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

Key Points

• Associated Banc-Corp has a consensus analyst rating of “Moderate Buy” from 12 analysts, with six buy ratings and six hold ratings. The average 12-month price target is $31.00.
• The company recently reported better-than-expected quarterly earnings of $0.70 per share versus $0.69 expected, while revenue also came in slightly above estimates at $387.21 million. Analysts now expect full-year EPS of 2.91.
• Associated Banc pays a quarterly dividend of $0.24, equal to an annualized yield of 3.1%. The payout ratio is 33.33%, suggesting the dividend is being maintained at a relatively conservative level.

Associated Banc-Corp (NYSE:ASB - Get Free Report) has been assigned an average rating of "Moderate Buy" from the twelve analysts that are presently covering the stock, MarketBeat reports. Six investment analysts have rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 1 year target price among analysts that have covered the stock in the last year is $31.00.

ASB has been the subject of several research analyst reports. Truist Financial lifted their target price on shares of Associated Banc from $30.00 to $32.00 and gave the stock a "hold" rating in a report on Friday, July 10th. Stephens upgraded shares of Associated Banc from an "equal weight" rating to an "overweight" rating and cut their price objective for the stock from $30.00 to $29.00 in a research report on Friday, March 27th. Robert W. Baird boosted their target price 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. Weiss Ratings reiterated a "buy (b)" rating on shares of Associated Banc in a research note on Wednesday, June 24th. Finally, Keefe, Bruyette & Woods upped their price objective on shares of Associated Banc from $30.00 to $31.00 and gave the stock a "market perform" rating in a research report on Friday, April 24th.

Insider Activity at Associated Banc

In related news, EVP Dennis Deloye sold 14,299 shares of Associated Banc stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $28.26, for a total transaction of $404,089.74. Following the sale, the executive vice president directly owned 21,385 shares of the company's stock, valued at approximately $604,340.10. The trade was a 40.07% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP John A. Utz sold 5,000 shares of the business's 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 sale, the executive vice president directly owned 118,156 shares in the company, valued at approximately $3,405,255.92. The trade was a 4.06% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 28,299 shares of company stock valued at $801,760. 0.71% of the stock is currently owned by company insiders.

Institutional Trading of Associated Banc

Institutional investors have recently modified their holdings of the business. Wedge Capital Management L L P NC acquired a new position in Associated Banc during the 2nd quarter worth about $2,048,000. Gradient Investments LLC increased its stake in shares of Associated Banc by 11.5% in the second quarter. Gradient Investments LLC now owns 77,334 shares of the bank's stock valued at $2,380,000 after buying an additional 8,003 shares during the period. Assenagon Asset Management S.A. acquired a new stake in shares of Associated Banc in the second quarter valued at about $30,927,000. Prodigy Asset Management LLC bought a new position in shares of Associated Banc during the second quarter worth about $315,000. Finally, GAMMA Investing LLC raised its position in shares of Associated Banc by 60.9% during the second quarter. GAMMA Investing LLC now owns 13,775 shares of the bank's stock worth $424,000 after acquiring an additional 5,215 shares during the last quarter. Institutional investors own 82.98% of the company's stock.

Associated Banc Stock Down 0.2%

Associated Banc stock opened at $31.27 on Monday. Associated Banc has a fifty-two week low of $23.63 and a fifty-two week high of $31.83. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.90 and a quick ratio of 0.90. The firm has a market capitalization of $5.90 billion, a PE ratio of 10.86, a P/E/G ratio of 1.16 and a beta of 0.76. The company's 50-day moving average is $29.14 and its 200-day moving average is $27.66.

Associated Banc (NYSE:ASB - Get Free Report) last announced its quarterly earnings results on Thursday, April 23rd. The bank reported $0.70 earnings per share for the quarter, topping analysts' consensus estimates of $0.69 by $0.01. Associated Banc had a return on equity of 10.46% and a net margin of 19.88%.The firm had revenue of $387.21 million for the quarter, compared to the consensus estimate of $384.20 million. During the same quarter in the previous year, the business earned $0.59 earnings per share. Sell-side analysts anticipate that Associated Banc will post 2.91 earnings per share for the current year.

Associated Banc Announces Dividend

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

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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