Associated Banc-Corp (NYSE:ASB) Given Average Rating of "Moderate Buy" by Brokerages

Key Points

• Analysts rate Associated Banc “Moderate Buy”: Six analysts recommend holding, five recommend buying, and one gives a strong-buy rating. The average 12-month price target is $31.60, compared with a recent share price of $32.22.
• The bank exceeded quarterly expectations, reporting $0.73 in EPS versus the $0.72 consensus and revenue of $454.54 million. It also declared a quarterly dividend of $0.24, equivalent to a 3.0% annual yield.
• Institutional investors own approximately 82.98% of the stock, while company insiders sold 101,823 shares worth about $3.15 million over the past three months.

Shares of Associated Banc-Corp (NYSE:ASB - Get Free Report) have been given an average rating of "Moderate Buy" by the twelve analysts that are covering the firm, MarketBeat.com reports. Six analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $31.60.

Several research firms have issued reports on ASB. Barclays upped their target price on shares of Associated Banc from $33.00 to $34.00 and gave the company an "overweight" rating in a research note on Tuesday, July 7th. Weiss Ratings reiterated a "buy (b)" rating on shares of Associated Banc in a research note on Wednesday, June 24th. Truist Financial increased 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. Robert W. Baird raised their price target on Associated Banc from $29.00 to $30.00 and gave the stock a "neutral" rating in a research note on Friday, April 24th. Finally, Keefe, Bruyette & Woods lifted their price objective on Associated Banc from $30.00 to $31.00 and gave the stock a "market perform" rating in a report on Friday, April 24th.

Associated Banc Trading Up 0.3%

Shares of Associated Banc stock opened at $32.22 on Friday. 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 1 year low of $23.86 and a 1 year high of $32.44. The firm has a market cap of $6.08 billion, a PE ratio of 11.27, a PEG ratio of 1.09 and a beta of 0.77. The company has a 50 day simple moving average of $30.46 and a two-hundred day simple moving average of $28.29.

Associated Banc (NYSE:ASB - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The bank reported $0.73 earnings per share for the quarter, beating analysts' consensus estimates of $0.72 by $0.01. Associated Banc had a return on equity of 10.64% and a net margin of 19.66%.The company had revenue of $454.54 million for the quarter, compared to analysts' expectations of $438.01 million. During the same period last year, the firm posted $0.65 EPS. Analysts expect that Associated Banc will post 2.91 earnings per share for the current fiscal year.

Associated Banc Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date is Tuesday, September 1st. Associated Banc's dividend payout ratio is presently 33.57%.

Insiders Place Their Bets

In other news, EVP Nicole M. Kitowski sold 7,663 shares of the stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $30.91, for a total transaction of $236,863.33. Following the completion of the transaction, the executive vice president directly owned 45,327 shares in the company, valued at approximately $1,401,057.57. This represents a 14.46% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Gregory Warsek sold 16,300 shares of Associated Banc stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $32.01, for a total transaction of $521,763.00. Following the completion of the transaction, the executive vice president directly owned 13,809 shares of the company's stock, valued at $442,026.09. The trade was a 54.14% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 101,823 shares of company stock worth $3,150,761 in the last three months. 0.71% of the stock is owned by company insiders.

Institutional Investors Weigh In On Associated Banc

Several hedge funds and other institutional investors have recently made changes to their positions in ASB. Commerce Bank purchased a new position in shares of Associated Banc during the 2nd quarter worth about $763,000. Northwestern Mutual Wealth Management Co. purchased a new stake in Associated Banc in the 2nd quarter worth about $116,000. Quantbot Technologies LP purchased a new stake in Associated Banc in the 2nd quarter worth about $85,000. Ieq Capital LLC bought a new stake in Associated Banc in the second quarter worth about $4,414,000. Finally, Heartland Advisors Inc. bought a new stake in Associated Banc in the second quarter worth about $25,723,000. Hedge funds and other institutional investors 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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