period. Millennium Management LLC lifted its holdings in Associated Banc by 90.4% in the 1st quarter. Millennium Management LLC now owns 287,890 shares of the bank's stock valued at $6,486,000 after acquiring an additional 136,648 shares during the last quarter. Goldman Sachs Group Inc. boosted 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 purchasing an additional 1,598,951 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Associated Banc by 13.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 496,392 shares of the bank's stock valued at $11,184,000 after purchasing an additional 60,758 shares in the last quarter. Finally, Sivia Capital Partners LLC acquired a new position in shares of Associated Banc in the 2nd quarter worth approximately $328,000. Institutional investors and hedge funds own 82.98% of the company's stock.

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.

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